Hormel Foods Corp (HRL) Receives $38.38 Consensus Price Target from Analysts
Shares of Hormel Foods Corp (NYSE:HRL) have received an average recommendation of “Hold” from the twelve brokerages that are currently covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $38.38.
HRL has been the subject of several analyst reports. Mizuho initiated coverage on shares of Hormel Foods Corp in a research note on Wednesday, June 7th. They issued a “neutral” rating and a $35.00 price objective for the company. Jefferies Group LLC reissued a “hold” rating and issued a $34.00 price objective on shares of Hormel Foods Corp in a report on Monday, June 12th. Stephens restated an “overweight” rating and set a $50.00 target price on shares of Hormel Foods Corp in a research report on Friday, June 16th. Zacks Investment Research upgraded shares of Hormel Foods Corp from a “sell” rating to a “hold” rating in a research report on Wednesday, June 7th. Finally, BidaskClub raised shares of Hormel Foods Corp from a “sell” rating to a “hold” rating in a report on Monday, August 14th.
In other Hormel Foods Corp news, Director Dakota A. Pippins sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $31.60, for a total transaction of $126,400.00. Following the completion of the transaction, the director now directly owns 92,377 shares in the company, valued at $2,919,113.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Donald H. Kremin sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $31.66, for a total transaction of $3,166,000.00. Following the transaction, the insider now owns 887 shares of the company’s stock, valued at $28,082.42. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 180,843 shares of company stock valued at $5,715,409. 3.54% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in shares of Hormel Foods Corp by 1,105.9% in the 1st quarter. BlackRock Inc. now owns 18,991,436 shares of the company’s stock valued at $657,673,000 after purchasing an additional 17,416,591 shares during the last quarter. State Street Corp raised its holdings in shares of Hormel Foods Corp by 93.3% during the 1st quarter. State Street Corp now owns 30,094,045 shares of the company’s stock worth $1,042,171,000 after buying an additional 14,529,149 shares in the last quarter. Fairpointe Capital LLC bought a new stake in shares of Hormel Foods Corp during the 2nd quarter worth $113,723,000. Westwood Holdings Group Inc. lifted its position in shares of Hormel Foods Corp by 738.9% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,532,454 shares of the company’s stock worth $87,700,000 after buying an additional 2,230,574 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Hormel Foods Corp by 5.6% during the 1st quarter. Vanguard Group Inc. now owns 30,268,756 shares of the company’s stock worth $1,048,207,000 after buying an additional 1,608,528 shares during the last quarter. Hedge funds and other institutional investors own 38.95% of the company’s stock.
Shares of Hormel Foods Corp (HRL) traded down 0.68% during mid-day trading on Wednesday, hitting $31.92. 3,023,380 shares of the stock traded hands. The company’s 50 day moving average is $32.01 and its 200 day moving average is $33.64. The firm has a market capitalization of $16.85 billion, a P/E ratio of 19.70 and a beta of 0.58. Hormel Foods Corp has a one year low of $30.50 and a one year high of $38.84.
Hormel Foods Corp (NYSE:HRL) last announced its earnings results on Thursday, August 24th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.03). The business had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.24 billion. Hormel Foods Corp had a net margin of 8.27% and a return on equity of 15.52%. The company’s revenue was down 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.36 EPS. On average, equities analysts expect that Hormel Foods Corp will post $1.56 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, October 23rd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend is Friday, October 20th. Hormel Foods Corp’s dividend payout ratio is currently 41.98%.
Hormel Foods Corp Company Profile
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