BB&T Corp decreased its stake in shares of Hormel Foods Corp (NYSE:HRL) by 2.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 57,383 shares of the company’s stock after selling 1,221 shares during the period. BB&T Corp’s holdings in Hormel Foods were worth $2,509,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. MUFG Americas Holdings Corp acquired a new position in Hormel Foods during the second quarter worth approximately $35,000. TRUE Private Wealth Advisors acquired a new position in Hormel Foods during the second quarter worth approximately $36,000. Dougherty Wealth Advisers LLC increased its position in Hormel Foods by 350.0% during the second quarter. Dougherty Wealth Advisers LLC now owns 900 shares of the company’s stock worth $36,000 after purchasing an additional 700 shares during the last quarter. CSat Investment Advisory L.P. increased its position in Hormel Foods by 153.8% during the second quarter. CSat Investment Advisory L.P. now owns 1,452 shares of the company’s stock worth $59,000 after purchasing an additional 880 shares during the last quarter. Finally, Country Trust Bank increased its position in Hormel Foods by 190.7% during the second quarter. Country Trust Bank now owns 1,692 shares of the company’s stock worth $69,000 after purchasing an additional 1,110 shares during the last quarter. 44.40% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently commented on the stock. BMO Capital Markets set a $44.00 price target on shares of Hormel Foods and gave the stock a “hold” rating in a research report on Friday, August 23rd. Stephens set a $37.00 price target on shares of Hormel Foods and gave the stock a “hold” rating in a research report on Monday, August 12th. Zacks Investment Research raised shares of Hormel Foods from a “sell” rating to a “hold” rating and set a $45.00 price objective for the company in a research report on Tuesday, August 27th. ValuEngine lowered shares of Hormel Foods from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Finally, Bank of America started coverage on shares of Hormel Foods in a research report on Friday, October 25th. They issued an “underperform” rating and a $40.00 price objective for the company. Three 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 company. Hormel Foods has an average rating of “Hold” and a consensus price target of $40.09.
Hormel Foods stock opened at $41.60 on Thursday. Hormel Foods Corp has a 52-week low of $37.00 and a 52-week high of $46.26. The firm has a fifty day moving average of $42.00 and a 200-day moving average of $41.30. The firm has a market capitalization of $22.25 billion, a P/E ratio of 22.01, a PEG ratio of 2.73 and a beta of 0.04. The company has a quick ratio of 1.06, a current ratio of 2.09 and a debt-to-equity ratio of 0.04.
Hormel Foods (NYSE:HRL) last released its quarterly earnings data on Thursday, August 22nd. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. Hormel Foods had a net margin of 10.34% and a return on equity of 16.75%. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the prior year, the business earned $0.39 earnings per share. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. On average, research analysts expect that Hormel Foods Corp will post 1.73 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Monday, October 21st will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, October 18th. This represents a $0.84 annualized dividend and a dividend yield of 2.02%. Hormel Foods’s dividend payout ratio (DPR) is presently 44.44%.
In other news, SVP Kevin L. Myers sold 2,045 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $42.80, for a total value of $87,526.00. Following the completion of the transaction, the senior vice president now directly owns 13,881 shares in the company, valued at $594,106.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Howse Steve 226,215 shares of the stock in a transaction that occurred on Friday, October 18th. Insiders sold 126,670 shares of company stock valued at $5,520,877 over the last 90 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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