Hormel Foods Corporation (NYSE:HRL) Shares Sold by US Bancorp DE

Key Points

• US Bancorp DE has reduced its holdings in Hormel Foods Corporation by 6.4%, now owning approximately 0.11% of the company, which is valued at around $18.14 million.
• Analysts have given Hormel Foods a current average rating of "Moderate Buy", with a target price of $32.86 per share.
• The company recently announced a quarterly dividend of $0.29, translating to an annual yield of 4.1% and a payout ratio of 85.29%.

US Bancorp DE decreased its position in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) by 6.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 586,194 shares of the company's stock after selling 40,166 shares during the period. US Bancorp DE owned approximately 0.11% of Hormel Foods worth $18,137,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in HRL. Pacer Advisors Inc. grew its position in shares of Hormel Foods by 9,725.4% during the first 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 in the last quarter. Two Sigma Advisers LP grew its position in shares of Hormel Foods by 496.3% during the fourth quarter. Two Sigma Advisers LP now owns 2,185,600 shares of the company's stock valued at $68,562,000 after purchasing an additional 1,819,100 shares in the last quarter. Two Sigma Investments LP grew its position in shares of Hormel Foods by 466.5% during the fourth quarter. Two Sigma Investments LP now owns 2,053,160 shares of the company's stock valued at $64,408,000 after purchasing an additional 1,690,746 shares in the last quarter. Stifel Financial Corp lifted its holdings in shares of Hormel Foods by 33.9% in the 4th quarter. Stifel Financial Corp now owns 4,374,456 shares of the company's stock valued at $137,227,000 after acquiring an additional 1,107,270 shares during the last quarter. Finally, Man Group plc lifted its holdings in shares of Hormel Foods by 186.0% in the 4th quarter. Man Group plc now owns 1,041,356 shares of the company's stock valued at $32,667,000 after acquiring an additional 677,194 shares during the last quarter. Hedge funds and other institutional investors own 40.99% of the company's stock.

Hormel Foods Trading Up 0.1%

NYSE HRL traded up $0.04 during trading on Tuesday, hitting $28.26. The stock had a trading volume of 3,253,053 shares, compared to its average volume of 3,451,508. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 2.47. The stock has a market capitalization of $15.54 billion, a price-to-earnings ratio of 20.78, a P/E/G ratio of 3.21 and a beta of 0.31. Hormel Foods Corporation has a one year low of $27.59 and a one year high of $33.80. The stock has a 50 day simple moving average of $30.10 and a 200 day simple moving average of $29.84.

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 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 the consensus estimate of $2.92 billion. During the same quarter in the previous year, the firm posted $0.38 earnings per share. The company's revenue was up .3% on a year-over-year basis. Sell-side analysts predict that Hormel Foods Corporation will post 1.65 earnings per share for the current year.

Hormel Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Monday, July 14th will be paid 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 of this dividend is Monday, July 14th. Hormel Foods's payout ratio is currently 85.29%.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. BNP Paribas Exane raised shares of Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 price target for the company in a report on Tuesday, May 27th. Bank of America raised shares of Hormel Foods from an "underperform" rating to a "neutral" rating and increased their price target for the company from $29.00 to $35.00 in a report on Tuesday, April 15th. BNP Paribas raised shares of Hormel Foods from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 27th. The Goldman Sachs Group assumed coverage on shares of Hormel Foods in a report on Monday, June 23rd. They issued a "buy" rating and a $35.00 price target for the company. Finally, Stephens reaffirmed an "equal weight" rating and issued a $31.00 price target on shares of Hormel Foods in a report on Thursday, May 22nd. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Hormel Foods has an average rating of "Moderate Buy" and a consensus target price of $32.86.

Hormel Foods Company 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.