Hormel Foods Corp (NYSE:HRL) announced a quarterly dividend on Monday, November 19th, RTT News reports. Shareholders of record on Monday, January 14th will be paid a dividend of 0.21 per share on Friday, February 15th. This represents a $0.84 annualized dividend and a yield of 1.97%. The ex-dividend date is Friday, January 11th. This is an increase from Hormel Foods’s previous quarterly dividend of $0.19.
Hormel Foods has raised its dividend payment by an average of 14.5% per year over the last three years and has increased its dividend annually for the last 52 consecutive years. Hormel Foods has a payout ratio of 48.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Hormel Foods to earn $1.98 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 42.4%.
Shares of NYSE:HRL opened at $42.65 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.80 and a quick ratio of 0.95. The firm has a market capitalization of $22.29 billion, a price-to-earnings ratio of 22.57, a P/E/G ratio of 2.72 and a beta of 0.23. Hormel Foods has a 52-week low of $31.71 and a 52-week high of $46.26.
Several analysts have issued reports on HRL shares. Piper Jaffray Companies set a $50.00 target price on Hormel Foods and gave the company a “buy” rating in a report on Tuesday, November 6th. Jefferies Financial Group cut Hormel Foods from a “buy” rating to a “hold” rating and set a $44.00 target price for the company. in a report on Tuesday, November 27th. Credit Suisse Group set a $39.00 target price on Hormel Foods and gave the company a “hold” rating in a report on Wednesday, November 21st. Barclays set a $40.00 price target on Hormel Foods and gave the stock a “hold” rating in a report on Wednesday, November 21st. Finally, BMO Capital Markets cut Hormel Foods from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $38.00 to $44.00 in a report on Monday, September 17th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $40.56.
In related news, insider Luis G. Marconi sold 28,700 shares of the stock in a transaction dated Monday, November 26th. The stock was sold at an average price of $45.54, for a total transaction of $1,306,998.00. Following the transaction, the insider now owns 21,870 shares of the company’s stock, valued at approximately $995,959.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert Nakasone sold 9,034 shares of the stock in a transaction dated Monday, November 26th. The stock was sold at an average price of $45.59, for a total value of $411,860.06. Following the transaction, the director now directly owns 106,681 shares in the company, valued at approximately $4,863,586.79. The disclosure for this sale can be found here. In the last three months, insiders have sold 208,655 shares of company stock worth $9,414,670. 1.11% of the stock is owned by corporate insiders.
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Hormel Foods Company Profile
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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