Hormel Foods (NYSE:HRL) Given New $26.00 Price Target at JPMorgan Chase & Co.

Hormel Foods (NYSE:HRL) had its target price boosted by JPMorgan Chase & Co. from $25.00 to $26.00 in a research note released on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

HRL has been the subject of several other reports. Stephens reiterated an “equal weight” rating and set a $25.00 price target on shares of Hormel Foods in a research report on Thursday, July 9th. BNP Paribas Exane raised their price objective on Hormel Foods from $26.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Bank of America lifted their target price on shares of Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 30th. Weiss Ratings raised shares of Hormel Foods from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday. Finally, The Goldman Sachs Group set a $25.00 target price on shares of Hormel Foods in a research report on Thursday, May 21st. Two analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Hormel Foods has a consensus rating of “Hold” and an average price target of $26.57.

Hormel Foods Trading Up 0.3%

Shares of Hormel Foods stock opened at $24.50 on Friday. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30. Hormel Foods has a twelve month low of $19.70 and a twelve month high of $29.34. The firm has a market capitalization of $13.49 billion, a PE ratio of 28.83, a P/E/G ratio of 2.81 and a beta of 0.34. The firm’s 50-day moving average price is $24.92 and its 200 day moving average price is $23.47.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.35 by $0.05. The company had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.96 billion. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.Hormel Foods’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.35 EPS. On average, sell-side analysts predict that Hormel Foods will post 1.5 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, July 13th will be issued a $0.2925 dividend. This represents a $1.17 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend is Monday, July 13th. Hormel Foods’s dividend payout ratio (DPR) is currently 137.65%.

Insider Buying and Selling

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the business’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $24.51, for a total transaction of $495,102.00. Following the transaction, the director owned 32,002 shares of the company’s stock, valued at approximately $784,369.02. The trade was a 38.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.58% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vest Financial LLC grew its stake in shares of Hormel Foods by 9.1% in the 4th quarter. Vest Financial LLC now owns 2,042,541 shares of the company’s stock valued at $48,408,000 after buying an additional 171,137 shares during the period. Masters Capital Management LLC purchased a new stake in shares of Hormel Foods during the 1st quarter valued at approximately $19,252,000. Fidelity National Financial Inc. acquired a new position in Hormel Foods in the fourth quarter valued at approximately $15,642,000. BNP Paribas Financial Markets lifted its holdings in Hormel Foods by 21.2% in the fourth quarter. BNP Paribas Financial Markets now owns 465,204 shares of the company’s stock valued at $11,025,000 after acquiring an additional 81,420 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its position in Hormel Foods by 9.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,615,614 shares of the company’s stock worth $38,290,000 after acquiring an additional 138,439 shares during the period. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Hormel Foods Company Profile

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.