Vetr upgraded shares of Hormel Foods Corp. (NYSE:HRL) from a buy rating to a strong-buy rating in a report issued on Tuesday morning. The firm currently has $42.00 price objective on the stock.
Other research analysts also recently issued reports about the stock. Edward Jones upgraded shares of Hormel Foods Corp. from a hold rating to a buy rating in a research report on Friday, September 16th. Zacks Investment Research upgraded shares of Hormel Foods Corp. from a hold rating to a buy rating and set a $44.00 price objective for the company in a research report on Tuesday, August 23rd. Deutsche Bank AG reiterated a hold rating and issued a $38.00 price objective on shares of Hormel Foods Corp. in a research report on Tuesday, August 16th. Jefferies Group reiterated a hold rating on shares of Hormel Foods Corp. in a research report on Wednesday, August 3rd. Finally, Oppenheimer Holdings Inc. assumed coverage on shares of Hormel Foods Corp. in a research report on Friday, September 16th. They issued a market perform rating and a $39.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $40.10.
Hormel Foods Corp. (NYSE:HRL) opened at 37.10 on Tuesday. The company has a market cap of $19.63 billion, a price-to-earnings ratio of 24.09 and a beta of 0.57. Hormel Foods Corp. has a one year low of $31.66 and a one year high of $45.72. The firm has a 50-day moving average price of $37.62 and a 200 day moving average price of $37.64.
Hormel Foods Corp. (NYSE:HRL) last posted its earnings results on Thursday, August 18th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. The company earned $2.30 billion during the quarter, compared to the consensus estimate of $2.26 billion. Hormel Foods Corp. had a net margin of 8.96% and a return on equity of 20.06%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.28 earnings per share. Equities analysts expect that Hormel Foods Corp. will post $1.63 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Monday, October 24th will be paid a dividend of $0.145 per share. The ex-dividend date of this dividend is Thursday, October 20th. This represents a $0.58 annualized dividend and a yield of 1.56%. Hormel Foods Corp.’s dividend payout ratio is presently 37.79%.
In related news, VP Brian Dean Johnson sold 3,500 shares of the company’s stock in a transaction dated Tuesday, September 27th. The shares were sold at an average price of $38.00, for a total transaction of $133,000.00. Following the completion of the sale, the vice president now owns 26,119 shares of the company’s stock, valued at approximately $992,522. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.54% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Hormel Foods Corp. during the second quarter valued at $399,000. Kentucky Retirement Systems purchased a new stake in Hormel Foods Corp. during the second quarter valued at $841,000. KAMES CAPITAL plc boosted its stake in Hormel Foods Corp. by 16.6% in the second quarter. KAMES CAPITAL plc now owns 37,869 shares of the company’s stock valued at $1,386,000 after buying an additional 5,380 shares during the period. Nomura Holdings Inc. boosted its stake in Hormel Foods Corp. by 2.7% in the second quarter. Nomura Holdings Inc. now owns 83,062 shares of the company’s stock valued at $3,022,000 after buying an additional 2,223 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC boosted its stake in Hormel Foods Corp. by 1,927.8% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 209,228 shares of the company’s stock valued at $7,658,000 after buying an additional 198,910 shares during the period. 34.10% of the stock is owned by institutional investors.
Hormel Foods Corp. Company Profile
To view Vetr’s full report, visit Vetr’s official website.
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