Hormel Foods Corp. (HRL) Plans Quarterly Dividend of $0.17
Hormel Foods Corp. (NYSE:HRL) declared a quarterly dividend on Monday, September 23rd, Analyst Ratings Network.com reports. Stockholders of record on Monday, October 21st will be given a dividend of $0.17 per share on Friday, November 15th. This represents a $0.68 dividend on an annualized basis and a yield of 1.56%.
A number of analysts have recently weighed in on HRL shares. Analysts at Zacks reiterated a “neutral” rating on shares of Hormel Foods Corp. (NYSE:HRL) in a research note to investors on Tuesday, September 3rd. They now have a $44.00 price target on the stock. On a related note, analysts at Janney Montgomery Scott raised their price target on shares of Hormel Foods Corp. (NYSE:HRL) from $32.00 to $37.00 in a research note to investors on Friday, August 23rd. They now have a “sell” rating on the stock. Finally, analysts at Credit Suisse upgraded shares of Hormel Foods Corp. (NYSE:HRL) from a “neutral” rating to an “outperform” rating in a research note to investors on Monday, July 29th. They now have a $46.00 price target on the stock, up previously from $39.00.
One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $44.11.
Shares of Hormel Foods Corp. (NYSE:HRL) traded down 0.78% during mid-day trading on Monday, hitting $43.46. 370,566 shares of the company’s stock traded hands. Hormel Foods Corp. has a 1-year low of $28.45 and a 1-year high of $44.22. The stock has a 50-day moving average of $42.66 and a 200-day moving average of $40.99. The company has a market cap of $11.470 billion and a P/E ratio of 23.55.
Hormel Foods Corp. (NYSE:HRL) last posted its quarterly earnings results on Thursday, August 22nd. The company reported $0.42 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.45 by $0.03. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.12 billion. During the same quarter in the prior year, the company posted $0.41 earnings per share. The company’s quarterly revenue was up 7.5% on a year-over-year basis. On average, analysts predict that Hormel Foods Corp. will post $1.92 earnings per share for the current fiscal year.
Hormel Foods Corporation is primarily engaged in the production of a variety of meat and food products and the marketing of those products throughout the United States and internationally.
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