Hormel Foods Co. Plans Quarterly Dividend of $0.29 (NYSE:HRL)

Hormel Foods Co. (NYSE:HRL) announced a quarterly dividend on Monday, March 24th, RTT News reports. Stockholders of record on Monday, April 14th will be paid a dividend of 0.29 per share on Thursday, May 15th. This represents a $1.16 annualized dividend and a dividend yield of 3.96%.

Hormel Foods has raised its dividend payment by an average of 4.6% per year over the last three years and has raised its dividend annually for the last 59 consecutive years. Hormel Foods has a dividend payout ratio of 64.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Hormel Foods to earn $1.84 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 63.0%.

Hormel Foods Price Performance

Shares of NYSE HRL opened at $29.29 on Tuesday. Hormel Foods has a 1-year low of $27.59 and a 1-year high of $36.86. The company has a market cap of $16.10 billion, a price-to-earnings ratio of 20.06, a price-to-earnings-growth ratio of 2.73 and a beta of 0.21. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.32 and a quick ratio of 1.19. The stock’s 50-day moving average is $29.52 and its two-hundred day moving average is $30.73.

Wall Street Analysts Forecast Growth

HRL has been the subject of a number of recent research reports. Stephens reiterated an “equal weight” rating and issued a $31.00 price target on shares of Hormel Foods in a research note on Tuesday, February 18th. Barclays upgraded shares of Hormel Foods from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $31.80.

Hormel Foods Company 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.