Sumitomo Mitsui DS Asset Management Company Ltd Lowers Holdings in Hormel Foods Corporation $HRL

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its holdings in Hormel Foods Corporation (NYSE:HRL) by 29.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 67,890 shares of the company’s stock after selling 27,717 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Hormel Foods were worth $1,685,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. MUFG Securities EMEA plc purchased a new position in shares of Hormel Foods in the second quarter worth $26,000. Strive Financial Group LLC bought a new position in shares of Hormel Foods during the fourth quarter worth $27,000. Motiv8 Investments LLC bought a new position in shares of Hormel Foods during the fourth quarter worth $28,000. Parkside Financial Bank & Trust grew its stake in Hormel Foods by 354.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock valued at $31,000 after acquiring an additional 1,025 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Hormel Foods by 57.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,455 shares of the company’s stock valued at $33,000 after acquiring an additional 531 shares in the last quarter. 40.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

HRL has been the topic of several research analyst reports. Weiss Ratings upgraded shares of Hormel Foods from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday. 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 research report on Tuesday, July 14th. Stephens reaffirmed an “equal weight” rating and issued a $25.00 target price on shares of Hormel Foods in a report on Thursday, July 9th. Bank of America boosted their target price on Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Finally, The Goldman Sachs Group set a $25.00 price target on Hormel Foods in a research note on Thursday, May 21st. Two research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $26.14.

Insider Activity at Hormel Foods

In related news, Director Gary C. Bhojwani sold 20,200 shares of Hormel Foods stock in a transaction dated 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 owned 32,002 shares in the company, valued at approximately $784,369.02. This trade represents a 38.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.58% of the company’s stock.

Hormel Foods Trading Up 0.2%

Shares of HRL opened at $24.45 on Friday. The stock has a market capitalization of $13.45 billion, a PE ratio of 28.76, a P/E/G ratio of 2.81 and a beta of 0.34. The company’s fifty day moving average is $24.90 and its 200 day moving average is $23.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.97 and a current ratio of 1.94. Hormel Foods Corporation has a fifty-two week low of $19.70 and a fifty-two week high of $29.34.

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

Hormel Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Monday, July 13th will be given a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Monday, July 13th. Hormel Foods’s dividend payout ratio is currently 137.65%.

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.