Hormel Foods Corp (HRL) Director Sells $205,613.84 in Stock

Hormel Foods Corp (NYSE:HRL) Director Susan K. Nestegard sold 4,517 shares of the firm’s stock in a transaction on Tuesday, December 4th. The shares were sold at an average price of $45.52, for a total value of $205,613.84. Following the transaction, the director now directly owns 84,903 shares of the company’s stock, valued at approximately $3,864,784.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Shares of NYSE:HRL traded up $0.02 on Thursday, hitting $44.93. 446,434 shares of the company traded hands, compared to its average volume of 3,340,876. Hormel Foods Corp has a 52 week low of $31.71 and a 52 week high of $46.26. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.80 and a quick ratio of 0.95. The company has a market capitalization of $23.94 billion, a PE ratio of 23.77, a PEG ratio of 2.94 and a beta of 0.13.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Tuesday, November 20th. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.02. Hormel Foods had a return on equity of 18.01% and a net margin of 10.60%. The firm had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.57 billion. During the same period last year, the company earned $0.41 earnings per share. The company’s revenue was up 1.3% on a year-over-year basis. On average, sell-side analysts anticipate that Hormel Foods Corp will post 1.84 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Monday, January 14th will be issued a dividend of $0.21 per share. The ex-dividend date is Friday, January 11th. This is an increase from Hormel Foods’s previous quarterly dividend of $0.19. This represents a $0.84 annualized dividend and a dividend yield of 1.87%. Hormel Foods’s dividend payout ratio (DPR) is presently 39.68%.

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Hormel Foods by 1.3% during the third quarter. Vanguard Group Inc. now owns 32,167,606 shares of the company’s stock valued at $1,267,403,000 after acquiring an additional 410,107 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Hormel Foods by 3.8% during the third quarter. Legal & General Group Plc now owns 1,425,942 shares of the company’s stock valued at $56,182,000 after acquiring an additional 51,924 shares in the last quarter. Standard Life Aberdeen plc increased its holdings in shares of Hormel Foods by 15.6% during the third quarter. Standard Life Aberdeen plc now owns 83,910 shares of the company’s stock valued at $3,306,000 after acquiring an additional 11,339 shares in the last quarter. B. Riley Wealth Management Inc. bought a new position in shares of Hormel Foods during the third quarter valued at $423,000. Finally, Kentucky Retirement Systems bought a new position in shares of Hormel Foods during the third quarter valued at $502,000. Hedge funds and other institutional investors own 42.28% of the company’s stock.

Several brokerages have commented on HRL. Credit Suisse Group set a $39.00 price objective on Hormel Foods and gave the company a “hold” rating in a research report on Wednesday, November 21st. BMO Capital Markets lowered Hormel Foods from an “outperform” rating to a “market perform” rating and raised their price objective for the company from $38.00 to $44.00 in a research report on Monday, September 17th. They noted that the move was a valuation call. Zacks Investment Research raised Hormel Foods from a “sell” rating to a “hold” rating in a research report on Tuesday, August 21st. Buckingham Research raised their price objective on Hormel Foods from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Thursday, August 16th. Finally, ValuEngine raised Hormel Foods from a “hold” rating to a “buy” rating in a research report on Thursday, September 6th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. Hormel Foods currently has an average rating of “Hold” and a consensus target price of $40.56.

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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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