Money Concepts Capital Corp Trims Stock Position in Hormel Foods Corporation (NYSE:HRL)

Money Concepts Capital Corp reduced its position in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) by 26.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 65,595 shares of the company's stock after selling 23,278 shares during the period. Money Concepts Capital Corp's holdings in Hormel Foods were worth $2,030,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of HRL. Norges Bank acquired a new stake in shares of Hormel Foods in the 4th quarter valued at $102,598,000. Two Sigma Advisers LP lifted its holdings in Hormel Foods by 496.3% during the 4th quarter. Two Sigma Advisers LP now owns 2,185,600 shares of the company's stock worth $68,562,000 after buying an additional 1,819,100 shares during the last quarter. Two Sigma Investments LP boosted its position in shares of Hormel Foods by 466.5% during the 4th quarter. Two Sigma Investments LP now owns 2,053,160 shares of the company's stock worth $64,408,000 after acquiring an additional 1,690,746 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Hormel Foods by 67.1% in the 4th quarter. Bank of New York Mellon Corp now owns 2,926,668 shares of the company's stock valued at $91,810,000 after acquiring an additional 1,175,087 shares during the last quarter. Finally, Stifel Financial Corp raised its position in shares of Hormel Foods by 33.9% during the 4th quarter. Stifel Financial Corp now owns 4,374,456 shares of the company's stock worth $137,227,000 after acquiring an additional 1,107,270 shares in the last quarter. Hedge funds and other institutional investors own 40.99% of the company's stock.

Hormel Foods Stock Performance

NYSE HRL traded up $0.42 during trading hours on Tuesday, hitting $30.67. 2,828,905 shares of the stock were exchanged, compared to its average volume of 2,678,012. Hormel Foods Corporation has a 12-month low of $27.59 and a 12-month high of $33.80. The stock has a 50-day moving average of $30.10 and a 200 day moving average of $30.08. The company has a market cap of $16.87 billion, a price-to-earnings ratio of 22.55, a price-to-earnings-growth ratio of 3.47 and a beta of 0.33. 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 posted its quarterly earnings results on Thursday, May 29th. The company reported $0.35 earnings per share for the quarter, meeting analysts' consensus estimates of $0.35. The firm had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.92 billion. Hormel Foods had a return on equity of 10.20% and a net margin of 6.27%. The company's revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 earnings per share. As a group, equities research analysts forecast that Hormel Foods Corporation will post 1.65 earnings per share for the current year.

Hormel Foods Dividend Announcement

The business also recently declared 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 3.78%. Hormel Foods's payout ratio is 85.29%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. BNP Paribas Exane upgraded shares of 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. Bank of America upgraded Hormel Foods from an "underperform" rating to a "neutral" rating and lifted their target price for the stock from $29.00 to $35.00 in a research report on Tuesday, April 15th. Stephens restated an "equal weight" rating and set a $31.00 price target on shares of Hormel Foods in a research note on Thursday, May 22nd. The Goldman Sachs Group assumed coverage on Hormel Foods in a research note on Monday, June 23rd. They issued a "buy" rating and a $35.00 price objective for the company. Finally, BNP Paribas raised shares of 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 given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $32.86.

Hormel Foods Company 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.