Mackenzie Financial Corp Purchases 8,345 Shares of Hormel Foods Co. (NYSE:HRL)

Mackenzie Financial Corp increased its holdings in shares of Hormel Foods Co. (NYSE:HRL - Free Report) by 85.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,055 shares of the company's stock after acquiring an additional 8,345 shares during the period. Mackenzie Financial Corp's holdings in Hormel Foods were worth $566,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of HRL. Vanguard Group Inc. boosted its position in Hormel Foods by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 37,241,219 shares of the company's stock valued at $1,168,257,000 after buying an additional 268,328 shares during the last quarter. Invesco Ltd. boosted its position in Hormel Foods by 7.3% in the 4th quarter. Invesco Ltd. now owns 7,843,207 shares of the company's stock valued at $246,041,000 after buying an additional 533,657 shares during the last quarter. Geode Capital Management LLC boosted its position in Hormel Foods by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 7,461,100 shares of the company's stock valued at $233,459,000 after buying an additional 98,442 shares during the last quarter. ProShare Advisors LLC boosted its position in Hormel Foods by 7.3% in the 4th quarter. ProShare Advisors LLC now owns 6,072,682 shares of the company's stock valued at $190,500,000 after buying an additional 413,669 shares during the last quarter. Finally, Millennium Management LLC boosted its position in Hormel Foods by 6.2% in the 4th quarter. Millennium Management LLC now owns 4,488,678 shares of the company's stock valued at $140,810,000 after buying an additional 261,742 shares during the last quarter. 40.99% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on the company. BNP Paribas upgraded Hormel Foods from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 27th. Stephens reiterated an "equal weight" rating and issued a $31.00 price objective on shares of Hormel Foods in a research report on Thursday, May 22nd. Bank of America upgraded Hormel Foods from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $29.00 to $35.00 in a research report on Tuesday, April 15th. Finally, 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 report on Tuesday, May 27th. Four analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $32.50.

Hormel Foods Trading Down 0.1%

Shares of Hormel Foods stock traded down $0.04 during trading on Friday, reaching $30.67. 2,049,695 shares of the company were exchanged, compared to its average volume of 2,627,624. The company has a quick ratio of 1.19, a current ratio of 2.32 and a debt-to-equity ratio of 0.36. Hormel Foods Co. has a twelve month low of $27.59 and a twelve month high of $33.80. The business has a 50-day moving average price of $30.01 and a 200-day moving average price of $30.29. The firm has a market capitalization of $16.87 billion, a price-to-earnings ratio of 21.01, a P/E/G ratio of 2.73 and a beta of 0.34.

Hormel Foods (NYSE:HRL - Get Free Report) last announced its quarterly earnings data 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 10.95% and a net margin of 6.75%. The business had revenue of $2.90 billion during the quarter, compared to analysts' expectations of $2.92 billion. During the same period in the previous year, the firm earned $0.38 earnings per share. The firm's quarterly revenue was up .3% compared to the same quarter last year. Sell-side analysts anticipate that Hormel Foods Co. will post 1.65 EPS for the current fiscal year.

Hormel Foods Announces Dividend

The company 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 $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Monday, July 14th. Hormel Foods's dividend payout ratio is currently 85.29%.

Insider Activity at Hormel Foods

In related news, Director Elsa A. Murano sold 4,500 shares of the company's stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $30.40, for a total value of $136,800.00. Following the completion of the sale, the director now owns 95,488 shares in the company, valued at $2,902,835.20. This represents a 4.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.72% of the stock is owned by corporate insiders.

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.