Hormel Foods Corporation $HRL Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lifted its stake in shares of Hormel Foods Corporation (NYSE:HRL) by 56.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 72,503 shares of the company’s stock after purchasing an additional 26,077 shares during the period. PNC Financial Services Group Inc.’s holdings in Hormel Foods were worth $1,718,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. GoalVest Advisory LLC acquired a new position in Hormel Foods in the fourth quarter valued at approximately $25,000. MUFG Securities EMEA plc acquired a new position in Hormel Foods in the second quarter valued at approximately $26,000. Federated Hermes Inc. acquired a new position in Hormel Foods in the third quarter valued at approximately $31,000. Brown Brothers Harriman & Co. lifted its holdings in Hormel Foods by 514.6% in the third quarter. Brown Brothers Harriman & Co. now owns 1,512 shares of the company’s stock valued at $37,000 after acquiring an additional 1,266 shares during the last quarter. Finally, Banque Cantonale Vaudoise acquired a new position in Hormel Foods in the third quarter valued at approximately $64,000. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

HRL has been the topic of a number of recent analyst reports. Stephens set a $22.00 price objective on Hormel Foods and gave the company an “equal weight” rating in a report on Thursday, May 21st. Weiss Ratings reiterated a “sell (d+)” rating on shares of Hormel Foods in a report on Tuesday, April 21st. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $23.00 price objective (down from $28.00) on shares of Hormel Foods in a report on Thursday, April 9th. Finally, The Goldman Sachs Group set a $25.00 price objective on Hormel Foods in a report on Thursday, May 21st. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $25.33.

Hormel Foods Stock Up 0.5%

Hormel Foods stock opened at $21.00 on Thursday. Hormel Foods Corporation has a twelve month low of $19.70 and a twelve month high of $31.86. The stock’s fifty day simple moving average is $21.39 and its 200-day simple moving average is $22.96. The company has a current ratio of 2.66, a quick ratio of 1.37 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $11.56 billion, a P/E ratio of 23.60, a P/E/G ratio of 2.87 and a beta of 0.33.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.02. Hormel Foods had a return on equity of 9.38% and a net margin of 4.03%.The business had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.07 billion. During the same quarter in the prior year, the company earned $0.35 earnings per share. The company’s revenue was up 1.3% on a year-over-year basis. As a group, equities analysts expect that Hormel Foods Corporation will post 1.41 earnings per share for the current fiscal year.

Hormel Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Monday, July 13th will be given a dividend of $0.2925 per share. The ex-dividend date of this dividend is Monday, July 13th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 5.6%. Hormel Foods’s dividend payout ratio is currently 131.46%.

Hormel Foods 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.