Hormel Foods Co. (NYSE:HRL) Receives $31.00 Average Price Target from Analysts

Shares of Hormel Foods Co. (NYSE:HRL) have been given an average rating of “Reduce” by the five research firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation and three have issued a hold recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $31.00.

A number of equities research analysts recently weighed in on the stock. Citigroup started coverage on shares of Hormel Foods in a report on Thursday, February 1st. They set a “neutral” rating and a $31.00 price target for the company. Piper Sandler lifted their target price on Hormel Foods from $31.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, January 12th. Barclays boosted their price target on Hormel Foods from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. The Goldman Sachs Group raised their price objective on Hormel Foods from $26.00 to $28.00 and gave the company a “sell” rating in a research note on Friday, March 1st. Finally, JPMorgan Chase & Co. upped their target price on Hormel Foods from $27.00 to $28.00 and gave the company an “underweight” rating in a research report on Friday, March 1st.

Insider Buying and Selling at Hormel Foods

In related news, SVP Kevin L. Myers sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $34.95, for a total transaction of $349,500.00. Following the sale, the senior vice president now directly owns 38,708 shares of the company’s stock, valued at approximately $1,352,844.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, SVP Kevin L. Myers sold 10,000 shares of Hormel Foods stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $34.95, for a total value of $349,500.00. Following the completion of the transaction, the senior vice president now directly owns 38,708 shares of the company’s stock, valued at approximately $1,352,844.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Mark A. Coffey sold 15,400 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $34.18, for a total transaction of $526,372.00. Following the sale, the vice president now directly owns 68,029 shares of the company’s stock, valued at approximately $2,325,231.22. The disclosure for this sale can be found here. Insiders have sold 40,800 shares of company stock worth $1,414,872 over the last quarter. 0.69% of the stock is owned by corporate insiders.

Institutional Trading of Hormel Foods

Several hedge funds have recently made changes to their positions in the stock. Verition Fund Management LLC increased its position in Hormel Foods by 3.2% in the fourth quarter. Verition Fund Management LLC now owns 7,456 shares of the company’s stock worth $340,000 after buying an additional 231 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Hormel Foods by 1.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 20,805 shares of the company’s stock worth $948,000 after acquiring an additional 235 shares during the period. B. Riley Wealth Advisors Inc. lifted its position in Hormel Foods by 3.2% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 8,051 shares of the company’s stock valued at $367,000 after purchasing an additional 253 shares during the last quarter. Gries Financial LLC boosted its stake in Hormel Foods by 0.6% during the 2nd quarter. Gries Financial LLC now owns 41,002 shares of the company’s stock valued at $1,649,000 after purchasing an additional 254 shares during the period. Finally, SeaCrest Wealth Management LLC grew its position in Hormel Foods by 3.2% in the 4th quarter. SeaCrest Wealth Management LLC now owns 8,258 shares of the company’s stock worth $376,000 after purchasing an additional 258 shares during the last quarter. Institutional investors own 40.99% of the company’s stock.

Hormel Foods Trading Down 0.3 %

NYSE:HRL opened at $33.80 on Wednesday. Hormel Foods has a 12 month low of $28.51 and a 12 month high of $41.73. The business’s 50-day moving average is $32.91 and its two-hundred day moving average is $32.47. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.49 and a quick ratio of 0.79. The firm has a market capitalization of $18.51 billion, a PE ratio of 23.15, a price-to-earnings-growth ratio of 3.27 and a beta of 0.27.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Thursday, February 29th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.34 by $0.07. Hormel Foods had a return on equity of 11.51% and a net margin of 6.55%. The firm had revenue of $3 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same period in the previous year, the company posted $0.40 EPS. Hormel Foods’s revenue for the quarter was up .9% on a year-over-year basis. Research analysts predict that Hormel Foods will post 1.59 earnings per share for the current fiscal year.

Hormel Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, March 25th will be issued a $0.2825 dividend. This represents a $1.13 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend is Friday, April 12th. Hormel Foods’s dividend payout ratio is currently 77.40%.

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.