Hormel Foods Corporation $HRL Shares Acquired by Wealthfront Advisers LLC

Wealthfront Advisers LLC boosted its position in Hormel Foods Corporation (NYSE:HRL) by 107.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 456,666 shares of the company’s stock after purchasing an additional 236,637 shares during the quarter. Wealthfront Advisers LLC owned about 0.08% of Hormel Foods worth $11,298,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. MUFG Securities EMEA plc bought a new stake in shares of Hormel Foods during the second quarter valued at approximately $26,000. Caldwell Trust Co acquired a new stake in Hormel Foods in the 2nd quarter valued at approximately $30,000. Federated Hermes Inc. acquired a new stake in Hormel Foods in the 3rd quarter valued at approximately $31,000. Assetmark Inc. raised its stake in Hormel Foods by 1,490.7% during the 2nd quarter. Assetmark Inc. now owns 1,543 shares of the company’s stock valued at $47,000 after acquiring an additional 1,446 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its position in Hormel Foods by 77.4% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,854 shares of the company’s stock worth $56,000 after acquiring an additional 809 shares during the period. Institutional investors own 40.99% of the company’s stock.

Hormel Foods Price Performance

Shares of Hormel Foods stock opened at $24.31 on Wednesday. Hormel Foods Corporation has a 52 week low of $21.03 and a 52 week high of $32.07. The company has a current ratio of 2.47, a quick ratio of 1.20 and a debt-to-equity ratio of 0.36. The stock has a market cap of $13.37 billion, a PE ratio of 27.94, a price-to-earnings-growth ratio of 2.48 and a beta of 0.33. The company’s 50-day moving average price is $24.06 and its two-hundred day moving average price is $24.64.

Hormel Foods (NYSE:HRL) last released its earnings results on Wednesday, December 3rd. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.02. The business had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.24 billion. Hormel Foods had a net margin of 3.95% and a return on equity of 9.41%. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 EPS. As a group, sell-side analysts anticipate that Hormel Foods Corporation will post 1.65 EPS for the current fiscal year.

Hormel Foods Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Monday, January 12th will be issued a dividend of $0.2925 per share. This is a positive change from Hormel Foods’s previous quarterly dividend of $0.29. This represents a $1.17 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend is Monday, January 12th. Hormel Foods’s dividend payout ratio (DPR) is currently 134.48%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on HRL. Barclays set a $30.00 price target on Hormel Foods and gave the company an “overweight” rating in a report on Tuesday, December 9th. Piper Sandler reiterated a “neutral” rating and issued a $26.00 target price (up previously from $25.00) on shares of Hormel Foods in a research report on Friday, December 5th. The Goldman Sachs Group set a $27.00 target price on shares of Hormel Foods and gave the company a “buy” rating in a research note on Thursday, October 30th. JPMorgan Chase & Co. boosted their price target on shares of Hormel Foods from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Friday, December 5th. Finally, Wall Street Zen raised shares of Hormel Foods from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $28.29.

Hormel Foods 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.