Hormel Foods Corporation $HRL Shares Bought by Hsbc Holdings PLC

Hsbc Holdings PLC raised its position in shares of Hormel Foods Corporation (NYSE:HRL) by 57.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,035,577 shares of the company’s stock after buying an additional 376,274 shares during the period. Hsbc Holdings PLC’s holdings in Hormel Foods were worth $24,574,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analysts Set New Price Targets

HRL has been the topic of several research reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Hormel Foods in a research report on Tuesday, April 21st. The Goldman Sachs Group set a $25.00 target price on shares of Hormel Foods in a report on Thursday, May 21st. Stephens raised their price target 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. Bank of America boosted their price target on shares of Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 30th. Finally, JPMorgan Chase & Co. reaffirmed 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. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $26.00.

Hormel Foods Stock Performance

Shares of HRL opened at $24.24 on Tuesday. Hormel Foods Corporation has a 1 year low of $19.70 and a 1 year high of $31.86. The stock has a market capitalization of $13.34 billion, a PE ratio of 28.52, a PEG ratio of 2.87 and a beta of 0.34. 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 stock has a 50-day simple moving average of $22.76 and a 200-day simple moving average of $23.22.

Hormel Foods (NYSE:HRL) last released its earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates 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 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 period in the prior year, the firm earned $0.35 earnings per share. On average, analysts predict that Hormel Foods Corporation will post 1.5 earnings per share for the current fiscal year.

Hormel Foods Announces Dividend

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