Tandem Investment Advisors Inc. grew its holdings in Hormel Foods Corp (NYSE:HRL) by 7.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 205,630 shares of the company’s stock after purchasing an additional 13,406 shares during the quarter. Tandem Investment Advisors Inc.’s holdings in Hormel Foods were worth $9,926,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Larson Financial Group LLC raised its stake in Hormel Foods by 1,524.2% during the second quarter. Larson Financial Group LLC now owns 536 shares of the company’s stock worth $26,000 after purchasing an additional 503 shares during the period. San Francisco Sentry Investment Group CA raised its stake in Hormel Foods by 212.5% during the second quarter. San Francisco Sentry Investment Group CA now owns 625 shares of the company’s stock worth $30,000 after purchasing an additional 425 shares during the period. Bessemer Group Inc. raised its stake in Hormel Foods by 73.2% during the first quarter. Bessemer Group Inc. now owns 634 shares of the company’s stock worth $30,000 after purchasing an additional 268 shares during the period. Royal Fund Management LLC purchased a new position in Hormel Foods during the first quarter worth approximately $31,000. Finally, Parkside Financial Bank & Trust raised its stake in Hormel Foods by 248.8% during the first quarter. Parkside Financial Bank & Trust now owns 701 shares of the company’s stock worth $32,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 42.92% of the company’s stock.
In other news, Director Elsa A. Murano sold 5,300 shares of Hormel Foods stock in a transaction dated Friday, June 19th. The shares were sold at an average price of $48.81, for a total value of $258,693.00. Following the completion of the transaction, the director now directly owns 94,621 shares of the company’s stock, valued at approximately $4,618,451.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Susan K. Nestegard sold 3,445 shares of Hormel Foods stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $48.21, for a total transaction of $166,083.45. Following the completion of the transaction, the director now directly owns 107,022 shares of the company’s stock, valued at $5,159,530.62. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,541 shares of company stock valued at $4,836,011. 1.15% of the stock is owned by company insiders.
Hormel Foods (NYSE:HRL) last announced its quarterly earnings data on Thursday, May 21st. The company reported $0.42 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.01). The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.40 billion. Hormel Foods had a return on equity of 15.38% and a net margin of 9.64%. Hormel Foods’s revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.46 earnings per share. On average, research analysts predict that Hormel Foods Corp will post 1.66 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, July 13th will be issued a dividend of $0.2325 per share. This represents a $0.93 annualized dividend and a yield of 1.83%. The ex-dividend date is Friday, July 10th. Hormel Foods’s dividend payout ratio is currently 53.45%.
A number of brokerages have recently commented on HRL. Piper Sandler downgraded shares of Hormel Foods from an “overweight” rating to a “neutral” rating and set a $47.00 target price on the stock. in a research note on Tuesday, April 28th. Argus began coverage on shares of Hormel Foods in a research note on Friday, July 17th. They issued a “buy” rating and a $56.00 target price on the stock. Finally, Cfra raised their target price on shares of Hormel Foods from $38.00 to $45.00 and gave the company a “hold” rating in a research note on Thursday, May 21st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $45.67.
Hormel Foods Profile
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, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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