Hormel Foods Corp. Downgraded to “Neutral” at Credit Suisse (HRL)
Hormel Foods Corp. (NYSE:HRL) was downgraded by analysts at Credit Suisse from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, TheFlyOnTheWall.com reports. They currently have a $50.00 target price on the stock, up from their previous target price of $49.00. Credit Suisse’s price target indicates a potential upside of 1.65% from the stock’s previous close. The analysts noted that the move was a valuation call.
Shares of Hormel Foods Corp. (NYSE:HRL) traded down 1.95% on Wednesday, hitting $48.23. 655,984 shares of the company’s stock traded hands. Hormel Foods Corp. has a 52 week low of $38.52 and a 52 week high of $49.87. The stock’s 50-day moving average is $48.74 and its 200-day moving average is $47.04. The company has a market cap of $12.733 billion and a P/E ratio of 23.54.
Hormel Foods Corp. (NYSE:HRL) last released its earnings data on Wednesday, May 21st. The company reported $0.52 earnings per share for the quarter, missing the analysts’ 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 last year, the company posted $0.46 earnings per share. Hormel Foods Corp.’s revenue was up 4.3% compared to the same quarter last year. 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. Stockholders 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.
Separately, 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 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’s stock. Hormel Foods Corp. currently has a consensus rating of “Hold” and an average target price of $48.83.
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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