Maridea Wealth Management LLC Makes New $451,000 Investment in Hormel Foods Co. (NYSE:HRL)

Maridea Wealth Management LLC purchased a new stake in Hormel Foods Co. (NYSE:HRL) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,388 shares of the company’s stock, valued at approximately $451,000.

A number of other hedge funds have also modified their holdings of HRL. Norges Bank acquired a new stake in shares of Hormel Foods during the fourth quarter valued at $102,598,000. Bank of New York Mellon Corp lifted its holdings in Hormel Foods by 67.1% in the 4th quarter. Bank of New York Mellon Corp now owns 2,926,668 shares of the company’s stock valued at $91,810,000 after purchasing an additional 1,175,087 shares in the last quarter. Holocene Advisors LP boosted its stake in shares of Hormel Foods by 56.0% during the 3rd quarter. Holocene Advisors LP now owns 2,237,674 shares of the company’s stock worth $70,934,000 after purchasing an additional 802,816 shares during the last quarter. State Street Corp grew its holdings in shares of Hormel Foods by 2.5% during the third quarter. State Street Corp now owns 25,068,102 shares of the company’s stock worth $794,659,000 after buying an additional 617,308 shares in the last quarter. Finally, Van ECK Associates Corp acquired a new position in shares of Hormel Foods in the fourth quarter valued at approximately $16,612,000. 40.99% of the stock is owned by hedge funds and other institutional investors.

Hormel Foods Stock Up 0.1 %

Shares of NYSE HRL opened at $30.36 on Friday. The stock has a fifty day moving average price of $29.52 and a 200 day moving average price of $30.67. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36. Hormel Foods Co. has a 12-month low of $27.59 and a 12-month high of $36.86. The company has a market cap of $16.70 billion, a P/E ratio of 20.80, a P/E/G ratio of 2.73 and a beta of 0.21.

Hormel Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, April 14th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date is Monday, April 14th. Hormel Foods’s payout ratio is 84.67%.

Analyst Ratings Changes

A number of analysts recently issued reports on HRL shares. Barclays raised shares of Hormel Foods from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. Stephens reaffirmed an “equal weight” rating and issued a $31.00 price objective on shares of Hormel Foods in a research report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Hormel Foods presently has an average rating of “Hold” and an average price target of $31.80.

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.