Hormel Foods Corporation (NYSE:HRL) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) by 2.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 909,114 shares of the company's stock after selling 20,757 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.17% of Hormel Foods worth $28,128,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of HRL. Fairway Wealth LLC acquired a new position in Hormel Foods in the 4th quarter valued at approximately $44,000. Headlands Technologies LLC acquired a new position in shares of Hormel Foods during the fourth quarter worth approximately $48,000. Lindbrook Capital LLC grew its position in Hormel Foods by 91.8% in the 4th quarter. Lindbrook Capital LLC now owns 1,523 shares of the company's stock worth $48,000 after purchasing an additional 729 shares during the last quarter. Riverview Trust Co increased its stake in Hormel Foods by 183.8% during the first quarter. Riverview Trust Co now owns 1,572 shares of the company's stock valued at $49,000 after acquiring an additional 1,018 shares during the period. Finally, Canada Post Corp Registered Pension Plan bought a new position in Hormel Foods in the fourth quarter worth $52,000. 40.99% of the stock is owned by institutional investors.

Hormel Foods Stock Performance

Shares of HRL stock opened at $30.81 on Thursday. Hormel Foods Corporation has a 52 week low of $27.59 and a 52 week high of $33.80. The company has a market cap of $16.94 billion, a price-to-earnings ratio of 22.65, a price-to-earnings-growth ratio of 3.49 and a beta of 0.33. The firm has a 50 day moving average of $30.10 and a 200-day moving average of $30.09. The company has a quick ratio of 1.17, a current ratio of 2.47 and a debt-to-equity ratio of 0.35.

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

Hormel Foods Dividend Announcement

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 issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.77%. The ex-dividend date of this dividend is Monday, July 14th. Hormel Foods's dividend payout ratio is currently 85.29%.

Analyst Upgrades and Downgrades

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

Hormel Foods Profile

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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