Principal Financial Group Inc. Lowers Holdings in Hormel Foods Corporation $HRL

Principal Financial Group Inc. decreased its position in shares of Hormel Foods Corporation (NYSE:HRL) by 7.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 401,776 shares of the company’s stock after selling 33,583 shares during the period. Principal Financial Group Inc. owned approximately 0.07% of Hormel Foods worth $9,940,000 at the end of the most recent reporting period.

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

Hormel Foods Stock Down 2.1%

HRL stock opened at $23.45 on Friday. The stock has a market capitalization of $12.90 billion, a PE ratio of 26.95, a price-to-earnings-growth ratio of 2.43 and a beta of 0.33. Hormel Foods Corporation has a 52 week low of $21.03 and a 52 week high of $32.07. The company has a quick ratio of 1.20, a current ratio of 2.47 and a debt-to-equity ratio of 0.36. The firm has a 50 day moving average of $24.06 and a 200 day moving average of $24.62.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Wednesday, December 3rd. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.02. Hormel Foods had a net margin of 3.95% and a return on equity of 9.41%. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the prior year, the business posted $0.42 EPS. Hormel Foods’s revenue for the quarter was up 1.5% compared to the same quarter last year. Sell-side analysts forecast that Hormel Foods Corporation will post 1.65 earnings per share for the current year.

Hormel Foods Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Monday, January 12th will be paid a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 5.0%. The ex-dividend date is Monday, January 12th. This is a boost from Hormel Foods’s previous quarterly dividend of $0.29. Hormel Foods’s dividend payout ratio (DPR) is presently 134.48%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on HRL. The Goldman Sachs Group set a $27.00 price target on Hormel Foods and gave the company a “buy” rating in a report on Thursday, October 30th. Barclays set a $30.00 price target on shares of Hormel Foods and gave the company an “overweight” rating in a research report on Tuesday, December 9th. Wall Street Zen raised shares of Hormel Foods from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Stephens reduced their price objective on shares of Hormel Foods from $27.00 to $25.00 and set an “equal weight” rating for the company in a research note on Wednesday. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Hormel Foods in a research report on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $27.43.

Hormel Foods Company 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.