Buckingham Research Lowers Hormel Foods (HRL) Price Target to $35.00

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Hormel Foods (NYSE:HRL) had its price target trimmed by Buckingham Research from $38.00 to $35.00 in a research note published on Friday, BenzingaRatingsTable reports. The brokerage currently has a neutral rating on the stock.

Several other research analysts have also recently commented on the company. ValuEngine cut Hormel Foods from a buy rating to a hold rating in a research report on Saturday, April 13th. Zacks Investment Research raised Hormel Foods from a hold rating to a buy rating and set a $47.00 price target for the company in a research report on Thursday, February 28th. Stephens initiated coverage on Hormel Foods in a research report on Monday, March 4th. They set an equal weight rating for the company. Jefferies Financial Group reissued a hold rating and set a $44.00 price target on shares of Hormel Foods in a research report on Thursday, February 21st. Finally, Credit Suisse Group reissued a hold rating and set a $39.00 price target on shares of Hormel Foods in a research report on Thursday, February 21st. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. The company has an average rating of Hold and an average target price of $40.30.

HRL stock opened at $40.27 on Friday. The company has a quick ratio of 0.77, a current ratio of 1.46 and a debt-to-equity ratio of 0.04. The stock has a market cap of $21.57 billion, a PE ratio of 21.31, a PEG ratio of 2.93 and a beta of 0.12. Hormel Foods has a fifty-two week low of $35.12 and a fifty-two week high of $46.26.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Thursday, May 23rd. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.01. Hormel Foods had a return on equity of 17.58% and a net margin of 9.93%. The company had revenue of $2.34 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same period in the prior year, the firm earned $0.44 earnings per share. Hormel Foods’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, equities research analysts anticipate that Hormel Foods will post 1.81 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, July 12th. This represents a $0.84 annualized dividend and a yield of 2.09%. Hormel Foods’s dividend payout ratio (DPR) is presently 44.44%.

In other Hormel Foods news, VP Lori J. Marco sold 13,000 shares of the company’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $41.56, for a total value of $540,280.00. Following the sale, the vice president now owns 48,304 shares in the company, valued at $2,007,514.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Glenn S. Forbes sold 4,695 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $43.00, for a total value of $201,885.00. Following the completion of the sale, the director now owns 49,481 shares in the company, valued at approximately $2,127,683. The disclosure for this sale can be found here. Insiders have sold 274,705 shares of company stock valued at $12,116,336 over the last three months. Insiders own 1.11% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc raised its stake in Hormel Foods by 1.3% in the third quarter. Vanguard Group Inc now owns 32,167,606 shares of the company’s stock valued at $1,267,403,000 after buying an additional 410,107 shares during the period. BlackRock Inc. raised its stake in Hormel Foods by 1.2% in the first quarter. BlackRock Inc. now owns 23,792,610 shares of the company’s stock valued at $1,064,957,000 after buying an additional 280,958 shares during the period. Oregon Public Employees Retirement Fund raised its stake in Hormel Foods by 6,440.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,355,366 shares of the company’s stock valued at $102,000 after buying an additional 4,288,779 shares during the period. Geode Capital Management LLC raised its stake in Hormel Foods by 16.4% in the fourth quarter. Geode Capital Management LLC now owns 4,248,495 shares of the company’s stock valued at $181,055,000 after buying an additional 598,442 shares during the period. Finally, APG Asset Management N.V. raised its stake in Hormel Foods by 91.6% in the fourth quarter. APG Asset Management N.V. now owns 3,595,652 shares of the company’s stock valued at $134,245,000 after buying an additional 1,719,400 shares during the period. Hedge funds and other institutional investors own 44.29% of the company’s stock.

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.

Read More: How is Preferred Stock Different from Common Stock?

Analyst Recommendations for Hormel Foods (NYSE:HRL)

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