Tobam Sells 128,438 Shares of Hormel Foods Co. (NYSE:HRL)

Tobam lessened its holdings in Hormel Foods Co. (NYSE:HRL - Free Report) by 20.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 484,838 shares of the company's stock after selling 128,438 shares during the quarter. Hormel Foods makes up approximately 1.4% of Tobam's investment portfolio, making the stock its 29th largest position. Tobam owned 0.09% of Hormel Foods worth $15,568,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in HRL. Verition Fund Management LLC raised its stake in shares of Hormel Foods by 3.2% during the fourth quarter. Verition Fund Management LLC now owns 7,456 shares of the company's stock valued at $340,000 after acquiring an additional 231 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Hormel Foods by 1.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 20,805 shares of the company's stock worth $948,000 after purchasing an additional 235 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its holdings in Hormel Foods by 3.2% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 8,051 shares of the company's stock worth $367,000 after buying an additional 253 shares during the period. Gries Financial LLC grew its position in shares of Hormel Foods by 0.6% in the 2nd quarter. Gries Financial LLC now owns 41,002 shares of the company's stock valued at $1,649,000 after buying an additional 254 shares during the last quarter. Finally, SeaCrest Wealth Management LLC increased its stake in shares of Hormel Foods by 3.2% in the fourth quarter. SeaCrest Wealth Management LLC now owns 8,258 shares of the company's stock valued at $376,000 after buying an additional 258 shares during the period. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Hormel Foods

In related news, SVP Kevin L. Myers sold 10,000 shares of the company's stock in a transaction on Thursday, March 28th. The stock was 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 $1,352,844.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Hormel Foods news, SVP Kevin L. Myers sold 10,000 shares of the firm's stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $34.95, for a total transaction of $349,500.00. Following the transaction, the senior vice president now directly owns 38,708 shares in the company, valued at approximately $1,352,844.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Mark A. Coffey sold 15,400 shares of the company's stock in a transaction on Friday, March 8th. The stock was sold at an average price of $34.18, for a total transaction of $526,372.00. Following the completion of the sale, the vice president now owns 68,029 shares of the company's stock, valued at approximately $2,325,231.22. The disclosure for this sale can be found here. Insiders sold a total of 40,800 shares of company stock valued at $1,414,872 over the last ninety days. 0.69% of the stock is currently owned by insiders.

Hormel Foods Stock Up 0.5 %

Shares of NYSE HRL traded up $0.19 during trading on Tuesday, hitting $35.30. 2,614,351 shares of the company traded hands, compared to its average volume of 3,242,793. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.79 and a current ratio of 1.49. The business's fifty day moving average is $32.52 and its 200 day moving average is $32.62. The firm has a market capitalization of $19.33 billion, a price-to-earnings ratio of 24.18, a P/E/G ratio of 3.35 and a beta of 0.27. Hormel Foods Co. has a fifty-two week low of $28.51 and a fifty-two week high of $41.73.

Hormel Foods (NYSE:HRL - Get Free Report) last announced its quarterly earnings results on Thursday, February 29th. The company reported $0.41 EPS 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 analyst estimates of $2.91 billion. Hormel Foods had a net margin of 6.55% and a return on equity of 11.51%. Hormel Foods's quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.40 EPS. Equities research analysts predict that Hormel Foods Co. will post 1.59 earnings per share for the current fiscal year.

Hormel Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, March 25th will be issued a dividend of $0.2825 per share. This represents a $1.13 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Friday, April 12th. Hormel Foods's dividend payout ratio is currently 77.40%.

Wall Street Analyst Weigh In

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

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.