Prudential Financial Inc. cut its holdings in Hormel Foods Corp (NYSE:HRL) by 3.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 325,555 shares of the company’s stock after selling 10,730 shares during the period. Prudential Financial Inc. owned 0.06% of Hormel Foods worth $12,827,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of HRL. Macquarie Group Ltd. lifted its holdings in Hormel Foods by 45,760.7% in the 2nd quarter. Macquarie Group Ltd. now owns 6,191,200 shares of the company’s stock worth $230,375,000 after purchasing an additional 6,177,700 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Hormel Foods by 28.6% in the 3rd quarter. Victory Capital Management Inc. now owns 4,910,525 shares of the company’s stock worth $193,474,000 after purchasing an additional 1,093,493 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Hormel Foods in the 3rd quarter worth approximately $24,162,000. Morgan Stanley lifted its holdings in Hormel Foods by 60.5% in the 2nd quarter. Morgan Stanley now owns 1,255,467 shares of the company’s stock worth $46,716,000 after purchasing an additional 473,239 shares in the last quarter. Finally, Virginia Retirement Systems ET AL lifted its holdings in Hormel Foods by 308.5% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 592,976 shares of the company’s stock worth $22,065,000 after purchasing an additional 447,800 shares in the last quarter. 42.28% of the stock is currently owned by institutional investors.
A number of research firms recently commented on HRL. Jefferies Financial Group cut Hormel Foods from a “buy” rating to a “hold” rating and set a $44.00 price target on the stock. in a report on Tuesday, November 27th. Credit Suisse Group set a $39.00 price target on Hormel Foods and gave the stock a “hold” rating in a report on Wednesday, November 21st. Barclays set a $40.00 price target on Hormel Foods and gave the stock a “hold” rating in a report on Wednesday, November 21st. Zacks Investment Research reissued a “sell” rating on shares of Hormel Foods in a report on Tuesday, November 13th. Finally, Vertical Group cut Hormel Foods from a “hold” rating to a “sell” rating in a report on Tuesday, November 6th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. Hormel Foods currently has a consensus rating of “Hold” and a consensus target price of $40.56.
Hormel Foods (NYSE:HRL) last issued its quarterly earnings data on Tuesday, November 20th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.57 billion. Hormel Foods had a return on equity of 18.01% and a net margin of 10.60%. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 EPS. As a group, equities analysts forecast that Hormel Foods Corp will post 1.84 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Monday, January 14th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.86%. This is a boost from Hormel Foods’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, January 11th. Hormel Foods’s dividend payout ratio is 39.68%.
In other news, insider Deanna T. Brady sold 48,000 shares of the business’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $41.05, for a total transaction of $1,970,400.00. Following the transaction, the insider now owns 83,102 shares of the company’s stock, valued at approximately $3,411,337.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dakota A. Pippins sold 1,750 shares of the business’s stock in a transaction that occurred on Wednesday, September 19th. The shares were sold at an average price of $39.59, for a total value of $69,282.50. Following the transaction, the director now directly owns 91,797 shares in the company, valued at approximately $3,634,243.23. The disclosure for this sale can be found here. Insiders have sold a total of 138,973 shares of company stock worth $5,848,668 over the last ninety days. Insiders own 1.48% of the company’s stock.
Hormel Foods Profile
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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