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Sound Financial Strategies Group LLC Takes $761,000 Position in Hormel Foods Corporation (NYSE:HRL)

Hormel Foods logo with Consumer Staples background

Key Points

  • Sound Financial Strategies Group LLC has acquired a stake in Hormel Foods Corporation valued at approximately $761,000 by purchasing 24,599 shares during the first quarter.
  • Analysts have recently rated Hormel Foods with an average of "Moderate Buy" and a target price of $32.86, indicating positive sentiment towards the stock.
  • The company announced a quarterly dividend of $0.29 per share, reflecting a dividend yield of 4.1%, with a dividend payout ratio of 85.29%.
  • MarketBeat previews the top five stocks to own by September 1st.

Sound Financial Strategies Group LLC acquired a new stake in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 24,599 shares of the company's stock, valued at approximately $761,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of HRL. MJT & Associates Financial Advisory Group Inc. bought a new position in shares of Hormel Foods during the first quarter valued at about $37,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Hormel Foods in the first quarter worth about $38,000. Headlands Technologies LLC bought a new stake in shares of Hormel Foods in the fourth quarter worth about $48,000. Riverview Trust Co grew its stake in shares of Hormel Foods by 183.8% in the first quarter. Riverview Trust Co now owns 1,572 shares of the company's stock worth $49,000 after purchasing an additional 1,018 shares during the last quarter. Finally, Canada Post Corp Registered Pension Plan bought a new stake in shares of Hormel Foods in the fourth quarter worth about $52,000. 40.99% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on HRL. The Goldman Sachs Group began coverage on Hormel Foods in a research note on Monday, June 23rd. They issued a "buy" rating and a $35.00 target price on the stock. BNP Paribas Exane raised Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 target price on the stock in a research note on Tuesday, May 27th. Bank of America raised Hormel Foods from an "underperform" rating to a "neutral" rating and raised their target price for the stock from $29.00 to $35.00 in a research note on Tuesday, April 15th. Stephens reissued an "equal weight" rating and issued a $31.00 target price on shares of Hormel Foods in a research note on Thursday, May 22nd. Finally, BNP Paribas raised Hormel Foods from a "strong sell" rating to a "hold" rating in a research note on Tuesday, May 27th. Four equities 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 company currently has an average rating of "Moderate Buy" and an average target price of $32.86.

Read Our Latest Report on Hormel Foods

Hormel Foods Stock Performance

Shares of HRL opened at $28.14 on Friday. 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 Corporation has a one year low of $27.59 and a one year high of $33.80. The company has a 50-day simple moving average of $30.12 and a two-hundred day simple moving average of $29.86. The firm has a market capitalization of $15.47 billion, a PE ratio of 20.69, a price-to-earnings-growth ratio of 3.20 and a beta of 0.31.

Hormel Foods (NYSE:HRL - Get Free Report) last released its 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 net margin of 6.27% and a return on equity of 10.20%. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same period last year, the business earned $0.38 earnings per share. The business's revenue was up .3% on a year-over-year basis. On average, analysts anticipate that Hormel Foods Corporation will post 1.65 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders 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 dividend yield of 4.1%. The ex-dividend date is Monday, July 14th. Hormel Foods's dividend payout ratio (DPR) is presently 85.29%.

Hormel Foods Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Hormel Foods (NYSE:HRL)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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