Hormel Foods Co. (NYSE:HRL) Stake Boosted by California Public Employees Retirement System

California Public Employees Retirement System increased its position in shares of Hormel Foods Co. (NYSE:HRL) by 4.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,775,780 shares of the company’s stock after purchasing an additional 81,970 shares during the quarter. California Public Employees Retirement System owned 0.32% of Hormel Foods worth $57,020,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Janiczek Wealth Management LLC increased its position in Hormel Foods by 100.5% in the fourth quarter. Janiczek Wealth Management LLC now owns 2,061 shares of the company’s stock worth $66,000 after buying an additional 1,033 shares during the period. Federated Hermes Inc. increased its position in Hormel Foods by 21.1% in the fourth quarter. Federated Hermes Inc. now owns 2,069 shares of the company’s stock worth $66,000 after buying an additional 361 shares during the period. Sound Income Strategies LLC increased its position in Hormel Foods by 516.5% in the fourth quarter. Sound Income Strategies LLC now owns 2,546 shares of the company’s stock worth $82,000 after buying an additional 2,133 shares during the period. RIA Advisory Group LLC acquired a new stake in Hormel Foods in the fourth quarter worth $86,000. Finally, Covestor Ltd increased its position in Hormel Foods by 23.7% in the third quarter. Covestor Ltd now owns 2,927 shares of the company’s stock worth $111,000 after buying an additional 561 shares during the period. 40.99% of the stock is owned by institutional investors and hedge funds.

Hormel Foods Trading Down 0.9 %

NYSE:HRL opened at $35.27 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.49 and a debt-to-equity ratio of 0.30. Hormel Foods Co. has a 1-year low of $28.51 and a 1-year high of $41.73. The firm has a market capitalization of $19.32 billion, a price-to-earnings ratio of 24.16, a price-to-earnings-growth ratio of 3.43 and a beta of 0.27. The stock has a fifty day simple moving average of $33.71 and a 200 day simple moving average of $32.41.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings data on Thursday, February 29th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.07. Hormel Foods had a return on equity of 11.51% and a net margin of 6.55%. The firm had revenue of $3 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same period last year, the company posted $0.40 EPS. The business’s quarterly revenue was up .9% compared to the same quarter last year. Sell-side analysts forecast that Hormel Foods Co. will post 1.59 earnings per share for the current year.

Hormel Foods Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, March 25th will be issued a dividend of $0.2825 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $1.13 annualized dividend and a dividend yield of 3.20%. Hormel Foods’s dividend payout ratio is 77.40%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Piper Sandler increased their target price on Hormel Foods from $31.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, January 12th. The Goldman Sachs Group raised their price target on Hormel Foods from $26.00 to $28.00 and gave the company a “sell” rating in a report on Friday, March 1st. Barclays raised their price target on Hormel Foods from $33.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, March 1st. Citigroup assumed coverage on Hormel Foods in a report on Thursday, February 1st. They set a “neutral” rating and a $31.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their price target on Hormel Foods from $27.00 to $28.00 and gave the company an “underweight” rating in a report on Friday, March 1st. Two research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat.com, Hormel Foods presently has an average rating of “Hold” and a consensus price target of $31.00.

Insider Activity

In other news, SVP Kevin L. Myers sold 10,000 shares of Hormel Foods stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $34.95, for a total transaction of $349,500.00. Following the completion of the sale, the senior vice president now directly owns 38,708 shares in the company, valued at approximately $1,352,844.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, VP Mark A. Coffey sold 15,400 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $35.00, for a total value of $539,000.00. Following the transaction, the vice president now directly owns 68,029 shares of the company’s stock, valued at approximately $2,381,015. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kevin L. Myers sold 10,000 shares of Hormel Foods stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $34.95, for a total value of $349,500.00. Following the completion of the transaction, the senior vice president now directly owns 38,708 shares in the company, valued at $1,352,844.60. The disclosure for this sale can be found here. Insiders sold a total of 40,800 shares of company stock worth $1,414,872 in the last three months. 0.69% of the stock is owned by insiders.

Hormel Foods Profile

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.