TD Asset Management Inc reduced its holdings in Hormel Foods Corporation (NYSE:HRL - Free Report) by 6.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 474,394 shares of the company's stock after selling 33,190 shares during the period. TD Asset Management Inc owned about 0.09% of Hormel Foods worth $14,678,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Hormel Foods in the 4th quarter valued at $102,598,000. Pacer Advisors Inc. boosted its position in shares of Hormel Foods by 9,725.4% in the 1st quarter. Pacer Advisors Inc. now owns 2,335,797 shares of the company's stock valued at $72,270,000 after purchasing an additional 2,312,024 shares during the period. Two Sigma Advisers LP raised its stake in Hormel Foods by 496.3% during the 4th quarter. Two Sigma Advisers LP now owns 2,185,600 shares of the company's stock valued at $68,562,000 after acquiring an additional 1,819,100 shares during the last quarter. Two Sigma Investments LP raised its stake in Hormel Foods by 466.5% during the 4th quarter. Two Sigma Investments LP now owns 2,053,160 shares of the company's stock valued at $64,408,000 after acquiring an additional 1,690,746 shares during the last quarter. Finally, Stifel Financial Corp raised its stake in shares of 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. Hedge funds and other institutional investors own 40.99% of the company's stock.
Hormel Foods Stock Performance
HRL stock traded down $0.22 during midday trading on Thursday, reaching $28.07. The company had a trading volume of 4,744,354 shares, compared to its average volume of 3,164,037. The company has a quick ratio of 1.17, a current ratio of 2.47 and a debt-to-equity ratio of 0.35. The stock has a 50 day moving average price of $30.18 and a 200 day moving average price of $29.88. The firm has a market capitalization of $15.43 billion, a PE ratio of 20.64, a P/E/G ratio of 3.22 and a beta of 0.33. Hormel Foods Corporation has a fifty-two week low of $27.59 and a fifty-two week high of $33.80.
Hormel Foods (NYSE:HRL - Get Free Report) last posted 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 company had revenue of $2.90 billion for the quarter, compared to analysts' expectations of $2.92 billion. During the same quarter in the prior year, the company earned $0.38 earnings per share. The firm's revenue was up .3% on a year-over-year basis. Analysts anticipate that Hormel Foods Corporation will post 1.65 earnings per share for the current year.
Hormel Foods Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, July 14th will be paid a $0.29 dividend. 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%.
Analyst Upgrades and Downgrades
Several research firms recently weighed in on HRL. 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 research note on Tuesday, May 27th. Stephens reaffirmed an "equal weight" rating and issued a $31.00 target price on shares of Hormel Foods in a research report on Thursday, May 22nd. Bank of America raised Hormel Foods from an "underperform" rating to a "neutral" rating and raised their price objective for the company from $29.00 to $35.00 in a research report on Tuesday, April 15th. BNP Paribas raised Hormel Foods from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 27th. Finally, The Goldman Sachs Group began coverage on Hormel Foods in a research report on Monday, June 23rd. They set a "buy" rating and a $35.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $32.86.
Check Out Our Latest Research Report on Hormel Foods
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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