Three Seasons Wealth LLC Invests $682,000 in Hormel Foods Corporation (NYSE:HRL)

Key Points

• Three Seasons Wealth LLC acquired a new stake in Hormel Foods Corporation during the first quarter, purchasing 22,033 shares valued at approximately $682,000.
• Hormel Foods reported quarterly earnings of $0.35 per share, meeting consensus estimates, although revenue fell slightly short at $2.90 billion.
• The company recently announced a quarterly dividend of $0.29 per share, representing an annualized yield of 4.1%, with a payout ratio of 85.29%.

Three Seasons Wealth LLC bought a new stake in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 22,033 shares of the company's stock, valued at approximately $682,000.

Several other hedge funds have also bought and sold shares of HRL. MJT & Associates Financial Advisory Group Inc. purchased a new position in shares of Hormel Foods during the 1st quarter valued at about $37,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Hormel Foods during the first quarter valued at approximately $38,000. Headlands Technologies LLC bought a new position in shares of Hormel Foods in the fourth quarter worth approximately $48,000. Riverview Trust Co raised its position in shares of Hormel Foods by 183.8% during the 1st quarter. Riverview Trust Co now owns 1,572 shares of the company's stock valued at $49,000 after purchasing an additional 1,018 shares during the period. Finally, Canada Post Corp Registered Pension Plan bought a new stake in shares of Hormel Foods during the 4th quarter valued at $52,000. Institutional investors own 40.99% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on HRL. BNP Paribas Exane upgraded Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 price target for the company in a research note on Tuesday, May 27th. Stephens reiterated an "equal weight" rating and set 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 boosted their price target for the stock from $29.00 to $35.00 in a report on Tuesday, April 15th. 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 price target for the company. Finally, BNP Paribas raised shares of Hormel Foods from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 27th. Four research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $32.86.

Hormel Foods Price Performance

Shares of NYSE HRL traded up $0.25 during midday trading on Thursday, reaching $28.51. 3,402,372 shares of the stock traded hands, compared to its average volume of 3,388,532. The stock has a market capitalization of $15.67 billion, a PE ratio of 20.96, a P/E/G ratio of 3.22 and a beta of 0.31. The company's 50 day moving average is $29.98 and its 200 day moving average is $29.81. 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.

Hormel Foods (NYSE:HRL - Get Free Report) last posted its earnings results on Thursday, May 29th. The company reported $0.35 earnings per share for the quarter, hitting analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $2.92 billion. During the same period in the previous year, the firm posted $0.38 EPS. The business's quarterly revenue was up .3% on a year-over-year basis. On average, equities research 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. Stockholders of record on Monday, July 14th will be issued a $0.29 dividend. The ex-dividend date is Monday, July 14th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.1%. Hormel Foods's payout ratio is 85.29%.

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.