Hormel Foods (NYSE:HRL) Coverage Initiated at The Goldman Sachs Group

Stock analysts at The Goldman Sachs Group initiated coverage on shares of Hormel Foods (NYSE:HRLGet Free Report) in a note issued to investors on Monday, MarketBeat.com reports. The brokerage set a “buy” rating and a $35.00 price target on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 15.15% from the company’s previous close.

Several other analysts have also recently commented on the company. Stephens reissued an “equal weight” rating and issued a $31.00 price target on shares of Hormel Foods in a report on Thursday, May 22nd. BNP Paribas Exane raised Hormel Foods from an “underperform” rating to a “neutral” rating and set a $30.00 price target for the company in a report on Tuesday, May 27th. Bank of America raised Hormel Foods from an “underperform” rating to a “neutral” rating and raised their price target for the company from $29.00 to $35.00 in a report on Tuesday, April 15th. Finally, BNP Paribas raised Hormel Foods from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 27th. Four equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $32.86.

Check Out Our Latest Research Report on Hormel Foods

Hormel Foods Stock Down 1.5%

Hormel Foods stock opened at $30.39 on Monday. The company has a current ratio of 2.47, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35. The stock has a 50 day moving average of $30.12 and a two-hundred day moving average of $30.19. The stock has a market capitalization of $16.71 billion, a price-to-earnings ratio of 22.35, a PEG ratio of 3.50 and a beta of 0.33. Hormel Foods has a twelve month low of $27.59 and a twelve month high of $33.80.

Hormel Foods (NYSE:HRLGet Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.35 EPS for the quarter, meeting the consensus estimate of $0.35. The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.92 billion. Hormel Foods had a return on equity of 10.20% and a net margin of 6.27%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period last year, the firm earned $0.38 EPS. As a group, research analysts expect that Hormel Foods will post 1.65 earnings per share for the current year.

Insider Buying and Selling

In other Hormel Foods news, Director Elsa A. Murano sold 4,500 shares of the firm’s stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $30.40, for a total transaction of $136,800.00. Following the completion of the transaction, the director now owns 95,488 shares of the company’s stock, valued at approximately $2,902,835.20. This trade represents a 4.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.72% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Hormel Foods

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Hormel Foods by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 37,241,219 shares of the company’s stock worth $1,168,257,000 after buying an additional 268,328 shares in the last quarter. Invesco Ltd. grew its position in shares of Hormel Foods by 7.3% in the fourth quarter. Invesco Ltd. now owns 7,843,207 shares of the company’s stock valued at $246,041,000 after purchasing an additional 533,657 shares during the period. Geode Capital Management LLC grew its position in shares of Hormel Foods by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 7,461,100 shares of the company’s stock valued at $233,459,000 after purchasing an additional 98,442 shares during the period. ProShare Advisors LLC grew its position in shares of Hormel Foods by 7.3% in the fourth quarter. ProShare Advisors LLC now owns 6,072,682 shares of the company’s stock valued at $190,500,000 after purchasing an additional 413,669 shares during the period. Finally, Millennium Management LLC grew its position in shares of Hormel Foods by 6.2% in the fourth quarter. Millennium Management LLC now owns 4,488,678 shares of the company’s stock valued at $140,810,000 after purchasing an additional 261,742 shares during the period. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Hormel Foods Company Profile

(Get Free Report)

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.

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Analyst Recommendations for Hormel Foods (NYSE:HRL)

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