Analysts Set Hormel Foods Corporation (NYSE:HRL) Target Price at $26.14

Hormel Foods Corporation (NYSE:HRL) has earned a consensus recommendation of “Hold” from the nine analysts that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $26.1429.

Several analysts recently commented on HRL shares. Bank of America boosted their price target on Hormel Foods from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $23.00 price objective (down from $28.00) on shares of Hormel Foods in a report on Thursday, April 9th. 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. Weiss Ratings reiterated a “sell (d+)” rating on shares of Hormel Foods in a research report on Friday, July 17th. Finally, The Goldman Sachs Group set a $25.00 price target on shares of Hormel Foods in a research report on Thursday, May 21st.

Hormel Foods Stock Performance

NYSE:HRL opened at $25.24 on Monday. The firm has a market capitalization of $13.89 billion, a PE ratio of 29.69, a price-to-earnings-growth ratio of 2.92 and a beta of 0.34. The company has a quick ratio of 0.97, a current ratio of 1.94 and a debt-to-equity ratio of 0.30. Hormel Foods has a 12-month low of $19.70 and a 12-month high of $29.34. The firm has a 50-day moving average price of $24.74 and a 200 day moving average price of $23.45.

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

Hormel Foods Announces Dividend

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 issued a $0.2925 dividend. This represents a $1.17 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Monday, July 13th. Hormel Foods’s payout ratio is presently 137.65%.

Insider Buying and Selling

In related news, Director Gary C. Bhojwani sold 20,200 shares of the firm’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 completion of the sale, the director directly owned 32,002 shares of the company’s stock, valued at $784,369.02. This trade represents a 38.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.58% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Hormel Foods

Institutional investors and hedge funds have recently bought and sold shares of the business. MUFG Securities EMEA plc bought a new position in shares of Hormel Foods in the second quarter valued at about $26,000. Strive Financial Group LLC bought a new position in shares of Hormel Foods in the fourth quarter worth about $27,000. Motiv8 Investments LLC bought a new position in shares of Hormel Foods in the fourth quarter worth about $28,000. Parkside Financial Bank & Trust grew its stake in shares of 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 purchasing an additional 1,025 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Hormel Foods by 57.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,455 shares of the company’s stock worth $33,000 after purchasing an additional 531 shares during the last quarter. Institutional investors and hedge funds own 40.99% 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.