Hormel Foods Co. Announces Quarterly Dividend of $0.28 (NYSE:HRL)

Hormel Foods Co. (NYSE:HRL) declared a quarterly dividend on Monday, May 20th, RTT News reports. Investors of record on Monday, July 15th will be given a dividend of 0.2825 per share on Thursday, August 15th. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend is Monday, July 15th.

Hormel Foods has raised its dividend by an average of 5.8% annually over the last three years and has raised its dividend annually for the last 59 consecutive years. Hormel Foods has a dividend payout ratio of 66.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Hormel Foods to earn $1.70 per share next year, which means the company should continue to be able to cover its $1.13 annual dividend with an expected future payout ratio of 66.5%.

Hormel Foods Trading Up 0.3 %

HRL opened at $30.97 on Friday. The company has a fifty day moving average price of $32.31 and a two-hundred day moving average price of $32.57. Hormel Foods has a 1-year low of $28.51 and a 1-year high of $41.73. The company has a market cap of $16.98 billion, a P/E ratio of 22.12, a price-to-earnings-growth ratio of 2.97 and a beta of 0.24. The company has a current ratio of 1.73, a quick ratio of 1.00 and a debt-to-equity ratio of 0.36.

Hormel Foods (NYSE:HRL) last issued its earnings results on Thursday, May 30th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. The company had revenue of $2.89 billion during the quarter, compared to the consensus estimate of $2.97 billion. Hormel Foods had a return on equity of 11.31% and a net margin of 6.37%. The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period last year, the business posted $0.40 EPS. Analysts predict that Hormel Foods will post 1.6 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on HRL shares. Citigroup cut their target price on Hormel Foods from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, May 31st. Stephens restated an “equal weight” rating and set a $32.00 price objective on shares of Hormel Foods in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. upgraded shares of Hormel Foods from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $28.00 to $29.00 in a report on Friday, May 31st. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $31.67.

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.