Hormel Foods Corporation $HRL Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in shares of Hormel Foods Corporation (NYSE:HRL) by 7.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 401,776 shares of the company’s stock after selling 33,583 shares during the quarter. Principal Financial Group Inc.’s holdings in Hormel Foods were worth $9,940,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the business. Thrivent Financial for Lutherans raised its holdings in shares of Hormel Foods by 44.0% during the third quarter. Thrivent Financial for Lutherans now owns 53,445 shares of the company’s stock worth $1,322,000 after purchasing an additional 16,334 shares during the last quarter. Independent Advisor Alliance raised its stake in shares of Hormel Foods by 3.5% during the 3rd quarter. Independent Advisor Alliance now owns 34,633 shares of the company’s stock valued at $857,000 after buying an additional 1,187 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Hormel Foods by 0.9% in the 3rd quarter. Arizona State Retirement System now owns 89,237 shares of the company’s stock valued at $2,208,000 after buying an additional 836 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Hormel Foods by 16.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,443 shares of the company’s stock valued at $2,015,000 after buying an additional 11,466 shares during the period. Finally, Mystic Asset Management Inc. boosted its stake in shares of Hormel Foods by 6.4% in the third quarter. Mystic Asset Management Inc. now owns 8,300 shares of the company’s stock worth $205,000 after buying an additional 500 shares during the last quarter. 40.99% of the stock is owned by hedge funds and other institutional investors.

Hormel Foods Price Performance

Shares of NYSE HRL opened at $23.45 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.20 and a current ratio of 2.47. The firm has a market cap of $12.90 billion, a PE ratio of 26.95, a PEG ratio of 2.43 and a beta of 0.33. Hormel Foods Corporation has a one year low of $21.03 and a one year high of $32.07. The firm has a fifty day moving average of $24.06 and a 200 day moving average of $24.62.

Hormel Foods (NYSE:HRL) last released its earnings results on Wednesday, December 3rd. The company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.02. Hormel Foods had a net margin of 3.95% and a return on equity of 9.41%. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the previous year, the company earned $0.42 earnings per share. The company’s quarterly revenue was up 1.5% on a year-over-year basis. As a group, research analysts predict that Hormel Foods Corporation will post 1.65 EPS for the current fiscal year.

Hormel Foods Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Monday, January 12th will be paid a dividend of $0.2925 per share. This is an increase from Hormel Foods’s previous quarterly dividend of $0.29. The ex-dividend date is Monday, January 12th. This represents a $1.17 annualized dividend and a yield of 5.0%. Hormel Foods’s dividend payout ratio (DPR) is presently 134.48%.

Analysts Set New Price Targets

HRL has been the subject of a number of analyst reports. The Goldman Sachs Group set a $27.00 price target on Hormel Foods and gave the company a “buy” rating in a report on Thursday, October 30th. Barclays set a $30.00 target price on shares of Hormel Foods and gave the company an “overweight” rating in a report on Tuesday, December 9th. Wall Street Zen raised shares of Hormel Foods from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Stephens dropped their price target on shares of Hormel Foods from $27.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, Piper Sandler reiterated a “neutral” rating and issued a $26.00 price objective (up previously from $25.00) on shares of Hormel Foods in a research report on Friday, December 5th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $27.43.

Hormel Foods Company Profile

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.