Meiji Yasuda Life Insurance Co Acquires New Stake in Hormel Foods Corporation (NYSE:HRL)

Meiji Yasuda Life Insurance Co bought a new stake in Hormel Foods Corporation (NYSE:HRL) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 7,400 shares of the company’s stock, valued at approximately $252,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Strs Ohio increased its position in shares of Hormel Foods Corporation by 18.6% in the first quarter. Strs Ohio now owns 30,746 shares of the company’s stock valued at $1,064,000 after buying an additional 4,830 shares in the last quarter. Russell Investments Group Ltd. increased its position in Hormel Foods Corporation by 63.1% during the 1st quarter. Russell Investments Group Ltd. now owns 137,489 shares of the company’s stock worth $4,762,000 after purchasing an additional 53,203 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD grew its holdings in Hormel Foods Corporation by 10.9% in the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 24,321 shares of the company’s stock valued at $842,000 after buying an additional 2,393 shares during the period. Canada Pension Plan Investment Board grew its holdings in Hormel Foods Corporation by 230.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 3,822 shares of the company’s stock valued at $132,000 after buying an additional 2,664 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in Hormel Foods Corporation by 3.6% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 47,234 shares of the company’s stock valued at $1,636,000 after buying an additional 1,638 shares during the period. 38.91% of the stock is owned by institutional investors.

Several equities analysts have recently weighed in on the company. Zacks Investment Research raised Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research note on Monday. Credit Suisse Group dropped coverage on Hormel Foods Corporation in a report on Saturday, August 26th. They issued an “outperform” rating for the company. Barclays PLC lowered their price objective on Hormel Foods Corporation from $38.00 to $35.00 and set an “overweight” rating for the company in a research note on Friday, August 25th. BMO Capital Markets reiterated an “outperform” rating and set a $38.00 price target (down previously from $45.00) on shares of Hormel Foods Corporation in a research report on Friday, August 25th. Finally, Buckingham Research cut their price objective on Hormel Foods Corporation from $37.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, August 25th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Hormel Foods Corporation currently has a consensus rating of “Hold” and a consensus price target of $38.36.

In other news, VP James N. Sheehan sold 35,704 shares of Hormel Foods Corporation stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $30.87, for a total transaction of $1,102,182.48. Following the completion of the sale, the vice president now directly owns 60,000 shares of the company’s stock, valued at approximately $1,852,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Donald H. Kremin sold 100,000 shares of the business’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $31.66, for a total transaction of $3,166,000.00. Following the completion of the sale, the insider now directly owns 887 shares of the company’s stock, valued at $28,082.42. The disclosure for this sale can be found here. In the last quarter, insiders sold 165,843 shares of company stock valued at $5,235,409. Company insiders own 3.54% of the company’s stock.

Hormel Foods Corporation (NYSE HRL) traded up 0.146% during midday trading on Friday, hitting $30.955. The stock had a trading volume of 713,265 shares. The stock has a market cap of $16.34 billion, a price-to-earnings ratio of 19.108 and a beta of 0.58. Hormel Foods Corporation has a 1-year low of $30.50 and a 1-year high of $38.84. The company has a 50-day moving average of $32.83 and a 200-day moving average of $33.95.

Hormel Foods Corporation (NYSE:HRL) last issued its quarterly earnings results on Thursday, August 24th. The company reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.03). Hormel Foods Corporation had a return on equity of 18.90% and a net margin of 9.38%. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the previous year, the business posted $0.36 earnings per share. The business’s revenue was down 4.1% on a year-over-year basis. Equities research analysts forecast that Hormel Foods Corporation will post $1.56 EPS for the current year.

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Hormel Foods Corporation Profile

Institutional Ownership by Quarter for Hormel Foods Corporation (NYSE:HRL)

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