Legacy Capital Group California Inc. Takes Position in Hormel Foods Corporation (NYSE:HRL)

Key Points

• Legacy Capital Group California Inc. has purchased a stake in Hormel Foods Corporation, acquiring 20,185 shares valued around $625,000, highlighting increased interest from institutional investors.
• Hormel Foods recently announced a quarterly dividend of $0.29 per share, with a dividend yield of 4.1%, reflecting the company's commitment to returning value to shareholders.
• Research upgrades from firms like BNP Paribas and Bank of America have increased Hormel Foods' stock price targets, with an average target of $32.86, indicating positive analyst sentiment.

Legacy Capital Group California Inc. purchased a new stake in Hormel Foods Corporation (NYSE:HRL - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 20,185 shares of the company's stock, valued at approximately $625,000.

A number of other large investors have also made changes to their positions in the stock. iA Global Asset Management Inc. purchased a new stake in shares of Hormel Foods in the first quarter valued at approximately $1,376,000. Three Seasons Wealth LLC acquired a new position in Hormel Foods in the first quarter valued at approximately $682,000. ING Groep NV lifted its holdings in Hormel Foods by 34.9% in the first quarter. ING Groep NV now owns 50,069 shares of the company's stock valued at $1,549,000 after acquiring an additional 12,949 shares during the last quarter. Sound Financial Strategies Group LLC acquired a new position in Hormel Foods in the first quarter valued at approximately $761,000. Finally, Allianz SE acquired a new position in Hormel Foods in the first quarter valued at approximately $416,000. 40.99% of the stock is currently owned by hedge funds and other institutional investors.

Hormel Foods Stock Up 0.1%

NYSE:HRL opened at $28.26 on Wednesday. The company has a quick ratio of 1.17, a current ratio of 2.47 and a debt-to-equity ratio of 0.35. The stock's fifty day moving average is $30.06 and its two-hundred day moving average is $29.83. Hormel Foods Corporation has a 52 week low of $27.59 and a 52 week high of $33.80. The stock has a market capitalization of $15.54 billion, a price-to-earnings ratio of 20.78, a price-to-earnings-growth ratio of 3.21 and a beta of 0.31.

Hormel Foods (NYSE:HRL - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The company reported $0.35 EPS 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 for the quarter, compared to analysts' expectations of $2.92 billion. During the same period in the prior year, the firm earned $0.38 earnings per share. The firm's revenue was up .3% compared to the same quarter last year. Research analysts anticipate that Hormel Foods Corporation will post 1.65 EPS for the current year.

Hormel Foods Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on HRL. BNP Paribas Exane upgraded Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 price objective on the stock in a report on Tuesday, May 27th. Bank of America upgraded Hormel Foods from an "underperform" rating to a "neutral" rating and upped their price objective for the company from $29.00 to $35.00 in a report on Tuesday, April 15th. The Goldman Sachs Group began coverage on Hormel Foods in a report on Monday, June 23rd. They issued a "buy" rating and a $35.00 price objective on the stock. Stephens reiterated an "equal weight" rating and issued a $31.00 price objective on shares of Hormel Foods in a report on Thursday, May 22nd. Finally, BNP Paribas upgraded Hormel Foods from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 27th. Four research 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 MarketBeat, Hormel Foods has an average rating of "Moderate Buy" and an average price target 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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