528,775 Shares in Hormel Foods Corporation $HRL Acquired by Meiji Yasuda Asset Management Co Ltd.

Meiji Yasuda Asset Management Co Ltd. bought a new position in shares of Hormel Foods Corporation (NYSE:HRL) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 528,775 shares of the company’s stock, valued at approximately $13,124,000.

Several other institutional investors have also modified their holdings of the business. Caxton Associates LLP purchased a new position in Hormel Foods in the first quarter valued at $310,000. Empowered Funds LLC raised its position in Hormel Foods by 1.8% in the 1st quarter. Empowered Funds LLC now owns 57,500 shares of the company’s stock valued at $1,779,000 after purchasing an additional 993 shares in the last quarter. Woodline Partners LP raised its position in Hormel Foods by 40.8% in the 1st quarter. Woodline Partners LP now owns 24,583 shares of the company’s stock valued at $761,000 after purchasing an additional 7,129 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Hormel Foods by 214.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,731 shares of the company’s stock valued at $143,000 after buying an additional 3,226 shares during the period. Finally, Cerity Partners LLC boosted its stake in shares of Hormel Foods by 76.5% in the 2nd quarter. Cerity Partners LLC now owns 103,616 shares of the company’s stock valued at $3,134,000 after buying an additional 44,906 shares during the period. Institutional investors and hedge funds own 40.99% of the company’s stock.

Hormel Foods Stock Performance

NYSE HRL opened at $23.90 on Monday. Hormel Foods Corporation has a 1-year low of $19.70 and a 1-year high of $29.34. The company has a market capitalization of $13.15 billion, a P/E ratio of 28.12, a PEG ratio of 2.75 and a beta of 0.34. The business has a 50 day moving average price of $24.91 and a 200 day moving average price of $23.44. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.94 and a quick ratio of 0.97.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.05. The business had revenue of $2.97 billion for 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%.The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.35 earnings per share. Sell-side analysts expect that Hormel Foods Corporation will post 1.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Hormel Foods from $25.00 to $26.00 and gave the stock a “neutral” rating in a research note on Friday, August 14th. Stephens reiterated an “equal weight” rating and issued a $25.00 price target on shares of Hormel Foods in a research note on Thursday, July 9th. The Goldman Sachs Group set a $25.00 price objective on shares of Hormel Foods in a research report on Thursday, May 21st. BNP Paribas Exane raised their price objective on shares of Hormel Foods from $26.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Finally, Weiss Ratings raised shares of Hormel Foods from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. Two analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, Hormel Foods presently has a consensus rating of “Hold” and an average price target of $26.57.

Insiders Place Their Bets

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 value of $495,102.00. Following the completion of the transaction, the director directly owned 32,002 shares in the company, valued at approximately $784,369.02. The trade was a 38.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.58% of the company’s stock.

About Hormel Foods

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.