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.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the company. Piper Sandler cut their target price on Hormel Foods to $48.00 in a research note on Friday, June 3rd. Credit Suisse Group cut their target price on Hormel Foods to $44.00 in a research note on Friday, June 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $47.83.
Hormel Foods Price Performance
HRL opened at $48.91 on Friday. The stock has a fifty day simple moving average of $47.23 and a two-hundred day simple moving average of $49.19. 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 company has a market cap of $26.71 billion, a price-to-earnings ratio of 27.95, a price-to-earnings-growth ratio of 3.35 and a beta of 0.13. Hormel Foods has a 12-month low of $40.48 and a 12-month high of $55.11.
Hormel Foods (NYSE:HRL - Get Rating) last posted its quarterly earnings data on Thursday, June 2nd. The company reported $0.48 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.07 billion. During the same quarter in the prior year, the company earned $0.42 earnings per share. The firm's quarterly revenue was up 18.8% compared to the same quarter last year. Research analysts predict that Hormel Foods will post 1.87 earnings per share for the current fiscal year.
Hormel Foods Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Stockholders of record on Monday, July 11th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, July 8th. This represents a $1.04 annualized dividend and a dividend yield of 2.13%. Hormel Foods's payout ratio is presently 59.43%.
Insider Activity
In other news, SVP Kevin L. Myers sold 5,000 shares of the firm's stock in a transaction 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 $1,481,405.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Kevin L. Myers sold 5,000 shares of Hormel Foods stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $45.07, for a total value of $225,350.00. Following the completion of the sale, the senior vice president now directly owns 32,869 shares in the company, valued at approximately $1,481,405.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher J. Policinski sold 2,110 shares of Hormel Foods stock in a transaction dated Thursday, June 23rd. The stock was sold at an average price of $46.27, for a total value of $97,629.70. Following the completion of the sale, the director now owns 85,254 shares of the company's stock, valued at $3,944,702.58. The disclosure for this sale can be found here. Corporate insiders own 0.78% of the company's stock.
