Hormel Foods Corp. (NYSE:HRL) was upgraded by equities researchers at Vetr from a “buy” rating to a “strong-buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $42.00 target price on the stock. Vetr‘s price target would suggest a potential upside of 13.21% from the stock’s current price.
A number of other brokerages also recently commented on HRL. Jefferies Group reissued a “hold” rating on shares of Hormel Foods Corp. in a research report on Wednesday, August 3rd. Oppenheimer Holdings Inc. initiated coverage on shares of Hormel Foods Corp. in a research report on Friday, September 16th. They issued a “market perform” rating and a $39.00 price objective for the company. Edward Jones raised shares of Hormel Foods Corp. from a “hold” rating to a “buy” rating in a research report on Wednesday, August 24th. Deutsche Bank AG reaffirmed a “hold” rating and set a $38.00 target price on shares of Hormel Foods Corp. in a report on Tuesday, August 16th. Finally, Zacks Investment Research upgraded shares of Hormel Foods Corp. from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research note on Tuesday, August 23rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $40.10.
Hormel Foods Corp. (NYSE:HRL) traded down 2.47% on Tuesday, reaching $37.10. 2,440,790 shares of the company traded hands. The firm has a market cap of $19.63 billion, a P/E ratio of 24.09 and a beta of 0.57. Hormel Foods Corp. has a 52-week low of $31.66 and a 52-week high of $45.72. The stock has a 50-day moving average price of $37.62 and a 200-day moving average price of $37.64.
Hormel Foods Corp. (NYSE:HRL) last announced its quarterly earnings data on Thursday, August 18th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. Hormel Foods Corp. had a net margin of 8.96% and a return on equity of 20.06%. The company earned $2.30 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter last year, the firm posted $0.28 EPS. The company’s quarterly revenue was up 5.2% on a year-over-year basis. Analysts anticipate that Hormel Foods Corp. will post $1.63 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Monday, October 24th will be issued a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Thursday, October 20th. Hormel Foods Corp.’s dividend payout ratio (DPR) is presently 37.79%.
In related news, VP Brian Dean Johnson sold 3,500 shares of Hormel Foods Corp. stock in a transaction that occurred on Tuesday, September 27th. The shares were sold at an average price of $38.00, for a total transaction of $133,000.00. Following the sale, the vice president now directly owns 26,119 shares of the company’s stock, valued at approximately $992,522. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.54% of the company’s stock.
Large investors have recently bought and sold shares of the company. Van ECK Associates Corp raised its stake in Hormel Foods Corp. by 32.8% in the second quarter. Van ECK Associates Corp now owns 2,734 shares of the company’s stock worth $100,000 after buying an additional 676 shares during the last quarter. Checchi Capital Advisers LLC raised its stake in Hormel Foods Corp. by 3.8% in the second quarter. Checchi Capital Advisers LLC now owns 2,762 shares of the company’s stock worth $101,000 after buying an additional 100 shares during the last quarter. Global X Management Co. LLC raised its stake in Hormel Foods Corp. by 192.9% in the second quarter. Global X Management Co. LLC now owns 2,794 shares of the company’s stock worth $102,000 after buying an additional 1,840 shares during the last quarter. Mizuho Asset Management Co. Ltd. raised its stake in Hormel Foods Corp. by 285.8% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,380 shares of the company’s stock worth $124,000 after buying an additional 2,504 shares during the last quarter. Finally, Huntington National Bank raised its stake in Hormel Foods Corp. by 40.0% in the second quarter. Huntington National Bank now owns 3,500 shares of the company’s stock worth $128,000 after buying an additional 1,000 shares during the last quarter. 34.10% of the stock is currently owned by hedge funds and other institutional investors.
About Hormel Foods Corp.
To view Vetr’s full report, visit Vetr’s official website.
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