Legacy Financial Advisors Inc. Invests $365,000 in Hormel Foods Co. (NYSE:HRL)

Legacy Financial Advisors Inc. bought a new position in Hormel Foods Co. (NYSE:HRL) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 11,378 shares of the company’s stock, valued at approximately $365,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Janiczek Wealth Management LLC increased its position in Hormel Foods by 100.5% during the 4th quarter. Janiczek Wealth Management LLC now owns 2,061 shares of the company’s stock valued at $66,000 after purchasing an additional 1,033 shares during the period. Federated Hermes Inc. lifted its stake in shares of Hormel Foods by 21.1% during the 4th quarter. Federated Hermes Inc. now owns 2,069 shares of the company’s stock worth $66,000 after purchasing an additional 361 shares during the last quarter. Sound Income Strategies LLC boosted its position in Hormel Foods by 516.5% during the fourth quarter. Sound Income Strategies LLC now owns 2,546 shares of the company’s stock valued at $82,000 after purchasing an additional 2,133 shares in the last quarter. RIA Advisory Group LLC purchased a new stake in shares of Hormel Foods during the fourth quarter valued at about $86,000. Finally, Covestor Ltd boosted its holdings in shares of Hormel Foods by 23.7% in the 3rd quarter. Covestor Ltd now owns 2,927 shares of the company’s stock valued at $111,000 after buying an additional 561 shares in the last quarter. Institutional investors own 40.99% of the company’s stock.

Insider Transactions at Hormel Foods

In other news, VP Mark A. Coffey sold 15,400 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $34.18, for a total transaction of $526,372.00. Following the transaction, the vice president now owns 68,029 shares of the company’s stock, valued at approximately $2,325,231.22. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Hormel Foods news, SVP Kevin L. Myers sold 10,000 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $34.95, for a total transaction of $349,500.00. Following the completion of the transaction, the senior vice president now owns 38,708 shares of the company’s stock, valued at $1,352,844.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Mark A. Coffey sold 15,400 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $34.18, for a total transaction of $526,372.00. Following the completion of the transaction, the vice president now owns 68,029 shares in the company, valued at $2,325,231.22. The disclosure for this sale can be found here. Insiders have sold a total of 40,800 shares of company stock worth $1,414,872 in the last ninety days. Insiders own 0.69% of the company’s stock.

Analyst Ratings Changes

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

Hormel Foods Price Performance

HRL traded down $0.25 during trading on Friday, hitting $35.17. The company’s stock had a trading volume of 1,627,936 shares, compared to its average volume of 2,264,320. The company has a current ratio of 1.49, a quick ratio of 0.79 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $19.26 billion, a price-to-earnings ratio of 24.09, a P/E/G ratio of 3.39 and a beta of 0.28. The business’s fifty day simple moving average is $34.40 and its 200 day simple moving average is $32.46. Hormel Foods Co. has a twelve month low of $28.51 and a twelve month high of $41.73.

Hormel Foods (NYSE:HRL) last issued its quarterly 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 analyst estimates 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 was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 EPS. On average, equities research analysts forecast that Hormel Foods Co. will post 1.59 EPS for the current fiscal year.

Hormel Foods Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders 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 dividend yield of 3.21%. The ex-dividend date is Friday, April 12th. Hormel Foods’s dividend payout ratio (DPR) is 77.40%.

Hormel Foods 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.