OVERSEA CHINESE BANKING Corp Ltd Invests $414,000 in Hormel Foods Corporation (NYSE:HRL)

OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 13,371 shares of the company's stock, valued at approximately $414,000.

A number of other large investors have also bought and sold shares of HRL. Proficio Capital Partners LLC bought a new stake in Hormel Foods during the 4th quarter worth approximately $1,330,000. Raymond James Financial Inc. bought a new position in shares of Hormel Foods during the 4th quarter worth approximately $7,891,000. HighTower Advisors LLC grew its stake in shares of Hormel Foods by 5.6% during the 4th quarter. HighTower Advisors LLC now owns 81,659 shares of the company's stock worth $2,562,000 after acquiring an additional 4,299 shares in the last quarter. Natixis Advisors LLC grew its stake in shares of Hormel Foods by 4.4% during the 4th quarter. Natixis Advisors LLC now owns 69,538 shares of the company's stock worth $2,181,000 after acquiring an additional 2,957 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its stake in shares of Hormel Foods by 24.8% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 114,995 shares of the company's stock worth $3,607,000 after acquiring an additional 22,839 shares in the last quarter. 40.99% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on HRL shares. BNP Paribas raised shares of Hormel Foods from a "strong sell" rating to a "hold" rating in a research note on Tuesday, May 27th. BNP Paribas Exane raised Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 price objective for the company in a report on Tuesday, May 27th. 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 for the company. Bank of America raised 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 report on Tuesday, April 15th. Finally, Stephens reissued an "equal weight" rating and issued a $31.00 price objective on shares of Hormel Foods in a report on Thursday, May 22nd. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $32.86.

Hormel Foods Stock Performance

Hormel Foods stock traded down $0.24 during mid-day trading on Friday, hitting $29.44. 334,733 shares of the company's stock traded hands, compared to its average volume of 3,139,871. The firm has a 50 day simple moving average of $30.31 and a two-hundred day simple moving average of $30.00. Hormel Foods Corporation has a fifty-two week low of $27.59 and a fifty-two week high of $33.80. The stock has a market cap of $16.19 billion, a price-to-earnings ratio of 21.64, a P/E/G ratio of 3.40 and a beta of 0.33. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.47 and a quick ratio of 1.17.

Hormel Foods (NYSE:HRL - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The company reported $0.35 earnings per share (EPS) 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 business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter last year, the firm posted $0.38 EPS. The company's quarterly revenue was up .3% on a year-over-year basis. On average, research analysts expect that Hormel Foods Corporation will post 1.65 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders 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 yield of 3.94%. The ex-dividend date is Monday, July 14th. Hormel Foods's dividend payout ratio is 85.29%.

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.