Canada Pension Plan Investment Board Boosts Position in Hormel Foods Co. (NYSE:HRL)

Canada Pension Plan Investment Board raised its position in shares of Hormel Foods Co. (NYSE:HRL - Free Report) by 12.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 780,732 shares of the company's stock after purchasing an additional 86,685 shares during the quarter. Canada Pension Plan Investment Board owned 0.14% of Hormel Foods worth $24,492,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of HRL. Crews Bank & Trust bought a new position in Hormel Foods in the 4th quarter worth $25,000. Fairway Wealth LLC bought a new position in shares of Hormel Foods in the fourth quarter worth about $44,000. Capital Advisors Ltd. LLC grew its position in shares of Hormel Foods by 86.9% during the fourth quarter. Capital Advisors Ltd. LLC now owns 1,484 shares of the company's stock worth $47,000 after purchasing an additional 690 shares in the last quarter. Lindbrook Capital LLC raised its stake in Hormel Foods by 91.8% during the 4th quarter. Lindbrook Capital LLC now owns 1,523 shares of the company's stock valued at $48,000 after purchasing an additional 729 shares during the period. Finally, Headlands Technologies LLC bought a new position in shares of Hormel Foods during the fourth quarter worth $48,000. 40.99% of the stock is currently owned by institutional investors.

Hormel Foods Stock Down 1.8 %

Shares of NYSE:HRL traded down $0.54 during trading on Friday, hitting $29.65. 528,227 shares of the company were exchanged, compared to its average volume of 2,575,283. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.32 and a quick ratio of 1.19. Hormel Foods Co. has a 12-month low of $27.59 and a 12-month high of $36.86. The stock has a market capitalization of $16.31 billion, a P/E ratio of 20.30, a PEG ratio of 2.73 and a beta of 0.31. The firm's 50 day moving average price is $29.77 and its 200-day moving average price is $30.49.

Hormel Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, April 14th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, April 14th. This represents a $1.16 dividend on an annualized basis and a yield of 3.91%. Hormel Foods's payout ratio is 84.67%.

Analyst Ratings Changes

HRL has been the topic of several analyst reports. Barclays raised Hormel Foods from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, January 22nd. Bank of America upgraded shares of Hormel Foods from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $29.00 to $35.00 in a report on Tuesday, April 15th. Finally, Stephens reissued an "equal weight" rating and issued a $31.00 price target on shares of Hormel Foods in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $32.33.

Insider Buying and Selling at Hormel Foods

In related news, Director Elsa A. Murano sold 4,500 shares of the firm's stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $30.40, for a total value of $136,800.00. Following the completion of the sale, the director now owns 95,488 shares in the company, valued at $2,902,835.20. This trade represents a 4.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.72% of the company's stock.

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.