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.
Hormel Foods Stock Performance
HRL Stock opened at $49.85 on Thursday. The firm has a market cap of $27.22 billion, a price-to-earnings ratio of 28.49, a PEG ratio of 3.42 and a beta of 0.13. The company has a quick ratio of 1.20, a current ratio of 2.28 and a debt-to-equity ratio of 0.45. Hormel Foods has a twelve month low of $40.48 and a twelve month high of $55.11. The business's fifty day simple moving average is $47.29 and its two-hundred day simple moving average is $49.20.
Hormel Foods (NYSE:HRL - Get Rating) last announced its quarterly earnings results on Thursday, June 2nd. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.02. Hormel Foods had a return on equity of 14.10% and a net margin of 7.70%. The company had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.07 billion. During the same period in the previous year, the company posted $0.42 earnings per share. Hormel Foods's revenue for the quarter was up 18.8% on a year-over-year basis. Analysts predict that Hormel Foods will post 1.87 earnings per share for the current year.
Hormel Foods Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Monday, July 11th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, July 8th. This represents a $1.04 annualized dividend and a yield of 2.09%. Hormel Foods's payout ratio is currently 59.43%.
Wall Street Analysts Forecast Growth
HRL has been the subject of several recent research reports. Credit Suisse Group reduced their target price on shares of Hormel Foods to $44.00 in a research note on Friday, June 3rd. Piper Sandler decreased their price target on shares of Hormel Foods to $48.00 in a research note on Friday, June 3rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $47.83.
Insiders Place Their Bets
In related 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 transaction of $225,350.00. Following the transaction, the senior vice president now owns 32,869 shares of the company's stock, valued at $1,481,405.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Christopher J. Policinski sold 2,110 shares of Hormel Foods stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $46.27, for a total value of $97,629.70. Following the transaction, the director now owns 85,254 shares of the company's stock, valued at approximately $3,944,702.58. 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 5,000 shares of Hormel Foods stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $45.07, for a total transaction of $225,350.00. Following the completion of the transaction, the senior vice president now directly owns 32,869 shares in the company, valued at approximately $1,481,405.83. The disclosure for this sale can be found here. 0.78% of the stock is currently owned by company insiders.