Gary Bhojwani Sells 20,200 Shares of Hormel Foods (NYSE:HRL) Stock

Hormel Foods Corporation (NYSE:HRL) Director Gary Bhojwani sold 20,200 shares of Hormel Foods stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total value of $495,102.00. Following the sale, the director owned 32,002 shares of the company’s stock, valued at approximately $784,369.02. This trade represents a 38.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Hormel Foods Price Performance

Shares of HRL stock traded up $0.40 during trading on Friday, hitting $24.73. The company had a trading volume of 2,650,121 shares, compared to its average volume of 4,021,458. The stock’s 50-day moving average is $23.07 and its two-hundred day moving average is $23.25. The stock has a market capitalization of $13.61 billion, a price-to-earnings ratio of 29.10, a price-to-earnings-growth ratio of 2.84 and a beta of 0.34. The company has a quick ratio of 0.97, a current ratio of 1.94 and a debt-to-equity ratio of 0.30. Hormel Foods Corporation has a 52 week low of $19.70 and a 52 week high of $31.54.

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

Hormel Foods Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, July 13th will be given a $0.2925 dividend. The ex-dividend date is Monday, July 13th. This represents a $1.17 annualized dividend and a yield of 4.7%. Hormel Foods’s payout ratio is 137.65%.

Analyst Ratings Changes

A number of research firms have weighed in on HRL. Stephens restated an “equal weight” rating and set a $25.00 price target on shares of Hormel Foods in a research report on Thursday. Weiss Ratings reiterated a “sell (d+)” rating on shares of Hormel Foods in a report on Tuesday, April 21st. JPMorgan Chase & Co. reissued a “neutral” rating and set a $23.00 price objective (down from $28.00) on shares of Hormel Foods in a report on Thursday, April 9th. The Goldman Sachs Group set a $25.00 target price on Hormel Foods in a research report on Thursday, May 21st. Finally, Bank of America upped their target price on Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 30th. Two 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $26.00.

Institutional Investors Weigh In On Hormel Foods

Several institutional investors have recently bought and sold shares of the stock. GoalVest Advisory LLC bought a new stake in Hormel Foods in the fourth quarter valued at approximately $25,000. MUFG Securities EMEA plc purchased a new position in Hormel Foods during the 2nd quarter valued at $26,000. Strive Financial Group LLC purchased a new stake in Hormel Foods in the fourth quarter worth about $27,000. Motiv8 Investments LLC bought a new stake in shares of Hormel Foods during the fourth quarter valued at approximately $28,000. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Hormel Foods by 354.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock valued at $31,000 after buying an additional 1,025 shares in the last quarter. 40.99% of the stock is currently owned by hedge funds and other institutional investors.

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.