Parr Mcknight Wealth Management Group LLC Purchases New Shares in Hormel Foods Co. (NYSE:HRL)

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

Other hedge funds also recently added to or reduced their stakes in the company. Neo Ivy Capital Management acquired a new position in shares of Hormel Foods during the fourth quarter valued at $992,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Hormel Foods by 3.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,070,656 shares of the company's stock valued at $64,956,000 after purchasing an additional 73,297 shares during the period. Voloridge Investment Management LLC increased its holdings in shares of Hormel Foods by 7.2% during the fourth quarter. Voloridge Investment Management LLC now owns 1,371,972 shares of the company's stock valued at $43,039,000 after purchasing an additional 91,975 shares during the period. Worldquant Millennium Advisors LLC increased its holdings in shares of Hormel Foods by 599.1% during the fourth quarter. Worldquant Millennium Advisors LLC now owns 368,624 shares of the company's stock valued at $11,564,000 after purchasing an additional 315,897 shares during the period. Finally, Woodline Partners LP acquired a new position in shares of Hormel Foods during the fourth quarter valued at $548,000. 40.99% of the stock is currently owned by institutional investors.

Hormel Foods Price Performance

NYSE:HRL traded down $0.22 during mid-day trading on Wednesday, reaching $29.98. 4,248,598 shares of the stock were exchanged, compared to its average volume of 2,662,040. The business has a fifty day moving average price of $29.92 and a 200 day moving average price of $30.26. The firm has a market capitalization of $16.49 billion, a PE ratio of 20.53, a PEG ratio of 2.73 and a beta of 0.34. Hormel Foods Co. has a 1-year low of $27.59 and a 1-year high of $35.00. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36.

Hormel Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, July 14th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date is Monday, July 14th. Hormel Foods's payout ratio is currently 84.67%.

Insider Buying and Selling

In related news, Director Elsa A. Murano sold 4,500 shares of the stock in a transaction 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 transaction, the director now owns 95,488 shares in the company, valued at $2,902,835.20. This trade represents a 4.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.72% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

HRL has been the topic of a number of research analyst reports. BNP Paribas Exane raised Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 price target on the stock in a report on Tuesday. Stephens reissued an "equal weight" rating and set a $31.00 price target on shares of Hormel Foods in a report on Thursday, May 22nd. BNP Paribas raised Hormel Foods from a "strong sell" rating to a "hold" rating in a report on Tuesday. Finally, Bank of America raised 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 report on Tuesday, April 15th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $32.00.

About Hormel Foods

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.