Credit Agricole Downgrades Hormel Foods Corp. to Neutral (HRL)
A number of other analysts have also recently weighed in on HRL. Analysts at Credit Suisse downgraded shares of Hormel Foods Corp. from an “outperform” rating to a “neutral” rating in a research note on Wednesday. They now have a $50.00 price target on the stock, up previously from $49.00. They noted that the move was a valuation call. Analysts at Zacks reiterated a “neutral” rating on shares of Hormel Foods Corp. in a research note on Monday, June 2nd. They now have a $52.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $48.83.
Shares of Hormel Foods Corp. (NYSE:HRL) opened at 49.19 on Wednesday. Hormel Foods Corp. has a one year low of $38.52 and a one year high of $49.87. The stock has a 50-day moving average of $48.74 and a 200-day moving average of $47.04. The company has a market cap of $12.986 billion and a price-to-earnings ratio of 23.61.
Hormel Foods Corp. (NYSE:HRL) last announced its earnings results on Wednesday, May 21st. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by $0.04. The company had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter in the previous year, the company posted $0.46 earnings per share. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. Analysts expect that Hormel Foods Corp. will post $2.19 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 15th. Shareholders of record on Monday, July 21st will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date of this dividend is Thursday, July 17th.
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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