13,663 Shares in Hormel Foods Co. (NYSE:HRL) Bought by HB Wealth Management LLC

HB Wealth Management LLC purchased a new position in shares of Hormel Foods Co. (NYSE:HRL) in the first quarter, according to its most recent filing with the SEC. The firm purchased 13,663 shares of the company’s stock, valued at approximately $477,000.

A number of other hedge funds have also recently added to or reduced their stakes in HRL. Vest Financial LLC increased its holdings in shares of Hormel Foods by 40.6% in the first quarter. Vest Financial LLC now owns 1,221,147 shares of the company’s stock worth $42,606,000 after buying an additional 352,896 shares during the period. Commonwealth Equity Services LLC lifted its stake in shares of Hormel Foods by 2.9% in the 1st quarter. Commonwealth Equity Services LLC now owns 199,692 shares of the company’s stock worth $6,967,000 after purchasing an additional 5,714 shares during the period. Greenleaf Trust purchased a new position in Hormel Foods during the first quarter valued at $352,000. Yousif Capital Management LLC grew its stake in shares of Hormel Foods by 16.9% during the 1st quarter. Yousif Capital Management LLC now owns 240,042 shares of the company’s stock valued at $8,375,000 after acquiring an additional 34,669 shares during the period. Finally, SlateStone Wealth LLC purchased a new stake in shares of Hormel Foods in the first quarter worth $556,000. Institutional investors and hedge funds own 40.99% of the company’s stock.

Hormel Foods Stock Performance

HRL traded down $0.07 on Friday, reaching $30.17. The stock had a trading volume of 620,288 shares, compared to its average volume of 2,853,547. The company has a market cap of $16.54 billion, a P/E ratio of 21.60, a price-to-earnings-growth ratio of 2.90 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 business’s 50-day moving average price is $32.90 and its two-hundred day moving average price is $32.61. 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 released its earnings results on Thursday, May 30th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Hormel Foods had a return on equity of 11.31% and a net margin of 6.37%. The business had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter last year, the business posted $0.40 earnings per share. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. Sell-side analysts forecast that Hormel Foods Co. will post 1.6 earnings per share for the current year.

Hormel Foods Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a $0.2825 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $1.13 annualized dividend and a yield of 3.75%. Hormel Foods’s dividend payout ratio (DPR) is 80.71%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. 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. Citigroup dropped their target price on Hormel Foods from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, May 31st. Finally, JPMorgan Chase & Co. raised shares of Hormel Foods from an “underweight” rating to a “neutral” rating and increased their target price for the company from $28.00 to $29.00 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $31.67.

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.