Hormel Foods (NYSE:HRL) Releases FY24 Earnings Guidance

Hormel Foods (NYSE:HRL) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $1.57-1.63 for the period, compared to the consensus earnings per share estimate of $1.60. The company issued revenue guidance of $11.8-12.1 billion, compared to the consensus revenue estimate of $12.14 billion. Hormel Foods also updated its FY 2024 guidance to 1.570-1.630 EPS.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Hormel Foods from an underweight rating to a neutral rating and upped their target price for the company from $28.00 to $29.00 in a research report on Friday, May 31st. Citigroup raised shares of Hormel Foods from a neutral rating to a buy rating and raised their price objective for the company from $33.00 to $37.00 in a research note on Tuesday, August 13th. Finally, Stephens reiterated an equal weight rating and set a $32.00 target price on shares of Hormel Foods in a research report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, Hormel Foods presently has an average rating of Hold and an average price target of $32.33.

Hormel Foods Stock Up 3.5 %

Shares of NYSE HRL opened at $32.11 on Friday. Hormel Foods has a 52-week low of $28.51 and a 52-week high of $39.58. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.73. The stock has a market cap of $17.61 billion, a P/E ratio of 22.94, a P/E/G ratio of 3.12 and a beta of 0.25. The firm has a 50 day moving average price of $31.67 and a 200 day moving average price of $32.87.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.95 billion. Hormel Foods had a net margin of 6.37% and a return on equity of 11.31%. The business’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. Analysts expect that Hormel Foods will post 1.6 EPS for the current year.

Hormel Foods Company 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.