Hormel Foods Corporation (NYSE:HRL) Stock Has Consensus Price Target of $25.43 According to Brokerages

Shares of Hormel Foods Corporation (NYSE:HRL) have been assigned an average rating of “Hold” from the nine research firms that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $25.43.

Several research firms have weighed in on HRL. BNP Paribas Exane reiterated a “neutral” rating and set a $23.00 price objective (down from $26.00) on shares of Hormel Foods in a research report on Wednesday, October 7th. Piper Sandler restated a “neutral” rating on shares of Hormel Foods in a report on Tuesday, October 6th. Bank of America increased their target price on Hormel Foods from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Stephens set a $23.00 target price on Hormel Foods in a research report on Friday, August 28th. Finally, JPMorgan Chase & Co. lifted their price target on Hormel Foods from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Friday, August 14th.

Hormel Foods Price Performance

HRL stock opened at $21.07 on Friday. Hormel Foods has a one year low of $18.96 and a one year high of $26.60. The firm has a 50-day moving average of $21.09 and a two-hundred day moving average of $22.50. The firm has a market capitalization of $11.59 billion, a PE ratio of 33.44, a P/E/G ratio of 2.51 and a beta of 0.30. The company has a current ratio of 1.88, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30.

Hormel Foods (NYSE:HRL) last released its earnings results on Wednesday, August 26th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. Hormel Foods had a net margin of 2.82% and a return on equity of 9.91%. The business had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $3.03 billion. During the same period last year, the firm posted $0.35 earnings per share. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. On average, analysts forecast that Hormel Foods will post 1.48 earnings per share for the current year.

Hormel Foods Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Tuesday, October 13th will be given 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 yield of 5.6%. Hormel Foods’s dividend payout ratio (DPR) is presently 185.71%.

Insider Buying and Selling at Hormel Foods

In related news, Chairman William A. Newlands purchased 10,000 shares of Hormel Foods stock in a transaction dated Monday, October 5th. The stock was acquired at an average cost 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 $1,535,137.50. This trade represents a 15.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.58% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SlateStone Wealth LLC increased its holdings in shares of Hormel Foods by 2.3% during the 2nd quarter. SlateStone Wealth LLC now owns 17,890 shares of the company’s stock valued at $444,000 after acquiring an additional 400 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of 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 acquiring an additional 427 shares in the last quarter. Raiffeisen Bank International AG raised its stake in shares of Hormel Foods by 90.7% in the 2nd quarter. Raiffeisen Bank International AG now owns 986 shares of the company’s stock valued at $26,000 after acquiring an additional 469 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in Hormel Foods by 2.1% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 23,871 shares of the company’s stock worth $592,000 after purchasing an additional 497 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in Hormel Foods by 57.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,455 shares of the company’s stock worth $33,000 after purchasing an additional 531 shares during the last quarter. 40.99% of the stock is owned by hedge funds and other institutional investors.

About Hormel Foods

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.