Hormel Foods Corporation $HRL Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd lessened its position in Hormel Foods Corporation (NYSE:HRL) by 68.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,107 shares of the company’s stock after selling 46,783 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Hormel Foods were worth $421,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Hormel Foods in the second quarter worth $489,092,000. Dimensional Fund Advisors LP boosted its holdings in shares of Hormel Foods by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,849,174 shares of the company’s stock valued at $155,152,000 after buying an additional 134,983 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Hormel Foods by 3.4% during the 1st quarter. Bank of America Corp DE now owns 2,405,895 shares of the company’s stock valued at $54,494,000 after buying an additional 79,509 shares in the last quarter. Vest Financial LLC grew its position in shares of Hormel Foods by 7.8% in the 2nd quarter. Vest Financial LLC now owns 2,285,103 shares of the company’s stock worth $56,716,000 after buying an additional 165,403 shares during the period. Finally, Epoch Investment Partners Inc. purchased a new stake in shares of Hormel Foods in the 1st quarter worth about $44,733,000. 40.99% of the stock is currently owned by institutional investors.

Hormel Foods Price Performance

HRL opened at $21.07 on Friday. The firm has a market cap of $11.59 billion, a PE ratio of 14.94, a P/E/G ratio of 2.51 and a beta of 0.30. The stock has a 50-day moving average price of $21.09 and a 200-day moving average price of $22.50. Hormel Foods Corporation has a 1 year low of $18.96 and a 1 year high of $26.60. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.88 and a quick ratio of 0.92.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings data on Wednesday, August 26th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. The company had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $3.03 billion. Hormel Foods had a net margin of 2.82% and a return on equity of 9.91%. Hormel Foods’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.35 EPS. Sell-side analysts predict that Hormel Foods Corporation will post 1.48 earnings per share for the current fiscal year.

Hormel Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Tuesday, October 13th will be issued a dividend of $0.2925 per share. The ex-dividend date is Tuesday, October 13th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 5.6%. Hormel Foods’s dividend payout ratio is presently 185.71%.

Insider Activity at Hormel Foods

In other news, Chairman William A. Newlands purchased 10,000 shares of Hormel Foods stock in a transaction that occurred on Monday, October 5th. The stock was bought at an average price of $20.10 per share, with a total value of $201,000.00. Following the completion of the transaction, the chairman directly owned 76,375 shares of the company’s stock, valued at approximately $1,535,137.50. The trade was a 15.07% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.58% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. BNP Paribas Exane reissued a “neutral” rating and set a $23.00 price objective (down from $26.00) on shares of Hormel Foods in a research note on Wednesday, October 7th. Weiss Ratings cut shares of Hormel Foods from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, August 28th. Bank of America raised their target price on shares of Hormel Foods from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. Barclays reiterated an “overweight” rating and set a $28.00 target price (down from $30.00) on shares of Hormel Foods in a report on Wednesday, October 14th. Finally, Piper Sandler reissued a “neutral” rating on shares of Hormel Foods in a research report on Tuesday, October 6th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Hormel Foods has an average rating of “Hold” and a consensus target price of $25.43.

Hormel Foods Company Profile

Hormel Foods Corporation (NYSE: HRL) is a global food company headquartered in Austin, Minnesota. Founded in 1891 by George A. Hormel, the company began as a meat-processing business and has expanded into a broad portfolio of branded food products sold through retail, foodservice and international channels.

Its products include refrigerated and shelf-stable meats, meals, snacks and other prepared foods. Hormel Foods markets products under well-known brands such as Hormel, SPAM, Jennie-O, Applegate, Columbus, Skippy and Planters, although its brand portfolio and business operations may evolve over time.