Gary Bhojwani Sells 20,200 Shares of Hormel Foods (NYSE:HRL) Stock

Hormel Foods Corporation (NYSE:HRL) Director Gary Bhojwani sold 20,200 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total value of $495,102.00. Following the sale, the director directly owned 32,002 shares in the company, valued at $784,369.02. This trade represents a 38.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Hormel Foods Stock Performance

NYSE:HRL traded up $0.40 during mid-day trading on Friday, reaching $24.73. The company’s stock had a trading volume of 2,649,886 shares, compared to its average volume of 5,064,101. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30. The stock has a market cap of $13.61 billion, a P/E ratio of 29.10, a PEG ratio of 2.82 and a beta of 0.34. The firm’s fifty day moving average price is $22.99 and its two-hundred day moving average price is $23.23. Hormel Foods Corporation has a 12-month low of $19.70 and a 12-month high of $31.54.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.05. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter last year, the firm posted $0.35 EPS. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, equities analysts forecast that Hormel Foods Corporation will post 1.5 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, July 13th will be paid a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Monday, July 13th. Hormel Foods’s payout ratio is currently 137.65%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in HRL. GoalVest Advisory LLC bought a new position in shares of Hormel Foods during the 4th quarter valued at approximately $25,000. MUFG Securities EMEA plc purchased a new stake in Hormel Foods in the 2nd quarter worth approximately $26,000. Strive Financial Group LLC bought a new stake in Hormel Foods during the 4th quarter worth approximately $27,000. Motiv8 Investments LLC bought a new stake in Hormel Foods during the 4th quarter worth approximately $28,000. Finally, Parkside Financial Bank & Trust lifted its holdings in Hormel Foods by 354.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock valued at $31,000 after purchasing an additional 1,025 shares in the last quarter. Institutional investors own 40.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. The Goldman Sachs Group set a $25.00 price objective on shares of Hormel Foods in a report on Thursday, May 21st. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Hormel Foods in a report on Tuesday, April 21st. Bank of America increased their price target on shares of Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Stephens reiterated an “equal weight” rating and set a $25.00 price target on shares of Hormel Foods in a research note on Thursday. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $23.00 price objective (down from $28.00) on shares of Hormel Foods in a research report on Thursday, April 9th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Hormel Foods has a consensus rating of “Hold” and a consensus price target of $26.00.

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.