Hormel Foods Corporation (NYSE:HRL) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. significantly reduced its stake in Hormel Foods Corporation by 97.4% during Q1, now holding just 1,279 shares valued at approximately $40,000.
• Hormel Foods reported a net margin of 6.27% for the last quarter, with earnings meeting estimates at $0.35 per share despite a revenue of $2.90 billion, which was slightly below analyst expectations.
• The company announced a quarterly dividend of $0.29 per share, representing an annual yield of 4.1%, with the dividend payment scheduled for August 15th.

Federated Hermes Inc. cut its position in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) by 97.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,279 shares of the company's stock after selling 48,078 shares during the quarter. Federated Hermes Inc.'s holdings in Hormel Foods were worth $40,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Exeter Financial LLC increased its position in shares of Hormel Foods by 2.3% during the 1st quarter. Exeter Financial LLC now owns 16,809 shares of the company's stock valued at $520,000 after purchasing an additional 381 shares during the period. Simmons Bank boosted its stake in shares of Hormel Foods by 3.7% during the 1st quarter. Simmons Bank now owns 12,708 shares of the company's stock worth $393,000 after acquiring an additional 448 shares in the last quarter. Sovereign Financial Group Inc. boosted its stake in shares of Hormel Foods by 2.7% during the 1st quarter. Sovereign Financial Group Inc. now owns 17,718 shares of the company's stock worth $548,000 after acquiring an additional 458 shares in the last quarter. G&S Capital LLC boosted its stake in shares of Hormel Foods by 3.1% during the 1st quarter. G&S Capital LLC now owns 15,516 shares of the company's stock worth $480,000 after acquiring an additional 463 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Hormel Foods by 17.1% during the 1st quarter. Blue Trust Inc. now owns 3,220 shares of the company's stock worth $100,000 after acquiring an additional 471 shares in the last quarter. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Hormel Foods Price Performance

HRL opened at $28.58 on Tuesday. The stock has a market cap of $15.71 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 3.24 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 current ratio of 2.47, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35. The stock has a fifty day moving average price of $29.90 and a 200 day moving average price of $29.77.

Hormel Foods (NYSE:HRL - Get Free Report) last posted its earnings results on Thursday, May 29th. The company reported $0.35 earnings per share for the quarter, meeting the consensus estimate 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 for the quarter, compared to analyst estimates of $2.92 billion. During the same period last year, the company earned $0.38 earnings per share. The business's revenue was up .3% compared to the same quarter last year. Analysts forecast that Hormel Foods Corporation will post 1.65 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The firm also recently disclosed 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. This represents a $1.16 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, July 14th. Hormel Foods's payout ratio is currently 85.29%.

Analysts Set New Price Targets

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

About Hormel Foods

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.

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