Citigroup Begins Coverage on Hormel Foods (NYSE:HRL)

Citigroup began coverage on shares of Hormel Foods (NYSE:HRLFree Report) in a research note released on Thursday morning, Marketbeat.com reports. The brokerage issued a neutral rating and a $31.00 target price on the stock.

HRL has been the topic of a number of other reports. Piper Sandler raised their price objective on Hormel Foods from $31.00 to $33.00 and gave the company a neutral rating in a report on Friday, January 12th. The Goldman Sachs Group reduced their price target on Hormel Foods from $29.00 to $26.00 and set a sell rating on the stock in a research report on Thursday, November 30th. StockNews.com initiated coverage on Hormel Foods in a research report on Thursday, October 5th. They set a hold rating on the stock. Finally, JPMorgan Chase & Co. reduced their price target on Hormel Foods from $36.00 to $31.00 and set an underweight rating on the stock in a research report on Monday, October 16th. Two equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $36.50.

View Our Latest Analysis on HRL

Hormel Foods Stock Performance

Shares of NYSE HRL opened at $30.60 on Thursday. The stock has a market cap of $16.73 billion, a price-to-earnings ratio of 20.96, a P/E/G ratio of 4.15 and a beta of 0.24. The company has a current ratio of 1.43, a quick ratio of 0.70 and a debt-to-equity ratio of 0.30. Hormel Foods has a 1-year low of $29.91 and a 1-year high of $46.04. The stock’s 50-day moving average is $31.50 and its 200 day moving average is $34.86.

Hormel Foods (NYSE:HRLGet Free Report) last announced its quarterly earnings data on Wednesday, November 29th. The company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.26 billion. Hormel Foods had a net margin of 6.55% and a return on equity of 11.47%. The business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.51 earnings per share. On average, sell-side analysts anticipate that Hormel Foods will post 1.57 EPS for the current fiscal year.

Hormel Foods Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Tuesday, January 16th will be given a $0.2825 dividend. This is a positive change from Hormel Foods’s previous quarterly dividend of $0.28. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date is Friday, January 12th. Hormel Foods’s dividend payout ratio (DPR) is currently 77.40%.

Insider Transactions at Hormel Foods

In other news, EVP Deanna T. Brady sold 5,024 shares of Hormel Foods stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $31.48, for a total value of $158,155.52. Following the sale, the executive vice president now directly owns 71,567 shares in the company, valued at approximately $2,252,929.16. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Elsa A. Murano sold 9,000 shares of Hormel Foods stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $31.70, for a total value of $285,300.00. Following the sale, the director now directly owns 93,698 shares in the company, valued at approximately $2,970,226.60. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Deanna T. Brady sold 5,024 shares of Hormel Foods stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $31.48, for a total value of $158,155.52. Following the sale, the executive vice president now owns 71,567 shares in the company, valued at $2,252,929.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,021 shares of company stock worth $886,454. 0.69% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Hormel Foods

Several hedge funds have recently made changes to their positions in the company. Verition Fund Management LLC boosted its position in shares of Hormel Foods by 3.2% during the fourth quarter. Verition Fund Management LLC now owns 7,456 shares of the company’s stock valued at $340,000 after purchasing an additional 231 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Hormel Foods by 1.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 20,805 shares of the company’s stock valued at $948,000 after purchasing an additional 235 shares in the last quarter. Sovereign Financial Group Inc. boosted its position in shares of Hormel Foods by 1.3% during the second quarter. Sovereign Financial Group Inc. now owns 18,722 shares of the company’s stock valued at $753,000 after purchasing an additional 245 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its position in shares of Hormel Foods by 3.2% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 8,051 shares of the company’s stock valued at $367,000 after purchasing an additional 253 shares in the last quarter. Finally, Gries Financial LLC boosted its position in shares of Hormel Foods by 0.6% during the second quarter. Gries Financial LLC now owns 41,002 shares of the company’s stock valued at $1,649,000 after purchasing an additional 254 shares in the last quarter. 41.15% of the stock is currently owned by institutional investors.

Hormel Foods Company Profile

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Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.

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Analyst Recommendations for Hormel Foods (NYSE:HRL)

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