Hormel Foods Co. (HRL) to Issue Quarterly Dividend of $0.29 on May 15th

Hormel Foods Co. (NYSE:HRL) announced a quarterly dividend on Monday, March 24th, RTT News reports. Shareholders 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 yield of 4.03%. The ex-dividend date of this dividend is Monday, April 14th.

Hormel Foods has raised its dividend by an average of 4.6% annually over the last three years and has increased its dividend annually for the last 59 consecutive years. Hormel Foods has a dividend payout ratio of 64.4% meaning its dividend is sufficiently covered by earnings. 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 Stock Down 1.5 %

Shares of NYSE HRL opened at $28.81 on Wednesday. Hormel Foods has a 12 month low of $27.59 and a 12 month high of $36.86. The firm has a market capitalization of $15.84 billion, a PE ratio of 19.73, a price-to-earnings-growth ratio of 2.73 and a beta of 0.21. The firm has a fifty day simple moving average of $29.50 and a two-hundred day simple moving average of $30.71. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36.

Analyst Ratings Changes

A number of research analysts recently weighed in on HRL shares. Barclays raised Hormel Foods from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 22nd. Stephens reaffirmed an “equal weight” rating and issued a $31.00 target price on shares of Hormel Foods in a research report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Hormel Foods currently has a consensus rating of “Hold” and a consensus 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.