Parr Mcknight Wealth Management Group LLC Acquires Shares of 22,144 Hormel Foods Co. (NYSE:HRL)

Parr Mcknight Wealth Management Group LLC acquired a new stake in Hormel Foods Co. (NYSE:HRL - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 22,144 shares of the company's stock, valued at approximately $695,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Crews Bank & Trust bought a new stake in Hormel Foods in the 4th quarter valued at about $25,000. Fairway Wealth LLC bought a new stake in Hormel Foods in the 4th quarter valued at about $44,000. Capital Advisors Ltd. LLC increased its position in shares of Hormel Foods by 86.9% during the fourth quarter. Capital Advisors Ltd. LLC now owns 1,484 shares of the company's stock valued at $47,000 after buying an additional 690 shares during the period. Lindbrook Capital LLC increased its position in shares of Hormel Foods by 91.8% during the fourth quarter. Lindbrook Capital LLC now owns 1,523 shares of the company's stock valued at $48,000 after buying an additional 729 shares during the period. Finally, Headlands Technologies LLC bought a new stake in shares of Hormel Foods during the fourth quarter valued at about $48,000. 40.99% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Bank of America upgraded Hormel Foods from an "underperform" rating to a "neutral" rating and upped their price target for the company from $29.00 to $35.00 in a research report on Tuesday, April 15th. 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. Finally, Stephens reissued an "equal weight" rating and set a $31.00 price objective on shares of Hormel Foods in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Hormel Foods currently has an average rating of "Hold" and an average target price of $32.00.

Hormel Foods Price Performance

HRL traded up $0.78 during midday trading on Tuesday, hitting $30.22. The stock had a trading volume of 4,867,572 shares, compared to its average volume of 2,655,693. The company has a market cap of $16.62 billion, a P/E ratio of 20.70, a price-to-earnings-growth ratio of 2.73 and a beta of 0.34. The business has a fifty day moving average of $29.90 and a 200 day moving average of $30.26. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.19 and a current ratio of 2.32. Hormel Foods Co. has a 1 year low of $27.59 and a 1 year high of $35.00.

Hormel Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Monday, July 14th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.84%. The ex-dividend date is Monday, July 14th. Hormel Foods's dividend payout ratio is currently 84.67%.

Insiders Place Their Bets

In other Hormel Foods news, Director Elsa A. Murano sold 4,500 shares of the company's stock in a transaction that occurred on Thursday, March 27th. The stock was 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 of the company's stock, valued at $2,902,835.20. This represents a 4.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.72% of the stock is owned by 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.