Hsbc Holdings PLC Increases Stock Position in Hormel Foods Corporation $HRL

Hsbc Holdings PLC boosted its holdings in Hormel Foods Corporation (NYSE:HRL) by 57.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,035,577 shares of the company’s stock after purchasing an additional 376,274 shares during the quarter. Hsbc Holdings PLC owned about 0.19% of Hormel Foods worth $24,574,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of HRL. Bayban acquired a new position in shares of Hormel Foods during the fourth quarter worth about $43,000. DGS Capital Management LLC acquired a new position in shares of Hormel Foods during the 4th quarter worth $265,000. Walser Wealth Management Company A Ltd Liability Co purchased a new stake in Hormel Foods during the fourth quarter worth about $350,000. Virtu Financial LLC lifted its position in shares of Hormel Foods by 42.0% during the 4th quarter. Virtu Financial LLC now owns 28,349 shares of the company’s stock valued at $672,000 after acquiring an additional 8,381 shares during the period. Finally, Corient Private Wealth LLC increased its stake in Hormel Foods by 61.6% in the 4th quarter. Corient Private Wealth LLC now owns 46,506 shares of the company’s stock valued at $1,102,000 after purchasing an additional 17,721 shares in the last quarter. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

HRL has been the topic of several recent research reports. The Goldman Sachs Group set a $25.00 price objective on shares of Hormel Foods in a research report on Thursday, May 21st. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $23.00 price objective (down from $28.00) on shares of Hormel Foods in a research report on Thursday, April 9th. Bank of America upped their target price on shares of Hormel Foods from $23.00 to $25.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Stephens boosted their price objective on shares of Hormel Foods from $22.00 to $25.00 and gave the company an “equal weight” rating in a research report on Friday, May 29th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Hormel Foods in a research note on Tuesday, April 21st. 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $25.67.

Hormel Foods Stock Up 3.3%

HRL opened at $25.52 on Thursday. Hormel Foods Corporation has a 1 year low of $19.70 and a 1 year high of $31.86. The firm has a 50 day moving average price of $22.14 and a 200 day moving average price of $23.14. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.97 and a current ratio of 1.94. The company has a market cap of $14.05 billion, a PE ratio of 30.03, a price-to-earnings-growth ratio of 2.84 and a beta of 0.35.

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

Hormel Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, July 13th will be paid a dividend of $0.2925 per share. The ex-dividend date of this dividend is Monday, July 13th. This represents a $1.17 annualized dividend and a yield of 4.6%. Hormel Foods’s payout ratio 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.