Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. It 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, chilies, shelf-stable microwaveable meals, hashes, stews, tortillas, salsas, tortilla chips, and others. The company also engages in the processing, marketing, and sale of branded and unbranded pork, beef, poultry, and turkey products, as well as offers nutritional food products and supplements, desserts and drink mixes, and industrial gelatin products. It sells its products primarily under the SKIPPY, SPAM, Hormel, Natural Choice, Applegate, Justin's, Jennie-O, Café H, Herdez, Black Label, Sadler's, Columbus, Gatherings, Herdez, Wholly, Columbus, Planters, NUT-rition, Planters Cheez Balls, Corn Nuts, etc. brand names through sales personnel, independent brokers, and distributors. The company was formerly known as Geo. A. Hormel & Company and changed its name to Hormel Foods Corporation in January 1995. Hormel Foods Corporation was founded in 1891 and is headquartered in Austin, Minnesota.
Analyst Upgrades and Downgrades
Several research analysts recently commented on the stock. Credit Suisse Group reduced their price objective on shares of Hormel Foods to $44.00 in a research note on Friday, June 3rd. Piper Sandler cut their price objective on shares of Hormel Foods to $48.00 in a research report on Friday, June 3rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Hormel Foods has a consensus rating of "Hold" and a consensus target price of $47.83.
Hormel Foods Stock Performance
HRL Stock traded up $0.51 during mid-day trading on Monday, hitting $50.37. 46,614 shares of the company were exchanged, compared to its average volume of 1,863,108. Hormel Foods has a 1-year low of $40.48 and a 1-year high of $55.11. The stock has a market capitalization of $27.50 billion, a PE ratio of 28.49, a price-to-earnings-growth ratio of 3.42 and a beta of 0.13. The company has a current ratio of 2.28, a quick ratio of 1.20 and a debt-to-equity ratio of 0.45. The business has a 50 day simple moving average of $47.46 and a 200-day simple moving average of $49.25.
Hormel Foods (NYSE:HRL - Get Rating) last posted its earnings results on Thursday, June 2nd. The company reported $0.48 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.02. Hormel Foods had a net margin of 7.70% and a return on equity of 14.10%. The company had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.07 billion. During the same quarter in the prior year, the business posted $0.42 EPS. The firm's revenue was up 18.8% compared to the same quarter last year. On average, equities analysts forecast that Hormel Foods will post 1.87 earnings per share for the current year.
Hormel Foods Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 15th. Stockholders of record on Monday, July 11th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend is Friday, July 8th. Hormel Foods's dividend payout ratio (DPR) is currently 59.43%.
Insider Activity
In other Hormel Foods news, SVP Kevin L. Myers sold 5,000 shares of the business's stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $45.07, for a total value of $225,350.00. Following the transaction, the senior vice president now owns 32,869 shares in the company, valued at $1,481,405.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Kevin L. Myers sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $45.07, for a total value of $225,350.00. Following the transaction, the senior vice president now owns 32,869 shares in the company, valued at $1,481,405.83. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Christopher J. Policinski sold 2,110 shares of the stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $46.27, for a total transaction of $97,629.70. Following the transaction, the director now owns 85,254 shares in the company, valued at approximately $3,944,702.58. The disclosure for this sale can be found here. Corporate insiders own 0.78% of the company's stock.