Trust Point Inc. Purchases New Shares in Hormel Foods Co. (NYSE:HRL)

Trust Point Inc. acquired a new position in shares of Hormel Foods Co. (NYSE:HRL - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 30,630 shares of the company's stock, valued at approximately $984,000.

Other hedge funds also recently bought and sold shares of the company. Point72 Hong Kong Ltd purchased a new stake in shares of Hormel Foods in the first quarter worth $41,000. Janiczek Wealth Management LLC boosted its position in shares of Hormel Foods by 62.9% during the third quarter. Janiczek Wealth Management LLC now owns 1,028 shares of the company's stock valued at $39,000 after buying an additional 397 shares during the last quarter. Salem Investment Counselors Inc. boosted its position in shares of Hormel Foods by 24.4% during the first quarter. Salem Investment Counselors Inc. now owns 1,527 shares of the company's stock valued at $79,000 after buying an additional 300 shares during the last quarter. Dark Forest Capital Management LP boosted its position in shares of Hormel Foods by 387.0% during the first quarter. Dark Forest Capital Management LP now owns 1,841 shares of the company's stock valued at $73,000 after buying an additional 1,463 shares during the last quarter. Finally, Rockefeller Capital Management L.P. boosted its position in shares of Hormel Foods by 61.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,062 shares of the company's stock valued at $93,000 after buying an additional 785 shares during the last quarter. Institutional investors own 40.99% of the company's stock.

Hormel Foods Trading Up 1.3 %

HRL stock traded up $0.44 during midday trading on Thursday, hitting $35.17. 2,575,941 shares of the company's stock were exchanged, compared to its average volume of 3,283,199. Hormel Foods Co. has a 1-year low of $28.51 and a 1-year high of $41.73. The company has a current ratio of 1.49, a quick ratio of 0.79 and a debt-to-equity ratio of 0.30. The business has a 50-day simple moving average of $32.17 and a two-hundred day simple moving average of $32.76. The stock has a market capitalization of $19.26 billion, a PE ratio of 23.72, a P/E/G ratio of 3.41 and a beta of 0.27.

Hormel Foods (NYSE:HRL - Get Free Report) last issued its quarterly earnings data on Thursday, February 29th. The company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.07. The business had revenue of $3 billion during the quarter, compared to analysts' expectations of $2.91 billion. Hormel Foods had a return on equity of 11.51% and a net margin of 6.55%. The company's revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.40 earnings per share. On average, sell-side analysts predict that Hormel Foods Co. will post 1.58 EPS for the current fiscal year.

Hormel Foods Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be paid a $0.2825 dividend. This represents a $1.13 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Friday, April 12th. Hormel Foods's payout ratio is currently 77.40%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on HRL shares. JPMorgan Chase & Co. raised their price objective on Hormel Foods from $27.00 to $28.00 and gave the stock an "underweight" rating in a research note on Friday, March 1st. Piper Sandler raised their price target on Hormel Foods from $31.00 to $33.00 and gave the company a "neutral" rating in a report on Friday, January 12th. Citigroup began coverage on Hormel Foods in a report on Thursday, February 1st. They issued a "neutral" rating and a $31.00 target price for the company. Barclays lifted their target price on Hormel Foods from $33.00 to $35.00 and gave the stock an "equal weight" rating in a report on Friday, March 1st. Finally, The Goldman Sachs Group raised their price target on Hormel Foods from $26.00 to $28.00 and gave the stock a "sell" rating in a research note on Friday, March 1st. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat.com, Hormel Foods has a consensus rating of "Hold" and an average price target of $31.00.

Insider Activity at Hormel Foods

In other news, VP Mark A. Coffey sold 15,400 shares of the company's stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $35.00, for a total transaction of $539,000.00. Following the completion of the sale, the vice president now directly owns 68,029 shares in the company, valued at approximately $2,381,015. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Mark A. Coffey sold 15,400 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $35.00, for a total transaction of $539,000.00. Following the transaction, the vice president now owns 68,029 shares of the company's stock, valued at $2,381,015. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kevin L. Myers sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $34.95, for a total transaction of $349,500.00. Following the completion of the sale, the senior vice president now owns 38,708 shares in the company, valued at approximately $1,352,844.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,800 shares of company stock valued at $1,414,872. 0.69% of the stock is owned by corporate insiders.

About Hormel Foods

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.