WealthPLAN Partners LLC Acquires 15,040 Shares of Hormel Foods Co. (NYSE:HRL)

WealthPLAN Partners LLC grew its stake in Hormel Foods Co. (NYSE:HRL) by 10.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,465 shares of the company’s stock after acquiring an additional 15,040 shares during the period. WealthPLAN Partners LLC’s holdings in Hormel Foods were worth $5,150,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of HRL. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Hormel Foods by 21.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 571,252 shares of the company’s stock valued at $19,931,000 after buying an additional 102,141 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in Hormel Foods by 26.2% during the second quarter. Canada Pension Plan Investment Board now owns 735,246 shares of the company’s stock worth $22,418,000 after purchasing an additional 152,800 shares during the period. Entropy Technologies LP acquired a new position in shares of Hormel Foods in the first quarter valued at $756,000. Appian Way Asset Management LP acquired a new stake in shares of Hormel Foods during the 2nd quarter worth about $11,811,000. Finally, Truist Financial Corp boosted its holdings in shares of Hormel Foods by 110.8% during the 2nd quarter. Truist Financial Corp now owns 37,228 shares of the company’s stock worth $1,135,000 after buying an additional 19,571 shares during the period. Institutional investors and hedge funds own 40.99% of the company’s stock.

Wall Street Analysts Forecast Growth

HRL has been the topic of a number of research reports. Stephens started coverage on Hormel Foods in a report on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 price objective on the stock. BNP Paribas began coverage on shares of Hormel Foods in a report on Monday, October 21st. They issued an “underperform” rating and a $28.00 price objective for the company. Finally, Citigroup raised shares of Hormel Foods from a “neutral” rating to a “buy” rating and raised their target price for the stock from $33.00 to $37.00 in a report on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $31.57.

Hormel Foods Trading Up 0.1 %

Shares of Hormel Foods stock opened at $30.36 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 2.29 and a debt-to-equity ratio of 0.36. Hormel Foods Co. has a 12-month low of $28.51 and a 12-month high of $36.86. The company has a market capitalization of $16.65 billion, a price-to-earnings ratio of 21.35, a PEG ratio of 3.21 and a beta of 0.26. The firm’s 50-day moving average price is $31.44 and its two-hundred day moving average price is $32.08.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings data on Wednesday, September 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. The business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.95 billion. Hormel Foods had a net margin of 6.52% and a return on equity of 11.03%. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period last year, the firm posted $0.40 earnings per share. On average, analysts forecast that Hormel Foods Co. will post 1.58 earnings per share for the current fiscal year.

Hormel Foods Cuts Dividend

The firm 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 $0.282 dividend. This represents a $1.13 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend is Tuesday, October 15th. Hormel Foods’s dividend payout ratio is presently 79.58%.

Insiders Place Their Bets

In related news, VP Steven J. Lykken sold 9,800 shares of Hormel Foods stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $31.91, for a total transaction of $312,718.00. Following the sale, the vice president now directly owns 30,589 shares of the company’s stock, valued at approximately $976,094.99. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP Steven J. Lykken sold 9,800 shares of the business’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $31.91, for a total transaction of $312,718.00. Following the sale, the vice president now owns 30,589 shares in the company, valued at $976,094.99. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Deanna T. Brady sold 51,600 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $31.95, for a total value of $1,648,620.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 71,400 shares of company stock valued at $2,288,338. 0.69% of the stock is currently owned by corporate insiders.

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.