Hormel Foods Corp. (HRL) Downgraded to Buy at Vetr Inc.
Hormel Foods Corp. (NYSE:HRL) was downgraded by equities researchers at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Monday. They currently have a $42.00 price objective on the stock. Vetr‘s target price points to a potential upside of 11.08% from the stock’s current price.
Several other equities analysts have also commented on the company. Edward Jones raised Hormel Foods Corp. from a “hold” rating to a “buy” rating in a report on Friday, September 16th. Jefferies Group upped their target price on Hormel Foods Corp. from $34.00 to $38.00 and gave the company a “hold” rating in a report on Wednesday, July 27th. BMO Capital Markets raised Hormel Foods Corp. from a “market perform” rating to an “outperform” rating and set a $44.00 target price for the company in a report on Friday, August 19th. Credit Suisse Group AG raised Hormel Foods Corp. from a “neutral” rating to an “outperform” rating and upped their target price for the company from $38.00 to $43.00 in a report on Monday, August 22nd. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $38.00 target price on shares of Hormel Foods Corp. in a report on Tuesday, August 16th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $40.10.
Hormel Foods Corp. (NYSE:HRL) traded up 0.96% during trading on Monday, reaching $37.81. The company had a trading volume of 2,509,081 shares. The company has a 50-day moving average of $37.65 and a 200-day moving average of $37.47. Hormel Foods Corp. has a 52-week low of $32.05 and a 52-week high of $45.72. The firm has a market capitalization of $20.01 billion, a P/E ratio of 24.55 and a beta of 0.57.
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Hormel Foods Corp. (NYSE:HRL) last announced its quarterly earnings data on Thursday, August 18th. The company reported $0.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.01. The firm earned $2.30 billion during the quarter, compared to analyst estimates of $2.26 billion. Hormel Foods Corp. had a return on equity of 20.06% and a net margin of 8.96%. Hormel Foods Corp.’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.28 earnings per share. Analysts expect that Hormel Foods Corp. will post $1.63 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Monday, October 24th will be given a $0.145 dividend. The ex-dividend date is Thursday, October 20th. This represents a $0.58 dividend on an annualized basis and a yield of 1.53%. Hormel Foods Corp.’s dividend payout ratio (DPR) is 37.79%.
In other Hormel Foods Corp. news, VP Brian Dean Johnson sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 27th. The stock was sold at an average price of $38.00, for a total value of $133,000.00. Following the completion of the sale, the vice president now directly owns 26,119 shares in the company, valued at $992,522. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.54% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Hormel Foods Corp. by 1.8% in the second quarter. Vanguard Group Inc. now owns 27,503,290 shares of the company’s stock worth $1,006,620,000 after buying an additional 477,355 shares during the period. State Street Corp increased its stake in shares of Hormel Foods Corp. by 0.8% in the second quarter. State Street Corp now owns 14,725,146 shares of the company’s stock worth $538,944,000 after buying an additional 109,675 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in shares of Hormel Foods Corp. by 73.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 7,305,830 shares of the company’s stock worth $315,904,000 after buying an additional 3,100,653 shares during the period. Janus Capital Management LLC increased its stake in shares of Hormel Foods Corp. by 29.0% in the second quarter. Janus Capital Management LLC now owns 5,179,159 shares of the company’s stock worth $189,557,000 after buying an additional 1,163,942 shares during the period. Finally, BlackRock Fund Advisors increased its stake in shares of Hormel Foods Corp. by 5.1% in the second quarter. BlackRock Fund Advisors now owns 4,834,016 shares of the company’s stock worth $176,925,000 after buying an additional 233,925 shares during the period. Hedge funds and other institutional investors own 34.09% of the company’s stock.
Hormel Foods Corp. Company Profile
To view Vetr’s full report, visit Vetr’s official website.
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