HB Wealth Management LLC Buys New Holdings in Hormel Foods Co. (NYSE:HRL)

HB Wealth Management LLC purchased a new position in shares of Hormel Foods Co. (NYSE:HRL) in the first quarter, Holdings Channel.com reports. The institutional investor purchased 13,663 shares of the company’s stock, valued at approximately $477,000.

Other institutional investors have also recently bought and sold shares of the company. CVA Family Office LLC acquired a new position in shares of Hormel Foods during the 1st quarter worth approximately $31,000. Register Financial Advisors LLC bought a new position in shares of Hormel Foods in the first quarter valued at about $42,000. Capital Advisors Ltd. LLC lifted its stake in shares of Hormel Foods by 774.8% during the 1st quarter. Capital Advisors Ltd. LLC now owns 1,216 shares of the company’s stock worth $42,000 after buying an additional 1,077 shares during the last quarter. Clarity Asset Management Inc. bought a new stake in shares of Hormel Foods during the 4th quarter worth about $54,000. Finally, Lindbrook Capital LLC grew its stake in Hormel Foods by 396.9% in the 1st quarter. Lindbrook Capital LLC now owns 1,749 shares of the company’s stock valued at $61,000 after buying an additional 1,397 shares during the last quarter. Institutional investors and hedge funds own 40.99% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Hormel Foods Price Performance

Hormel Foods stock traded down $0.07 during mid-day trading on Friday, reaching $30.17. 620,288 shares of the company were exchanged, compared to its average volume of 2,853,547. The firm has a market cap of $16.54 billion, a PE ratio of 21.60, a PEG ratio of 2.90 and a beta of 0.24. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.73 and a quick ratio of 1.00. The company has a fifty day simple moving average of $32.90 and a 200-day simple moving average of $32.61. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $41.73.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Thursday, May 30th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.89 billion for the quarter, compared to analysts’ expectations 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 quarter last year, the business earned $0.40 earnings per share. As a group, equities research analysts expect that Hormel Foods Co. will post 1.6 earnings per share for the current fiscal year.

Hormel Foods Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $0.2825 per share. The ex-dividend date is Monday, July 15th. This represents a $1.13 annualized dividend and a dividend yield of 3.75%. Hormel Foods’s dividend payout ratio is 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.