Hormel Foods (NYSE:HRL) Issues FY 2024 Earnings Guidance

Hormel Foods (NYSE:HRL) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 1.570-1.630 for the period, compared to the consensus EPS estimate of 1.600. The company issued revenue guidance of $11.8 billion-$12.1 billion, compared to the consensus revenue estimate of $12.1 billion.

Analyst Upgrades and Downgrades

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

Hormel Foods Stock Up 1.8 %

Shares of HRL stock opened at $33.14 on Wednesday. Hormel Foods has a 12-month low of $28.51 and a 12-month high of $39.58. The company has a quick ratio of 1.00, a current ratio of 1.73 and a debt-to-equity ratio of 0.36. The firm has a fifty day moving average of $31.61 and a 200-day moving average of $32.89. The company has a market capitalization of $18.17 billion, a price-to-earnings ratio of 23.67, a P/E/G ratio of 3.12 and a beta of 0.24.

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.