Nicholas Hoffman & Company LLC. raised its holdings in Hormel Foods Corp (NYSE:HRL) by 5.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,721 shares of the company’s stock after buying an additional 587 shares during the quarter. Nicholas Hoffman & Company LLC.’s holdings in Hormel Foods were worth $500,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Bessemer Group Inc. raised its stake in Hormel Foods by 73.2% during the first quarter. Bessemer Group Inc. now owns 634 shares of the company’s stock valued at $30,000 after buying an additional 268 shares during the last quarter. Royal Fund Management LLC purchased a new position in Hormel Foods during the first quarter valued at $31,000. Parkside Financial Bank & Trust raised its stake in Hormel Foods by 248.8% during the first quarter. Parkside Financial Bank & Trust now owns 701 shares of the company’s stock valued at $32,000 after buying an additional 500 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new position in Hormel Foods during the first quarter valued at $38,000. Finally, MBM Wealth Consultants LLC purchased a new position in Hormel Foods during the fourth quarter valued at $45,000. Hedge funds and other institutional investors own 44.18% of the company’s stock.
In related news, EVP Thomas R. Day sold 13,787 shares of the company’s stock in a transaction on Friday, April 3rd. The stock was sold at an average price of $48.50, for a total transaction of $668,669.50. Following the completion of the sale, the executive vice president now owns 46,643 shares in the company, valued at $2,262,185.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Thomas R. Day sold 46,213 shares of the company’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $49.02, for a total value of $2,265,361.26. Following the sale, the executive vice president now owns 79,010 shares of the company’s stock, valued at approximately $3,873,070.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,380 shares of company stock valued at $5,391,665. 1.15% of the stock is owned by company insiders.
Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Thursday, May 21st. The company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.40 billion. Hormel Foods had a net margin of 9.64% and a return on equity of 15.38%. The firm’s revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.46 EPS. Equities analysts anticipate that Hormel Foods Corp will post 1.74 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, July 13th will be given a dividend of $0.2325 per share. This represents a $0.93 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Friday, July 10th. Hormel Foods’s dividend payout ratio (DPR) is presently 53.45%.
HRL has been the subject of a number of recent research reports. Barclays lifted their price objective on Hormel Foods from $40.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 31st. Cfra boosted their price target on Hormel Foods from $38.00 to $45.00 and gave the stock a “hold” rating in a research note on Thursday. Goldman Sachs Group upgraded Hormel Foods from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $35.00 to $45.00 in a research note on Thursday, March 26th. Finally, Piper Sandler cut Hormel Foods from an “overweight” rating to a “neutral” rating and set a $47.00 price target for the company. in a research note on Tuesday, April 28th. One analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $43.60.
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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