Evolve Private Wealth LLC Purchases New Stake in Hormel Foods Corporation $HRL

Evolve Private Wealth LLC acquired a new position in Hormel Foods Corporation (NYSE:HRL) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 70,499 shares of the company’s stock, valued at approximately $1,597,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in shares of Hormel Foods by 5.0% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 8,967 shares of the company’s stock valued at $213,000 after purchasing an additional 431 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in shares of Hormel Foods by 0.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 55,180 shares of the company’s stock worth $1,308,000 after buying an additional 437 shares during the last quarter. Advisory Alpha LLC raised its stake in shares of Hormel Foods by 2.9% during the fourth quarter. Advisory Alpha LLC now owns 15,477 shares of the company’s stock worth $367,000 after buying an additional 440 shares during the last quarter. Vermillion Wealth Management Inc. lifted its holdings in Hormel Foods by 1.7% in the fourth quarter. Vermillion Wealth Management Inc. now owns 25,944 shares of the company’s stock valued at $615,000 after buying an additional 441 shares during the period. Finally, SBI Securities Co. Ltd. lifted its holdings in Hormel Foods by 6.0% in the fourth quarter. SBI Securities Co. Ltd. now owns 8,583 shares of the company’s stock valued at $203,000 after buying an additional 483 shares during the period. 40.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on HRL shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Hormel Foods in a research note on Tuesday, April 21st. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $23.00 target price (down from $28.00) on shares of Hormel Foods in a research report on Thursday, April 9th. The Goldman Sachs Group set a $25.00 price target on Hormel Foods in a research note on Thursday, May 21st. Bank of America raised their price target on Hormel Foods from $23.00 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Finally, Stephens lifted their price objective on Hormel Foods from $22.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Hormel Foods presently has a consensus rating of “Hold” and a consensus target price of $25.67.

Hormel Foods Stock Performance

Shares of HRL opened at $24.13 on Tuesday. The stock has a market capitalization of $13.28 billion, a price-to-earnings ratio of 28.39, a PEG ratio of 2.78 and a beta of 0.35. Hormel Foods Corporation has a 12 month low of $19.70 and a 12 month high of $31.86. The firm has a fifty day simple moving average of $21.96 and a 200 day simple moving average of $23.12. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.05. The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.96 billion. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.35 EPS. Research analysts forecast that Hormel Foods Corporation will post 1.5 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Monday, July 13th will be given a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Monday, July 13th. Hormel Foods’s dividend payout ratio (DPR) is 137.65%.

About Hormel Foods

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.