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

Key Points

• OVERSEA CHINESE BANKING Corp Ltd acquired 13,371 shares of Hormel Foods Corporation, valued at approximately $414,000, marking their new position in the company.
• Hormel Foods recently announced a quarterly dividend of $0.29, representing an annualized dividend yield of 4.1%, with the payout scheduled for August 15th.
• The company's stock has seen a slight increase of 0.2% recently, with a current price of $28.14 and a 52-week trading range between $27.59 and $33.80.

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 13,371 shares of the company's stock, valued at approximately $414,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Invesco Ltd. lifted its holdings in shares of Hormel Foods by 7.3% in the 4th quarter. Invesco Ltd. now owns 7,843,207 shares of the company's stock worth $246,041,000 after acquiring an additional 533,657 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Hormel Foods by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 7,461,100 shares of the company's stock worth $233,459,000 after buying an additional 98,442 shares in the last quarter. ProShare Advisors LLC lifted its holdings in Hormel Foods by 7.3% during the 4th quarter. ProShare Advisors LLC now owns 6,072,682 shares of the company's stock worth $190,500,000 after buying an additional 413,669 shares in the last quarter. Millennium Management LLC lifted its holdings in Hormel Foods by 6.2% during the 4th quarter. Millennium Management LLC now owns 4,488,678 shares of the company's stock worth $140,810,000 after buying an additional 261,742 shares in the last quarter. Finally, Stifel Financial Corp lifted its holdings in 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 buying an additional 1,107,270 shares in the last quarter. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Hormel Foods Price Performance

HRL stock traded up $0.04 during trading on Tuesday, reaching $28.26. 3,253,053 shares of the company were exchanged, compared to its average volume of 3,451,508. The company has a market cap of $15.54 billion, a P/E ratio of 20.78, a PEG ratio of 3.21 and a beta of 0.31. Hormel Foods Corporation has a 52-week low of $27.59 and a 52-week high of $33.80. The stock's 50 day moving average price is $30.10 and its 200 day moving average price is $29.84. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 2.47.

Hormel Foods (NYSE:HRL - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The company reported $0.35 earnings per share for the quarter, meeting analysts' consensus estimates of $0.35. The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.92 billion. Hormel Foods had a net margin of 6.27% and a return on equity of 10.20%. The company's revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.38 earnings per share. As a group, analysts predict that Hormel Foods Corporation will post 1.65 earnings per share for the current fiscal year.

Hormel Foods Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors 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 annualized dividend and a yield of 4.1%. Hormel Foods's dividend payout ratio is 85.29%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on HRL shares. Stephens restated an "equal weight" rating and issued a $31.00 price objective on shares of Hormel Foods in a report on Thursday, May 22nd. BNP Paribas Exane raised shares of Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 target price on the stock in a research report on Tuesday, May 27th. The Goldman Sachs Group initiated coverage on shares of Hormel Foods in a research report on Monday, June 23rd. They issued a "buy" rating and a $35.00 target price on the stock. BNP Paribas raised shares of Hormel Foods from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 27th. Finally, Bank of America raised shares of Hormel Foods from an "underperform" rating to a "neutral" rating and raised their price objective for the stock from $29.00 to $35.00 in a research report on Tuesday, April 15th. 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 company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus 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.