Victory Capital Management Inc. reduced its stake in Hormel Foods Corp (NYSE:HRL) by 19.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,952,803 shares of the company’s stock after selling 957,722 shares during the period. Victory Capital Management Inc. owned approximately 0.74% of Hormel Foods worth $168,705,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in HRL. We Are One Seven LLC acquired a new stake in shares of Hormel Foods in the fourth quarter valued at $45,000. Cavalier Investments LLC acquired a new stake in shares of Hormel Foods in the fourth quarter valued at $86,000. Highwater Wealth Management LLC acquired a new stake in shares of Hormel Foods in the fourth quarter valued at $88,000. Sapphire Star Partners LP acquired a new stake in shares of Hormel Foods in the third quarter valued at $102,000. Finally, Capital Investment Advisory Services LLC acquired a new stake in shares of Hormel Foods in the fourth quarter valued at $133,000. Institutional investors and hedge funds own 42.59% of the company’s stock.
Hormel Foods stock traded up $0.59 during midday trading on Tuesday, reaching $43.73. The company’s stock had a trading volume of 432,717 shares, compared to its average volume of 2,892,922. Hormel Foods Corp has a fifty-two week low of $31.83 and a fifty-two week high of $46.26. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.80 and a quick ratio of 0.95. The stock has a market cap of $22.96 billion, a PE ratio of 23.14, a P/E/G ratio of 2.80 and a beta of 0.19.
Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Tuesday, November 20th. The company reported $0.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. Hormel Foods had a return on equity of 18.01% and a net margin of 10.60%. The company had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.57 billion. During the same period last year, the firm earned $0.41 earnings per share. Hormel Foods’s quarterly revenue was up 1.3% on a year-over-year basis. On average, research analysts expect that Hormel Foods Corp will post 1.84 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Monday, January 14th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, January 11th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.92%. This is a boost from Hormel Foods’s previous quarterly dividend of $0.19. Hormel Foods’s payout ratio is 44.44%.
In other news, Director Elsa A. Murano sold 5,808 shares of Hormel Foods stock in a transaction dated Tuesday, January 8th. The stock was sold at an average price of $42.00, for a total transaction of $243,936.00. Following the sale, the director now owns 98,565 shares in the company, valued at $4,139,730. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James N. Sheehan sold 60,000 shares of Hormel Foods stock in a transaction dated Wednesday, December 12th. The stock was sold at an average price of $44.93, for a total value of $2,695,800.00. Following the sale, the chief financial officer now owns 60,000 shares in the company, valued at approximately $2,695,800. The disclosure for this sale can be found here. Insiders have sold 208,655 shares of company stock worth $9,414,670 in the last quarter. Insiders own 1.11% of the company’s stock.
A number of research firms have weighed in on HRL. Piper Jaffray Companies set a $50.00 price target on Hormel Foods and gave the company a “buy” rating in a research note on Tuesday, November 6th. Vertical Group cut Hormel Foods from a “hold” rating to a “sell” rating in a research note on Tuesday, November 6th. They noted that the move was a valuation call. Zacks Investment Research restated a “sell” rating on shares of Hormel Foods in a research note on Tuesday, November 13th. Barclays set a $40.00 price target on Hormel Foods and gave the company a “hold” rating in a research note on Wednesday, November 21st. Finally, Credit Suisse Group set a $39.00 price target on Hormel Foods and gave the company a “hold” rating in a research note on Wednesday, November 21st. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $40.56.
Hormel Foods Company Profile
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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