Hormel Foods Corporation $HRL Shares Purchased by Fiduciary Alliance LLC

Fiduciary Alliance LLC increased its position in Hormel Foods Corporation (NYSE:HRL) by 45.1% in the first quarter, HoldingsChannel.com reports. The fund owned 171,720 shares of the company’s stock after buying an additional 53,395 shares during the period. Fiduciary Alliance LLC’s holdings in Hormel Foods were worth $3,548,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kestra Private Wealth Services LLC purchased a new stake in Hormel Foods during the 1st quarter valued at about $301,000. Cardinal Point Capital Management ULC raised its stake in shares of Hormel Foods by 29.7% in the first quarter. Cardinal Point Capital Management ULC now owns 13,100 shares of the company’s stock worth $297,000 after purchasing an additional 3,000 shares during the last quarter. OP Asset Management Ltd purchased a new position in shares of Hormel Foods in the first quarter worth about $723,000. Banque Cantonale Vaudoise raised its stake in shares of Hormel Foods by 139.4% in the first quarter. Banque Cantonale Vaudoise now owns 6,428 shares of the company’s stock worth $145,000 after purchasing an additional 3,743 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Hormel Foods by 1,155.2% during the first quarter. Assenagon Asset Management S.A. now owns 219,622 shares of the company’s stock worth $4,974,000 after purchasing an additional 202,125 shares during the period. Institutional investors and hedge funds own 40.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on HRL. Weiss Ratings reiterated a “sell (d+)” rating on shares of Hormel Foods in a research report on Tuesday, April 21st. Bank of America raised their price target on shares of Hormel Foods from $23.00 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. The Goldman Sachs Group set a $25.00 price objective on shares of Hormel Foods in a research note on Thursday, May 21st. JPMorgan Chase & Co. reaffirmed 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, Stephens increased their price objective on shares of Hormel Foods from $22.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Hormel Foods has an average rating of “Hold” and a consensus price target of $25.67.

Hormel Foods Stock Up 3.3%

Shares of HRL opened at $25.52 on Thursday. The company has a market capitalization of $14.05 billion, a price-to-earnings ratio of 30.03, a PEG ratio of 2.84 and a beta of 0.35. Hormel Foods Corporation has a 52 week low of $19.70 and a 52 week high of $31.86. The stock’s 50-day moving average price is $22.14 and its 200-day moving average price is $23.14. 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 (NYSE:HRL) last announced its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $2.96 billion. During the same period last year, the business earned $0.35 earnings per share. Hormel Foods’s quarterly revenue was up 2.6% on a year-over-year basis. On average, sell-side analysts predict that Hormel Foods Corporation will post 1.5 EPS for the current year.

Hormel Foods Dividend Announcement

The company 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 dividend of $0.2925 per share. 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 137.65%.

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.