The Manufacturers Life Insurance Company Buys 45,794 Shares of Hormel Foods Corporation $HRL

The Manufacturers Life Insurance Company lifted its stake in Hormel Foods Corporation (NYSE:HRL) by 22.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 247,427 shares of the company’s stock after purchasing an additional 45,794 shares during the period. The Manufacturers Life Insurance Company’s holdings in Hormel Foods were worth $5,604,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. MUFG Securities EMEA plc acquired a new position in Hormel Foods during the 2nd quarter worth $26,000. Strive Financial Group LLC acquired a new stake in shares of Hormel Foods in the 4th quarter valued at $27,000. Motiv8 Investments LLC acquired a new stake in shares of Hormel Foods in the 4th quarter valued at $28,000. Parkside Financial Bank & Trust increased its stake in shares of Hormel Foods by 354.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock valued at $31,000 after buying an additional 1,025 shares during the period. Finally, Root Financial Partners LLC raised its position in shares of Hormel Foods by 149.2% during the first quarter. Root Financial Partners LLC now owns 1,495 shares of the company’s stock worth $34,000 after acquiring an additional 895 shares during the last quarter. Institutional investors own 40.99% of the company’s stock.

Insider Activity

In other news, Director Gary C. Bhojwani sold 20,200 shares of the business’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $24.51, for a total transaction of $495,102.00. Following the completion of the transaction, the director directly owned 32,002 shares in the company, valued at approximately $784,369.02. The trade was a 38.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.58% of the company’s stock.

Analyst Ratings Changes

HRL has been the topic of several research reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $23.00 price target (down from $28.00) on shares of Hormel Foods in a research note on Thursday, April 9th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Hormel Foods in a research report on Friday, July 17th. The Goldman Sachs Group set a $25.00 price objective on Hormel Foods in a report on Thursday, May 21st. BNP Paribas Exane raised their target price on shares of Hormel Foods from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Finally, Bank of America lifted their price target on shares of Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Two analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Hormel Foods has an average rating of “Hold” and a consensus target price of $26.14.

Hormel Foods Stock Performance

HRL stock opened at $25.24 on Thursday. The business’s fifty day moving average is $24.74 and its 200-day moving average is $23.45. The company has a quick ratio of 0.97, a current ratio of 1.94 and a debt-to-equity ratio of 0.30. The company has a market cap of $13.89 billion, a P/E ratio of 29.69, a price-to-earnings-growth ratio of 2.92 and a beta of 0.34. Hormel Foods Corporation has a twelve month low of $19.70 and a twelve month high of $29.34.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings data on Wednesday, May 27th. The company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The business had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.96 billion. During the same period in the previous year, the firm earned $0.35 earnings per share. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts forecast that Hormel Foods Corporation will post 1.5 EPS for the current year.

Hormel Foods Dividend Announcement

The business 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 dividend of $0.2925 per share. The ex-dividend date is Monday, July 13th. This represents a $1.17 dividend on an annualized basis and a yield of 4.6%. Hormel Foods’s dividend payout ratio (DPR) is 137.65%.

Hormel Foods Company Profile

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.