DNB Asset Management AS Purchases 6,065 Shares of Hormel Foods Co. (NYSE:HRL)

DNB Asset Management AS lifted its position in shares of Hormel Foods Co. (NYSE:HRL) by 11.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,360 shares of the company’s stock after acquiring an additional 6,065 shares during the period. DNB Asset Management AS’s holdings in Hormel Foods were worth $1,840,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Empirical Finance LLC increased its holdings in shares of Hormel Foods by 3.7% in the 1st quarter. Empirical Finance LLC now owns 9,912 shares of the company’s stock worth $346,000 after purchasing an additional 352 shares in the last quarter. Federated Hermes Inc. raised its position in Hormel Foods by 21.1% in the 4th quarter. Federated Hermes Inc. now owns 2,069 shares of the company’s stock worth $66,000 after buying an additional 361 shares during the last quarter. First Trust Direct Indexing L.P. lifted its stake in Hormel Foods by 2.0% during the 1st quarter. First Trust Direct Indexing L.P. now owns 20,291 shares of the company’s stock valued at $708,000 after acquiring an additional 389 shares during the period. Viawealth LLC boosted its holdings in shares of Hormel Foods by 2.4% during the 1st quarter. Viawealth LLC now owns 17,126 shares of the company’s stock valued at $598,000 after acquiring an additional 401 shares during the last quarter. Finally, D.A. Davidson & CO. grew its stake in shares of Hormel Foods by 4.4% in the fourth quarter. D.A. Davidson & CO. now owns 9,663 shares of the company’s stock worth $310,000 after acquiring an additional 403 shares during the period. 40.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Hormel Foods from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $28.00 to $29.00 in a research report on Friday, May 31st. Stephens reiterated an “equal weight” rating and set a $32.00 target price on shares of Hormel Foods in a research note on Friday, May 31st. Finally, Citigroup lowered their price target on Hormel Foods from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. Based on data from MarketBeat, Hormel Foods currently has a consensus rating of “Hold” and a consensus price target of $31.67.

Hormel Foods Stock Down 0.1 %

Shares of HRL stock opened at $31.78 on Wednesday. The company has a 50 day simple moving average of $31.05 and a two-hundred day simple moving average of $32.57. The stock has a market cap of $17.43 billion, a P/E ratio of 22.71, a P/E/G ratio of 3.11 and a beta of 0.24. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $41.73. 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 posted its quarterly earnings data on Thursday, May 30th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.97 billion. Hormel Foods had a return on equity of 11.31% and a net margin of 6.37%. Hormel Foods’s revenue was down 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.40 EPS. On average, research analysts expect that Hormel Foods Co. will post 1.6 earnings per share for the current year.

Hormel Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a dividend of $0.2825 per share. The ex-dividend date is Monday, July 15th. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.56%. Hormel Foods’s dividend payout ratio (DPR) is presently 80.71%.

Hormel Foods 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.