Stratos Wealth Partners LTD. acquired a new stake in shares of Hormel Foods Corp (NYSE:HRL) in the 1st quarter, Holdings Channel reports. The firm acquired 5,416 shares of the company’s stock, valued at approximately $242,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc increased its holdings in shares of Hormel Foods by 1.3% during the third quarter. Vanguard Group Inc now owns 32,167,606 shares of the company’s stock worth $1,267,403,000 after buying an additional 410,107 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Hormel Foods by 17.5% during the fourth quarter. BlackRock Inc. now owns 23,511,652 shares of the company’s stock worth $1,003,476,000 after buying an additional 3,502,530 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of Hormel Foods by 6,440.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,355,366 shares of the company’s stock worth $102,000 after buying an additional 4,288,779 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Hormel Foods by 16.4% in the fourth quarter. Geode Capital Management LLC now owns 4,248,495 shares of the company’s stock worth $181,055,000 after purchasing an additional 598,442 shares during the last quarter. Finally, APG Asset Management N.V. grew its stake in shares of Hormel Foods by 91.6% in the fourth quarter. APG Asset Management N.V. now owns 3,595,652 shares of the company’s stock worth $134,245,000 after purchasing an additional 1,719,400 shares during the last quarter. Institutional investors and hedge funds own 44.29% of the company’s stock.
Several analysts recently weighed in on HRL shares. ValuEngine cut shares of Hormel Foods from a “buy” rating to a “hold” rating in a research note on Saturday, April 13th. Zacks Investment Research raised shares of Hormel Foods from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research note on Thursday, February 28th. Stephens started coverage on shares of Hormel Foods in a research note on Monday, March 4th. They issued an “equal weight” rating on the stock. Jefferies Financial Group reissued a “hold” rating and issued a $44.00 price objective on shares of Hormel Foods in a research note on Thursday, February 21st. Finally, Credit Suisse Group reissued a “hold” rating and issued a $39.00 price objective on shares of Hormel Foods in a research note on Thursday, February 21st. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $40.30.
Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Thursday, May 23rd. The company reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.01. The business had revenue of $2.34 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Hormel Foods had a net margin of 9.93% and a return on equity of 17.58%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 earnings per share. As a group, sell-side analysts predict that Hormel Foods Corp will post 1.81 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, July 12th. This represents a $0.84 dividend on an annualized basis and a yield of 2.09%. Hormel Foods’s dividend payout ratio (DPR) is currently 44.44%.
In other news, Director Elsa A. Murano sold 4,500 shares of the stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $42.13, for a total transaction of $189,585.00. Following the transaction, the director now owns 101,067 shares of the company’s stock, valued at approximately $4,257,952.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Mark A. Coffey sold 15,058 shares of the stock in a transaction dated Friday, March 29th. The stock was sold at an average price of $44.64, for a total transaction of $672,189.12. Following the transaction, the senior vice president now directly owns 37,135 shares in the company, valued at approximately $1,657,706.40. The disclosure for this sale can be found here. Insiders have sold 274,705 shares of company stock worth $12,116,336 in the last ninety days. Insiders own 1.11% of the company’s stock.
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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