Vest Financial LLC Boosts Stock Holdings in Hormel Foods Corporation $HRL

Key Points

• Vest Financial increased its Hormel Foods stake by 7.8% in the second quarter, adding 165,403 shares to own 2.29 million shares valued at approximately $56.7 million. Institutional investors collectively own about 41% of HRL.
• Analysts remain cautious, with two Buy ratings and seven Hold ratings. Hormel has an average “Hold” rating and a consensus price target of $26.14, while recent targets range from $25 to $27.
• Hormel reported quarterly earnings of $0.40 per share, exceeding estimates, on revenue of $2.97 billion, up 2.6% year over year. The company also declared a quarterly dividend of $0.2925 per share, representing a 4.8% annualized yield.

Vest Financial LLC raised its position in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) by 7.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,285,103 shares of the company's stock after purchasing an additional 165,403 shares during the period. Vest Financial LLC owned 0.42% of Hormel Foods worth $56,716,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of HRL. MUFG Securities EMEA plc bought a new stake in shares of Hormel Foods in the second quarter valued at $26,000. Strive Financial Group LLC bought a new position in shares of Hormel Foods during the 4th quarter worth $27,000. Motiv8 Investments LLC bought a new position in shares of Hormel Foods during the 4th quarter worth $28,000. Parkside Financial Bank & Trust increased its holdings in Hormel Foods by 354.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company's stock worth $31,000 after acquiring an additional 1,025 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in Hormel Foods by 57.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,455 shares of the company's stock worth $33,000 after acquiring an additional 531 shares during the last quarter. 40.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on HRL. The Goldman Sachs Group set a $25.00 price objective on Hormel Foods in a research note on Thursday, May 21st. Weiss Ratings upgraded shares of Hormel Foods from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday. Bank of America lifted their target price on shares of Hormel Foods from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 30th. Stephens reissued an "equal weight" rating and issued a $25.00 price target on shares of Hormel Foods in a research report on Thursday, July 9th. Finally, BNP Paribas Exane upped their price target on shares of Hormel Foods from $26.00 to $27.00 and gave the company a "neutral" rating in a research note on Tuesday, July 14th. Two investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Hormel Foods has an average rating of "Hold" and a consensus target price of $26.14.

Insiders Place Their Bets

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total value of $495,102.00. Following the sale, the director directly owned 32,002 shares in the company, valued at $784,369.02. This represents a 38.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.58% of the company's stock.

Hormel Foods Stock Performance

Shares of HRL opened at $24.45 on Friday. Hormel Foods Corporation has a 52-week low of $19.70 and a 52-week high of $29.34. The stock's 50-day simple moving average is $24.90 and its 200 day simple moving average is $23.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.97 and a current ratio of 1.94. The stock has a market capitalization of $13.45 billion, a price-to-earnings ratio of 28.76, a price-to-earnings-growth ratio of 2.81 and a beta of 0.34.

Hormel Foods (NYSE:HRL - Get Free Report) last posted its earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.05. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The business had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the previous year, the firm earned $0.35 EPS. The company's quarterly revenue was up 2.6% compared to the same quarter last year. Research analysts forecast that Hormel Foods Corporation will post 1.5 EPS for the current fiscal year.

Hormel Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, July 13th will be paid a dividend of $0.2925 per share. The ex-dividend date of this dividend is Monday, July 13th. This represents a $1.17 annualized dividend and a yield of 4.8%. Hormel Foods's payout ratio is currently 137.65%.

About Hormel Foods

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company's portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.

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