Tandem Investment Advisors Inc. boosted its position in shares of Hormel Foods Corp (NYSE:HRL) by 16.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 235,548 shares of the company’s stock after purchasing an additional 33,877 shares during the quarter. Hormel Foods accounts for about 2.3% of Tandem Investment Advisors Inc.’s investment portfolio, making the stock its 24th biggest holding. Tandem Investment Advisors Inc.’s holdings in Hormel Foods were worth $10,543,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Dorsey Wright & Associates lifted its holdings in shares of Hormel Foods by 4.7% in the 1st quarter. Dorsey Wright & Associates now owns 71,618 shares of the company’s stock worth $3,206,000 after purchasing an additional 3,210 shares in the last quarter. Kentucky Retirement Systems grew its holdings in shares of Hormel Foods by 6.7% during the fourth quarter. Kentucky Retirement Systems now owns 11,860 shares of the company’s stock worth $506,000 after purchasing an additional 747 shares in the last quarter. Highwater Wealth Management LLC purchased a new position in shares of Hormel Foods during the fourth quarter worth about $88,000. Palisade Asset Management LLC grew its holdings in shares of Hormel Foods by 2.4% during the fourth quarter. Palisade Asset Management LLC now owns 315,358 shares of the company’s stock worth $13,459,000 after purchasing an additional 7,396 shares in the last quarter. Finally, Clarus Wealth Advisors grew its holdings in shares of Hormel Foods by 5,306.0% during the fourth quarter. Clarus Wealth Advisors now owns 5,406 shares of the company’s stock worth $231,000 after purchasing an additional 5,306 shares in the last quarter. Hedge funds and other institutional investors own 43.46% of the company’s stock.
In other Hormel Foods news, VP Gary Jamison sold 8,000 shares of the firm’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $44.37, for a total value of $354,960.00. Following the sale, the vice president now directly owns 15,991 shares in the company, valued at $709,520.67. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Elsa A. Murano sold 4,500 shares of the firm’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $42.13, for a total value of $189,585.00. Following the completion of the sale, the director now owns 101,067 shares in the company, valued at $4,257,952.71. The disclosure for this sale can be found here. Over the last quarter, insiders sold 274,705 shares of company stock worth $12,116,336. Insiders own 1.11% of the company’s stock.
Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Thursday, February 21st. The company reported $0.44 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.44. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.40 billion. Hormel Foods had a return on equity of 17.58% and a net margin of 9.93%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.56 EPS. Research analysts predict that Hormel Foods Corp will post 1.82 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend is Friday, April 12th. Hormel Foods’s payout ratio is currently 44.44%.
Several analysts have weighed in on HRL shares. Jefferies Financial Group reiterated a “hold” rating and issued a $44.00 price objective on shares of Hormel Foods in a research report on Thursday, February 21st. Zacks Investment Research cut Hormel Foods from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Stephens assumed coverage on Hormel Foods in a research note on Monday, March 4th. They issued an “equal weight” rating on the stock. Credit Suisse Group reaffirmed a “hold” rating and issued a $39.00 price target on shares of Hormel Foods in a research note on Thursday, February 21st. Finally, ValuEngine cut Hormel Foods from a “buy” rating to a “hold” rating in a research note on Saturday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $41.33.
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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, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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