Brokerages Set Hormel Foods Co. (NYSE:HRL) PT at $32.33

Shares of Hormel Foods Co. (NYSE:HRL) have been assigned an average rating of “Hold” from the six analysts that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $32.17.

Several brokerages recently commented on HRL. Citigroup raised Hormel Foods from a “neutral” rating to a “buy” rating and boosted their price target for the company from $33.00 to $37.00 in a research note on Tuesday, August 13th. Stephens began coverage on Hormel Foods in a research note on Thursday. They issued an “equal weight” rating and a $31.00 price target for the company.

Hormel Foods Price Performance

Shares of HRL opened at $31.35 on Wednesday. The company has a market capitalization of $17.19 billion, a price-to-earnings ratio of 22.39, a P/E/G ratio of 3.11 and a beta of 0.25. Hormel Foods has a fifty-two week low of $28.51 and a fifty-two week high of $38.27. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.29 and a quick ratio of 1.03. The business’s 50-day moving average is $32.01 and its 200-day moving average is $32.72.

Hormel Foods (NYSE:HRL) last issued its earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.95 billion. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 EPS. Equities research analysts expect that Hormel Foods will post 1.58 EPS for the current fiscal year.

Hormel Foods Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a dividend of $0.282 per share. The ex-dividend date is Tuesday, October 15th. This represents a $1.13 dividend on an annualized basis and a yield of 3.60%. Hormel Foods’s payout ratio is currently 80.71%.

Insiders Place Their Bets

In other Hormel Foods news, EVP Deanna T. Brady sold 51,600 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $31.95, for a total transaction of $1,648,620.00. Following the completion of the sale, the executive vice president now owns 72,421 shares of the company’s stock, valued at $2,313,850.95. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Deanna T. Brady sold 51,600 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $31.95, for a total transaction of $1,648,620.00. Following the completion of the transaction, the executive vice president now directly owns 72,421 shares in the company, valued at $2,313,850.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Steven J. Lykken sold 9,800 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $31.91, for a total value of $312,718.00. Following the transaction, the vice president now owns 30,589 shares of the company’s stock, valued at approximately $976,094.99. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 71,400 shares of company stock valued at $2,288,338 over the last 90 days. 0.69% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC lifted its holdings in shares of Hormel Foods by 688.3% during the first quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock worth $26,000 after buying an additional 647 shares during the last quarter. CVA Family Office LLC acquired a new position in shares of Hormel Foods in the first quarter valued at $31,000. International Assets Investment Management LLC acquired a new position in shares of Hormel Foods in the second quarter valued at $34,000. Central Valley Advisors LLC acquired a new position in shares of Hormel Foods in the second quarter valued at $37,000. Finally, Register Financial Advisors LLC acquired a new position in shares of Hormel Foods in the first quarter valued at $42,000. 40.99% of the stock is currently owned by institutional investors and hedge funds.

About Hormel Foods

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.