OppenheimerFunds Inc. lowered its stake in Hormel Foods Corp (NYSE:HRL) by 36.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 25,259 shares of the company’s stock after selling 14,456 shares during the period. OppenheimerFunds Inc.’s holdings in Hormel Foods were worth $867,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Ceredex Value Advisors LLC purchased a new position in Hormel Foods during the 1st quarter worth approximately $60,964,000. WBI Investments Inc. purchased a new position in Hormel Foods during the 1st quarter worth approximately $27,077,000. Schwab Charles Investment Management Inc. grew its position in Hormel Foods by 77.0% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,669,639 shares of the company’s stock worth $57,303,000 after purchasing an additional 726,269 shares in the last quarter. Victory Capital Management Inc. grew its position in Hormel Foods by 25.7% during the 1st quarter. Victory Capital Management Inc. now owns 3,043,487 shares of the company’s stock worth $104,452,000 after purchasing an additional 621,518 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. purchased a new position in Hormel Foods during the 4th quarter worth approximately $20,735,000. 40.57% of the stock is currently owned by institutional investors.
Hormel Foods stock opened at $36.27 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.73 and a current ratio of 1.61. Hormel Foods Corp has a 12 month low of $29.75 and a 12 month high of $38.00. The firm has a market cap of $18.92 billion, a PE ratio of 21.88, a P/E/G ratio of 2.16 and a beta of 0.44.
Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Thursday, May 24th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.01). Hormel Foods had a net margin of 10.05% and a return on equity of 17.44%. The company had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.37 billion. During the same quarter in the prior year, the firm earned $0.39 earnings per share. The company’s revenue was up 6.6% on a year-over-year basis. equities analysts expect that Hormel Foods Corp will post 1.77 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 15th. Investors of record on Monday, July 16th will be paid a $0.1875 dividend. This represents a $0.75 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Friday, July 13th. Hormel Foods’s payout ratio is presently 47.77%.
In related news, Director Elsa A. Murano sold 5,992 shares of Hormel Foods stock in a transaction on Wednesday, April 11th. The shares were sold at an average price of $35.50, for a total value of $212,716.00. Following the completion of the sale, the director now owns 82,565 shares of the company’s stock, valued at approximately $2,931,057.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Larry L. Vorpahl sold 180,000 shares of Hormel Foods stock in a transaction on Tuesday, April 3rd. The shares were sold at an average price of $34.21, for a total transaction of $6,157,800.00. Following the completion of the sale, the insider now directly owns 282,956 shares of the company’s stock, valued at approximately $9,679,924.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 325,507 shares of company stock valued at $11,419,498. 3.54% of the stock is owned by company insiders.
HRL has been the topic of several research analyst reports. Zacks Investment Research cut shares of Hormel Foods from a “buy” rating to a “hold” rating in a research report on Tuesday, April 17th. Barclays reiterated a “buy” rating and set a $38.00 price objective (down from $40.00) on shares of Hormel Foods in a research report on Friday, February 23rd. Credit Suisse Group reiterated a “neutral” rating on shares of Hormel Foods in a research report on Sunday, February 25th. Piper Jaffray Companies reiterated a “buy” rating and set a $39.00 price objective on shares of Hormel Foods in a research report on Tuesday, February 27th. Finally, Buckingham Research lowered their price objective on shares of Hormel Foods from $34.00 to $32.00 and set a “neutral” rating on the stock in a research report on Friday, May 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $36.00.
About Hormel Foods
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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