PNC Financial Services Group Inc. boosted its stake in shares of Hormel Foods Co. (NYSE:HRL – Free Report) by 7.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,437 shares of the company’s stock after purchasing an additional 11,026 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Hormel Foods were worth $4,959,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. increased its stake in Hormel Foods by 30.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,273 shares of the company’s stock valued at $467,000 after purchasing an additional 2,867 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Hormel Foods by 2.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,626,471 shares of the company’s stock valued at $61,855,000 after buying an additional 35,731 shares during the last quarter. Qsemble Capital Management LP acquired a new position in shares of Hormel Foods in the 4th quarter valued at $1,181,000. Mirabella Financial Services LLP acquired a new stake in Hormel Foods during the 3rd quarter worth about $1,164,000. Finally, Stifel Financial Corp grew its stake in Hormel Foods by 7.2% during the 3rd quarter. Stifel Financial Corp now owns 2,510,004 shares of the company’s stock valued at $95,455,000 after purchasing an additional 167,920 shares during the last quarter. Hedge funds and other institutional investors own 40.99% of the company’s stock.
Hormel Foods Stock Performance
HRL opened at $35.11 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.49 and a debt-to-equity ratio of 0.30. Hormel Foods Co. has a 52-week low of $28.51 and a 52-week high of $41.73. The company has a market cap of $19.23 billion, a price-to-earnings ratio of 24.05, a PEG ratio of 3.36 and a beta of 0.28. The firm’s fifty day simple moving average is $35.05 and its two-hundred day simple moving average is $32.83.
Hormel Foods (NYSE:HRL – Get Free Report) last posted its quarterly earnings data on Thursday, February 29th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.34 by $0.07. Hormel Foods had a return on equity of 11.51% and a net margin of 6.55%. The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same period in the prior year, the company earned $0.40 EPS. The firm’s revenue was up .9% compared to the same quarter last year. Equities analysts anticipate that Hormel Foods Co. will post 1.59 earnings per share for the current fiscal year.
Hormel Foods Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a dividend of $0.2825 per share. This represents a $1.13 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend is Friday, July 12th. Hormel Foods’s dividend payout ratio is currently 77.40%.
Wall Street Analyst Weigh In
HRL has been the topic of several recent research reports. JPMorgan Chase & Co. upped their price objective on shares of Hormel Foods from $27.00 to $28.00 and gave the company an “underweight” rating in a report on Friday, March 1st. Citigroup initiated coverage on Hormel Foods in a research note on Thursday, February 1st. They set a “neutral” rating and a $31.00 price objective for the company. The Goldman Sachs Group boosted their price objective on Hormel Foods from $26.00 to $28.00 and gave the company a “sell” rating in a report on Friday, March 1st. Finally, Barclays lifted their price target on Hormel Foods from $33.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. Two analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $31.00.
Check Out Our Latest Research Report on Hormel Foods
Insiders Place Their Bets
In other Hormel Foods news, VP Mark A. Coffey sold 15,400 shares of Hormel Foods stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $34.18, for a total transaction of $526,372.00. Following the transaction, the vice president now directly owns 68,029 shares of the company’s stock, valued at $2,325,231.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Mark A. Coffey sold 15,400 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $34.18, for a total value of $526,372.00. Following the transaction, the vice president now owns 68,029 shares of the company’s stock, valued at approximately $2,325,231.22. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Kevin L. Myers sold 10,000 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $34.95, for a total transaction of $349,500.00. Following the completion of the sale, the senior vice president now owns 38,708 shares in the company, valued at $1,352,844.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 40,800 shares of company stock valued at $1,414,872. Insiders own 0.69% of the company’s stock.
Hormel Foods Profile
Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.
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