Hormel Foods Corporation $HRL Position Boosted by Hsbc Holdings PLC

Hsbc Holdings PLC increased its position in Hormel Foods Corporation (NYSE:HRL) by 57.1% in the fourth quarter, Holdings Channel reports. The firm owned 1,035,577 shares of the company’s stock after purchasing an additional 376,274 shares during the quarter. Hsbc Holdings PLC’s holdings in Hormel Foods were worth $24,574,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of HRL. GoalVest Advisory LLC acquired a new stake in shares of Hormel Foods during the 4th quarter valued at approximately $25,000. MUFG Securities EMEA plc acquired a new position in Hormel Foods in the second quarter worth $26,000. Strive Financial Group LLC bought a new stake in Hormel Foods during the fourth quarter valued at $27,000. Motiv8 Investments LLC bought a new stake in Hormel Foods during the fourth quarter valued at $28,000. Finally, Parkside Financial Bank & Trust raised its holdings in shares of Hormel Foods by 354.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock worth $31,000 after purchasing an additional 1,025 shares during the period. 40.99% of the stock is owned by institutional investors.

Hormel Foods Stock Performance

HRL stock opened at $25.52 on Thursday. Hormel Foods Corporation has a fifty-two week low of $19.70 and a fifty-two week high of $31.86. The company has a market capitalization of $14.05 billion, a P/E ratio of 30.03, a PEG ratio of 2.84 and a beta of 0.35. The company has a 50-day simple moving average of $22.14 and a 200 day simple moving average of $23.14. The company has a quick ratio of 0.97, a current ratio of 1.94 and a debt-to-equity ratio of 0.30.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.05. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.96 billion. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the firm earned $0.35 EPS. Sell-side analysts predict that Hormel Foods Corporation will post 1.5 earnings per share for the current fiscal year.

Hormel Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, July 13th will be issued a $0.2925 dividend. This represents a $1.17 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Monday, July 13th. Hormel Foods’s dividend payout ratio (DPR) is presently 137.65%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on HRL. Stephens raised their price target on shares of Hormel Foods from $22.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. The Goldman Sachs Group set a $25.00 price objective on shares of Hormel Foods in a research report on Thursday, May 21st. Bank of America increased their price objective on shares of Hormel Foods from $23.00 to $25.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $23.00 target price (down from $28.00) on shares of Hormel Foods in a research note on Thursday, April 9th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Hormel Foods in a report on Tuesday, April 21st. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $25.67.

About Hormel Foods

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.