Corebridge Financial Inc. Cuts Stake in Hormel Foods Co. (NYSE:HRL)

Corebridge Financial Inc. decreased its position in Hormel Foods Co. (NYSE:HRL) by 4.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,134 shares of the company’s stock after selling 3,336 shares during the period. Corebridge Financial Inc.’s holdings in Hormel Foods were worth $2,326,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of HRL. Crews Bank & Trust bought a new position in shares of Hormel Foods in the fourth quarter worth approximately $25,000. Fairway Wealth LLC bought a new position in Hormel Foods in the 4th quarter valued at approximately $44,000. Capital Advisors Ltd. LLC boosted its stake in Hormel Foods by 86.9% during the 4th quarter. Capital Advisors Ltd. LLC now owns 1,484 shares of the company’s stock valued at $47,000 after purchasing an additional 690 shares during the last quarter. Lindbrook Capital LLC increased its holdings in shares of Hormel Foods by 91.8% in the 4th quarter. Lindbrook Capital LLC now owns 1,523 shares of the company’s stock worth $48,000 after purchasing an additional 729 shares in the last quarter. Finally, McIlrath & Eck LLC raised its stake in shares of Hormel Foods by 47.5% in the third quarter. McIlrath & Eck LLC now owns 1,981 shares of the company’s stock worth $63,000 after purchasing an additional 638 shares during the last quarter. 40.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on HRL. Barclays upgraded Hormel Foods from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 22nd. Stephens reiterated an “equal weight” rating and issued a $31.00 price target on shares of Hormel Foods in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $31.80.

Hormel Foods Stock Down 0.6 %

Hormel Foods stock opened at $30.76 on Wednesday. The stock has a market cap of $16.91 billion, a PE ratio of 21.07, a price-to-earnings-growth ratio of 2.73 and a beta of 0.21. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.19 and a current ratio of 2.32. The stock has a fifty day moving average of $29.54 and a 200 day moving average of $30.65. Hormel Foods Co. has a one year low of $27.59 and a one year high of $36.86.

Hormel Foods Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, April 14th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date is Monday, April 14th. Hormel Foods’s payout ratio is 84.67%.

Insider Activity at Hormel Foods

In other news, Director Elsa A. Murano sold 4,500 shares of Hormel Foods stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $30.40, for a total transaction of $136,800.00. Following the transaction, the director now owns 95,488 shares in the company, valued at $2,902,835.20. This trade represents a 4.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.72% of the stock is currently owned by company insiders.

About Hormel Foods

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.