California Public Employees Retirement System Has $57.02 Million Holdings in Hormel Foods Co. (NYSE:HRL)

California Public Employees Retirement System lifted its holdings in shares of Hormel Foods Co. (NYSE:HRL) by 4.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,775,780 shares of the company’s stock after purchasing an additional 81,970 shares during the period. California Public Employees Retirement System’s holdings in Hormel Foods were worth $57,020,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Janiczek Wealth Management LLC lifted its holdings in shares of Hormel Foods by 100.5% during the fourth quarter. Janiczek Wealth Management LLC now owns 2,061 shares of the company’s stock worth $66,000 after purchasing an additional 1,033 shares during the period. Federated Hermes Inc. lifted its holdings in Hormel Foods by 21.1% in the fourth quarter. Federated Hermes Inc. now owns 2,069 shares of the company’s stock valued at $66,000 after buying an additional 361 shares during the period. Sound Income Strategies LLC lifted its holdings in Hormel Foods by 516.5% in the fourth quarter. Sound Income Strategies LLC now owns 2,546 shares of the company’s stock valued at $82,000 after buying an additional 2,133 shares during the period. RIA Advisory Group LLC acquired a new position in Hormel Foods in the fourth quarter valued at $86,000. Finally, Covestor Ltd lifted its holdings in Hormel Foods by 23.7% in the third quarter. Covestor Ltd now owns 2,927 shares of the company’s stock valued at $111,000 after buying an additional 561 shares during the period. Institutional investors and hedge funds own 40.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on HRL. Barclays boosted their target price on shares of Hormel Foods from $33.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. Citigroup initiated coverage on shares of Hormel Foods in a report on Thursday, February 1st. They issued a “neutral” rating and a $31.00 target price on the stock. JPMorgan Chase & Co. lifted their price target on shares of Hormel Foods from $27.00 to $28.00 and gave the company an “underweight” rating in a research note on Friday, March 1st. Piper Sandler lifted their price target on shares of Hormel Foods from $31.00 to $33.00 and gave the company a “neutral” rating in a research note on Friday, January 12th. Finally, The Goldman Sachs Group lifted their price target on shares of Hormel Foods from $26.00 to $28.00 and gave the company a “sell” rating in a research note on Friday, March 1st. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $31.00.

Insiders Place Their Bets

In other Hormel Foods news, SVP Kevin L. Myers sold 10,000 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $34.95, for a total value of $349,500.00. Following the completion of the sale, the senior vice president now directly owns 38,708 shares of the company’s stock, valued at approximately $1,352,844.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Mark A. Coffey sold 15,400 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $35.00, for a total transaction of $539,000.00. Following the sale, the vice president now directly owns 68,029 shares in the company, valued at approximately $2,381,015. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kevin L. Myers sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $34.95, for a total transaction of $349,500.00. Following the sale, the senior vice president now owns 38,708 shares in the company, valued at $1,352,844.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 40,800 shares of company stock valued at $1,414,872. Corporate insiders own 0.69% of the company’s stock.

Hormel Foods Trading Down 0.9 %

NYSE:HRL opened at $35.27 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.49 and a quick ratio of 0.79. The firm has a 50-day moving average of $33.71 and a 200-day moving average of $32.41. The company has a market cap of $19.32 billion, a PE ratio of 24.16, a PEG ratio of 3.43 and a beta of 0.27. Hormel Foods Co. has a one year low of $28.51 and a one year high of $41.73.

Hormel Foods (NYSE:HRL) last posted its earnings results on Thursday, February 29th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.34 by $0.07. The company had revenue of $3 billion during the quarter, compared to the consensus estimate of $2.91 billion. Hormel Foods had a net margin of 6.55% and a return on equity of 11.51%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.40 earnings per share. As a group, equities research analysts expect that Hormel Foods Co. will post 1.59 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, March 25th will be given a $0.2825 dividend. This represents a $1.13 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Friday, April 12th. Hormel Foods’s payout ratio is 77.40%.

Hormel Foods Company Profile

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.