Merit Financial Group LLC Buys 22,415 Shares of Hormel Foods Corporation $HRL

Merit Financial Group LLC grew its stake in shares of Hormel Foods Corporation (NYSE:HRL) by 43.2% in the second quarter, Holdings Channel reports. The fund owned 74,247 shares of the company’s stock after acquiring an additional 22,415 shares during the quarter. Merit Financial Group LLC’s holdings in Hormel Foods were worth $1,843,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of HRL. Caxton Associates LLP bought a new position in Hormel Foods during the first quarter valued at $310,000. Empowered Funds LLC raised its stake in shares of Hormel Foods by 1.8% in the first quarter. Empowered Funds LLC now owns 57,500 shares of the company’s stock valued at $1,779,000 after buying an additional 993 shares during the period. Woodline Partners LP lifted its position in shares of Hormel Foods by 40.8% during the 1st quarter. Woodline Partners LP now owns 24,583 shares of the company’s stock valued at $761,000 after buying an additional 7,129 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Hormel Foods by 214.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,731 shares of the company’s stock valued at $143,000 after buying an additional 3,226 shares during the last quarter. Finally, Cerity Partners LLC grew its stake in shares of Hormel Foods by 76.5% during the 2nd quarter. Cerity Partners LLC now owns 103,616 shares of the company’s stock worth $3,134,000 after acquiring an additional 44,906 shares during the period. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Hormel Foods Stock Up 0.6%

Shares of NYSE:HRL opened at $24.44 on Thursday. The firm has a fifty day moving average price of $24.88 and a two-hundred day moving average price of $23.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.94 and a quick ratio of 0.97. Hormel Foods Corporation has a one year low of $19.70 and a one year high of $29.34. The company has a market cap of $13.45 billion, a price-to-earnings ratio of 28.75, a PEG ratio of 2.80 and a beta of 0.34.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $2.96 billion. During the same quarter in the prior year, the firm posted $0.35 earnings per share. The business’s quarterly revenue was up 2.6% on a year-over-year basis. Analysts anticipate that Hormel Foods Corporation will post 1.5 EPS for the current fiscal year.

Hormel Foods Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, July 13th will be paid a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date is Monday, July 13th. Hormel Foods’s dividend payout ratio is currently 137.65%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Stephens restated an “equal weight” rating and issued a $25.00 price objective on shares of Hormel Foods in a research note on Thursday, July 9th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Hormel Foods in a research note on Friday, July 17th. Bank of America boosted their price target on shares of Hormel Foods from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Tuesday, June 30th. BNP Paribas Exane raised their price objective on shares of Hormel Foods from $26.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Finally, The Goldman Sachs Group set a $25.00 target price on Hormel Foods in a research report on Thursday, May 21st. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $26.14.

Insider Buying and Selling at Hormel Foods

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $24.51, for a total value of $495,102.00. Following the sale, the director owned 32,002 shares of the company’s stock, valued at $784,369.02. This trade represents a 38.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.58% of the stock is currently owned by insiders.

About Hormel Foods

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.