Covington Capital Management Sells 1,666 Shares of Hormel Foods Co. (NYSE:HRL)

Covington Capital Management lowered its stake in Hormel Foods Co. (NYSE:HRL) by 14.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,000 shares of the company’s stock after selling 1,666 shares during the quarter. Covington Capital Management’s holdings in Hormel Foods were worth $478,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. O Shaughnessy Asset Management LLC raised its stake in shares of Hormel Foods by 789.6% in the second quarter. O Shaughnessy Asset Management LLC now owns 943 shares of the company’s stock worth $45,000 after buying an additional 837 shares during the period. Pflug Koory LLC bought a new stake in Hormel Foods during the 2nd quarter valued at approximately $53,000. CSat Investment Advisory L.P. raised its stake in Hormel Foods by 33.3% during the 1st quarter. CSat Investment Advisory L.P. now owns 1,246 shares of the company’s stock valued at $60,000 after purchasing an additional 311 shares during the period. Bbva USA bought a new stake in Hormel Foods during the 2nd quarter valued at approximately $62,000. Finally, Deseret Mutual Benefit Administrators bought a new stake in Hormel Foods during the 2nd quarter valued at approximately $66,000. 40.48% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Hormel Foods stock opened at $42.36 on Thursday. The stock has a market cap of $22.98 billion, a price-to-earnings ratio of 26.81, a price-to-earnings-growth ratio of 3.40 and a beta of -0.07. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.01 and a current ratio of 2.15. The stock has a 50 day moving average price of $43.38 and a 200-day moving average price of $46.10. Hormel Foods Co. has a one year low of $40.48 and a one year high of $52.51.

Hormel Foods (NYSE:HRL) last announced its earnings results on Wednesday, September 1st. The company reported $0.39 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.39. Hormel Foods had a return on equity of 13.54% and a net margin of 8.32%. The firm had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.73 billion. During the same quarter in the previous year, the business earned $0.37 EPS. The company’s quarterly revenue was up 20.2% on a year-over-year basis. Sell-side analysts predict that Hormel Foods Co. will post 1.7 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 15th. Investors of record on Monday, October 18th will be issued a dividend of $0.245 per share. This represents a $0.98 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Friday, October 15th. Hormel Foods’s payout ratio is currently 59.04%.

Several equities analysts have weighed in on HRL shares. Credit Suisse Group cut their price target on Hormel Foods from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Tuesday, September 7th. JPMorgan Chase & Co. upgraded Hormel Foods from an “underweight” rating to a “neutral” rating and set a $42.00 price target for the company in a report on Friday, October 8th. Barclays cut their price target on Hormel Foods from $48.00 to $46.00 and set an “equal weight” rating for the company in a report on Friday, September 3rd. Finally, TheStreet cut Hormel Foods from a “b” rating to a “c+” rating in a report on Tuesday, September 7th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $45.20.

Hormel Foods Profile

Hormel Foods Corp. engages in the production of meat and food products. It operates through the following segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other. The Grocery Products segment consists primarily of the processing, marketing, and sale of shelf-stable food products sold in the retail market.

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

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