Meiji Yasuda Asset Management Co Ltd. Purchases New Holdings in Hormel Foods Corporation $HRL

Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Hormel Foods Corporation (NYSE:HRL) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 528,775 shares of the company’s stock, valued at approximately $13,124,000. Meiji Yasuda Asset Management Co Ltd. owned approximately 0.10% of Hormel Foods at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in HRL. SlateStone Wealth LLC boosted its stake in shares of Hormel Foods by 2.3% in the second quarter. SlateStone Wealth LLC now owns 17,890 shares of the company’s stock worth $444,000 after acquiring an additional 400 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in Hormel Foods by 1.1% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 39,005 shares of the company’s stock valued at $968,000 after purchasing an additional 427 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in Hormel Foods by 5.0% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 8,967 shares of the company’s stock worth $213,000 after purchasing an additional 431 shares during the last quarter. Advisory Alpha LLC grew its holdings in shares of Hormel Foods by 2.9% during the fourth quarter. Advisory Alpha LLC now owns 15,477 shares of the company’s stock worth $367,000 after buying an additional 440 shares in the last quarter. Finally, Vermillion Wealth Management Inc. grew its holdings in shares of Hormel Foods by 1.7% during the fourth quarter. Vermillion Wealth Management Inc. now owns 25,944 shares of the company’s stock worth $615,000 after buying an additional 441 shares in the last quarter. Institutional investors and hedge funds own 40.99% of the company’s stock.

Hormel Foods Trading Up 0.1%

Shares of Hormel Foods stock opened at $23.90 on Monday. The stock has a 50 day moving average of $24.91 and a 200 day moving average of $23.44. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.97 and a current ratio of 1.94. The firm has a market capitalization of $13.15 billion, a price-to-earnings ratio of 28.12, a PEG ratio of 2.75 and a beta of 0.34. Hormel Foods Corporation has a fifty-two week low of $19.70 and a fifty-two week high of $29.34.

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Stephens reissued an “equal weight” rating and issued a $25.00 price target on shares of Hormel Foods in a research note on Thursday, July 9th. BNP Paribas Exane increased their price objective on shares of Hormel Foods from $26.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. The Goldman Sachs Group set a $25.00 target price on shares of Hormel Foods in a research note on Thursday, May 21st. Bank of America boosted their target price on Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. upped their price target on Hormel Foods from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Friday, August 14th. Two equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $26.57.

Insider Buying and Selling at Hormel Foods

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of Hormel Foods stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total transaction of $495,102.00. Following the completion of the sale, the director directly owned 32,002 shares in the company, valued at $784,369.02. This trade represents a 38.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.58% of the stock is currently owned by corporate insiders.

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.