Hormel Foods (NYSE:HRL) Releases Earnings Results, Beats Estimates By $0.05 EPS

Hormel Foods (NYSE:HRL) released its earnings results on Wednesday. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.05, FiscalAI reports. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.96 billion. Hormel Foods had a net margin of 4.03% and a return on equity of 9.38%.

Hormel Foods Stock Up 0.5%

Shares of NYSE HRL opened at $21.00 on Thursday. The company has a market cap of $11.56 billion, a price-to-earnings ratio of 23.60, a PEG ratio of 2.87 and a beta of 0.33. The firm’s fifty day moving average is $21.39 and its 200 day moving average is $22.96. Hormel Foods has a 52 week low of $19.70 and a 52 week high of $31.86. The company has a quick ratio of 1.37, a current ratio of 2.66 and a debt-to-equity ratio of 0.36.

Hormel Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, July 13th will be paid a $0.2925 dividend. This represents a $1.17 annualized dividend and a dividend yield of 5.6%. The ex-dividend date of this dividend is Monday, July 13th. Hormel Foods’s payout ratio is presently 131.46%.

Analyst Ratings Changes

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

Institutional Trading of Hormel Foods

A number of hedge funds have recently modified their holdings of the business. Corient Private Wealth LLC boosted its holdings in shares of Hormel Foods by 61.6% during the 4th quarter. Corient Private Wealth LLC now owns 46,506 shares of the company’s stock valued at $1,102,000 after buying an additional 17,721 shares in the last quarter. Alberta Investment Management Corp bought a new position in Hormel Foods during the 4th quarter valued at about $1,503,000. Strive Financial Group LLC bought a new position in Hormel Foods during the 4th quarter valued at about $27,000. Vident Advisory LLC lifted its stake in Hormel Foods by 303.0% during the 4th quarter. Vident Advisory LLC now owns 61,735 shares of the company’s stock valued at $1,463,000 after acquiring an additional 46,415 shares during the period. Finally, Empowered Funds LLC bought a new position in Hormel Foods during the 4th quarter valued at about $1,168,000. Institutional investors own 40.99% of the company’s stock.

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.