Brokerages Set Hormel Foods Co. (NYSE:HRL) Price Target at $31.29

Shares of Hormel Foods Co. (NYSE:HRL) have been given a consensus rating of “Reduce” by the seven analysts that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $31.29.

A number of equities research analysts have recently weighed in on the stock. Stephens initiated coverage on shares of Hormel Foods in a report on Thursday, October 3rd. They set an “equal weight” rating and a $31.00 price objective on the stock. BNP Paribas started coverage on shares of Hormel Foods in a research note on Monday, October 21st. They set an “underperform” rating and a $28.00 price objective for the company. Finally, Citigroup dropped their price objective on shares of Hormel Foods from $36.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, November 19th.

Insider Activity

In other news, VP Steven J. Lykken sold 9,800 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $31.91, for a total transaction of $312,718.00. Following the completion of the transaction, the vice president now directly owns 30,589 shares of the company’s stock, valued at $976,094.99. This represents a 24.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kevin L. Myers sold 10,000 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $32.70, for a total value of $327,000.00. Following the transaction, the senior vice president now owns 39,050 shares in the company, valued at $1,276,935. This trade represents a 20.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,400 shares of company stock valued at $2,288,338 in the last three months. 0.69% of the stock is currently owned by corporate insiders.

Institutional Trading of Hormel Foods

A number of institutional investors and hedge funds have recently modified their holdings of HRL. EverSource Wealth Advisors LLC increased its holdings in shares of Hormel Foods by 688.3% in the first quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock valued at $26,000 after purchasing an additional 647 shares during the last quarter. Brooklyn Investment Group acquired a new position in shares of Hormel Foods in the third quarter valued at approximately $32,000. International Assets Investment Management LLC purchased a new stake in Hormel Foods during the 2nd quarter worth approximately $34,000. Central Valley Advisors LLC purchased a new stake in Hormel Foods during the 2nd quarter worth approximately $37,000. Finally, Prospera Private Wealth LLC acquired a new stake in Hormel Foods during the 3rd quarter worth approximately $39,000. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Hormel Foods Price Performance

Shares of HRL stock opened at $30.67 on Thursday. Hormel Foods has a 1-year low of $28.51 and a 1-year high of $36.86. The company has a market cap of $16.82 billion, a P/E ratio of 21.60, a PEG ratio of 3.23 and a beta of 0.26. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.29 and a quick ratio of 1.03. The stock’s 50-day moving average is $31.05 and its 200 day moving average is $31.74.

Hormel Foods (NYSE:HRL) last announced its earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.01. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The firm had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same period in the previous year, the business earned $0.40 EPS. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. Research analysts predict that Hormel Foods will post 1.58 earnings per share for the current fiscal year.

Hormel Foods Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th were given a $0.282 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $1.13 annualized dividend and a yield of 3.68%. Hormel Foods’s dividend payout ratio is presently 79.58%.

Hormel Foods Company Profile

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.