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Hormel Foods Corporation (NYSE:HRL) Holdings Decreased by Cetera Investment Advisers

Hormel Foods logo with Consumer Staples background

Key Points

  • Cetera Investment Advisers has reduced its stake in Hormel Foods Corporation by 30.2%, selling 75,535 shares during the first quarter, and now holds shares valued at approximately $5.39 million.
  • Analysts have mixed ratings on Hormel Foods, with Goldman Sachs giving a "buy" rating and a target price of $35.00, while Stephens maintains an "equal weight" rating with a $31.00 target.
  • The company recently announced a quarterly dividend of $0.29, resulting in an annualized dividend of $1.16 and a yield of 4.1%, with an ex-dividend date on July 14th.
  • MarketBeat previews the top five stocks to own by September 1st.

Cetera Investment Advisers trimmed its stake in Hormel Foods Corporation (NYSE:HRL - Free Report) by 30.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 174,189 shares of the company's stock after selling 75,535 shares during the period. Cetera Investment Advisers' holdings in Hormel Foods were worth $5,389,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. J.W. Cole Advisors Inc. acquired a new position in Hormel Foods during the 1st quarter valued at about $1,283,000. Principal Financial Group Inc. increased its position in Hormel Foods by 12.0% during the 1st quarter. Principal Financial Group Inc. now owns 452,925 shares of the company's stock valued at $14,014,000 after buying an additional 48,657 shares in the last quarter. Aviva PLC increased its position in Hormel Foods by 58.9% during the 4th quarter. Aviva PLC now owns 313,619 shares of the company's stock valued at $9,838,000 after buying an additional 116,304 shares in the last quarter. Stifel Financial Corp increased its position in Hormel Foods by 33.9% during the 4th quarter. Stifel Financial Corp now owns 4,374,456 shares of the company's stock valued at $137,227,000 after buying an additional 1,107,270 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Hormel Foods by 180.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 89,025 shares of the company's stock valued at $2,737,000 after buying an additional 57,280 shares in the last quarter. 40.99% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on HRL. The Goldman Sachs Group began coverage on Hormel Foods in a research note on Monday, June 23rd. They set a "buy" rating and a $35.00 price target on the stock. BNP Paribas Exane upgraded Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 price target on the stock in a research note on Tuesday, May 27th. BNP Paribas upgraded Hormel Foods from a "strong sell" rating to a "hold" rating in a research note on Tuesday, May 27th. Stephens reiterated an "equal weight" rating and set a $31.00 price target on shares of Hormel Foods in a research note on Thursday, May 22nd. Finally, Bank of America upgraded Hormel Foods from an "underperform" rating to a "neutral" rating and boosted their price target for the company from $29.00 to $35.00 in a research note on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $32.86.

Get Our Latest Report on HRL

Hormel Foods Stock Up 0.2%

Shares of NYSE:HRL traded up $0.05 on Friday, hitting $28.14. 3,624,186 shares of the company's stock were exchanged, compared to its average volume of 3,459,357. The firm's 50-day moving average is $30.12 and its 200 day moving average is $29.86. The company has a market capitalization of $15.47 billion, a PE ratio of 20.69, a P/E/G ratio of 3.20 and a beta of 0.31. Hormel Foods Corporation has a 1-year low of $27.59 and a 1-year high of $33.80. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 2.47.

Hormel Foods (NYSE:HRL - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The company reported $0.35 earnings per share for the quarter, hitting analysts' consensus estimates of $0.35. Hormel Foods had a return on equity of 10.20% and a net margin of 6.27%. The company had revenue of $2.90 billion during the quarter, compared to analysts' expectations of $2.92 billion. During the same period last year, the firm earned $0.38 EPS. The firm's revenue for the quarter was up .3% on a year-over-year basis. Sell-side analysts predict that Hormel Foods Corporation will post 1.65 EPS for the current year.

Hormel Foods Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, July 14th will be given a dividend of $0.29 per share. The ex-dividend date is Monday, July 14th. This represents a $1.16 annualized dividend and a yield of 4.1%. Hormel Foods's dividend payout ratio is 85.29%.

About Hormel Foods

(Free Report)

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.

Further Reading

Institutional Ownership by Quarter for Hormel Foods (NYSE:HRL)

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