Hormel Foods (NYSE:HRL) Releases FY 2022 Earnings Guidance

Hormel Foods (NYSE:HRLGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.87-$1.97 for the period, compared to the consensus earnings per share estimate of $1.94. The company issued revenue guidance of $11.70 billion-$12.50 billion, compared to the consensus revenue estimate of $12.41 billion.

Shares of NYSE HRL opened at $45.72 on Thursday. The company has a current ratio of 2.28, a quick ratio of 1.20 and a debt-to-equity ratio of 0.45. The company has a market cap of $24.97 billion, a price-to-earnings ratio of 26.13, a PEG ratio of 3.11 and a beta of 0.10. Hormel Foods has a 12 month low of $40.48 and a 12 month high of $55.11. The stock has a 50-day moving average price of $49.64 and a two-hundred day moving average price of $49.18.

Hormel Foods (NYSE:HRLGet Rating) last issued its earnings results on Thursday, June 2nd. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.47 by $0.01. The firm had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.07 billion. Hormel Foods had a return on equity of 14.10% and a net margin of 7.70%. The business’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.42 earnings per share. On average, sell-side analysts predict that Hormel Foods will post 1.87 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Monday, July 11th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.27%. The ex-dividend date is Friday, July 8th. Hormel Foods’s payout ratio is 59.43%.

Several analysts have recently weighed in on the company. Piper Sandler reduced their price target on Hormel Foods to $48.00 in a report on Friday, June 3rd. JPMorgan Chase & Co. boosted their price target on Hormel Foods from $46.00 to $48.00 and gave the stock a neutral rating in a report on Wednesday, March 2nd. The Goldman Sachs Group cut Hormel Foods from a neutral rating to a sell rating and set a $44.00 price target on the stock. in a report on Tuesday, March 15th. Argus upgraded Hormel Foods from a hold rating to a buy rating and set a $57.00 price target on the stock in a report on Thursday, March 10th. Finally, StockNews.com assumed coverage on Hormel Foods in a report on Thursday, March 31st. They set a hold rating on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $47.83.

In other Hormel Foods news, VP Swen Neufeldt sold 960 shares of the stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $51.82, for a total transaction of $49,747.20. Following the transaction, the vice president now directly owns 23,332 shares in the company, valued at approximately $1,209,064.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Elsa A. Murano sold 5,000 shares of the stock in a transaction that occurred on Thursday, March 31st. The stock was sold at an average price of $51.56, for a total value of $257,800.00. Following the transaction, the director now owns 105,169 shares in the company, valued at $5,422,513.64. The disclosure for this sale can be found here. Insiders sold 10,960 shares of company stock worth $532,897 over the last quarter. 0.78% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC raised its position in shares of Hormel Foods by 58.1% during the first quarter. Renaissance Technologies LLC now owns 2,764,663 shares of the company’s stock worth $142,491,000 after purchasing an additional 1,016,300 shares during the period. Vanguard Group Inc. raised its position in shares of Hormel Foods by 1.7% during the first quarter. Vanguard Group Inc. now owns 33,500,871 shares of the company’s stock worth $1,726,636,000 after purchasing an additional 547,495 shares during the period. National Pension Service acquired a new position in shares of Hormel Foods during the first quarter worth approximately $24,181,000. Bridgewater Associates LP raised its position in shares of Hormel Foods by 39.6% during the first quarter. Bridgewater Associates LP now owns 873,384 shares of the company’s stock worth $45,014,000 after purchasing an additional 247,605 shares during the period. Finally, BNP Paribas Arbitrage SA raised its position in shares of Hormel Foods by 118.4% during the first quarter. BNP Paribas Arbitrage SA now owns 411,451 shares of the company’s stock worth $21,206,000 after purchasing an additional 223,037 shares during the period. Hedge funds and other institutional investors own 41.06% of the company’s stock.

About Hormel Foods (Get Rating)

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.

Further Reading

Earnings History and Estimates for Hormel Foods (NYSE:HRL)

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