Hormel Foods Corp. (NYSE:HRL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm currently has a $40.00 target price on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.42% from the company’s current price.

According to Zacks, “Hormel Foods is strategically improving its sales and margins on the back of greater innovation, a balanced product portfolio, improved operational efficacy and meaningful business acquisitions. Also, higher demand for major brands such as Muscle Milk Protein products and Skippy & Spam products is expected to augment the company's near-term sales. Hormel Foods has reaffirmed to generate adjusted earnings within the range of $1.60-$1.64 per share for fiscal 2016. Notably, the company anticipates generating 5% revenue growth and 10% earnings growth in the upcoming years, with support of these bullish factors. Over the last 60 days, Zacks Consensus Estimate for the company has been revised upward for fiscal 2017.”

A number of other research analysts have also commented on HRL. Jefferies Group boosted their price target on shares of Hormel Foods Corp. from $34.00 to $38.00 and gave the company a “hold” rating in a research report on Wednesday, July 27th. Deutsche Bank AG reiterated a “hold” rating and issued a $38.00 target price on shares of Hormel Foods Corp. in a research report on Tuesday, August 16th. BMO Capital Markets upgraded shares of Hormel Foods Corp. from a “market perform” rating to an “outperform” rating and set a $44.00 target price for the company in a research report on Friday, August 19th. Credit Suisse Group AG upgraded shares of Hormel Foods Corp. from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $38.00 to $43.00 in a research report on Monday, August 22nd. Finally, Edward Jones upgraded shares of Hormel Foods Corp. from a “hold” rating to a “buy” rating in a research report on Wednesday, August 24th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $40.33.

Analyst Recommendations for Hormel Foods Corp. (NYSE:HRL)

Shares of Hormel Foods Corp. (NYSE:HRL) traded down 2.16% during mid-day trading on Monday, reaching $34.81. The company’s stock had a trading volume of 3,478,701 shares. The company’s 50-day moving average is $37.29 and its 200 day moving average is $36.83. Hormel Foods Corp. has a 12 month low of $33.70 and a 12 month high of $45.72. The firm has a market cap of $18.42 billion, a price-to-earnings ratio of 22.60 and a beta of 0.52.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 15th. Shareholders of record on Monday, October 24th were paid a $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 1.63%. The ex-dividend date was Thursday, October 20th. Hormel Foods Corp.’s dividend payout ratio is presently 37.79%.

In other Hormel Foods Corp. news, insider Steven G. Binder sold 12,000 shares of the business’s stock in a transaction on Thursday, October 13th. The shares were sold at an average price of $37.98, for a total value of $455,760.00. Following the completion of the sale, the insider now directly owns 41,622 shares of the company’s stock, valued at $1,580,803.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Brian Dean Johnson sold 3,500 shares of the business’s stock in a transaction on Tuesday, September 27th. The stock was sold at an average price of $38.00, for a total transaction of $133,000.00. Following the completion of the sale, the vice president now directly owns 26,119 shares of the company’s stock, valued at $992,522. The disclosure for this sale can be found here. 3.54% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of HRL. Nuveen Asset Management LLC increased its stake in Hormel Foods Corp. by 115.2% in the first quarter. Nuveen Asset Management LLC now owns 19,336 shares of the company’s stock valued at $836,000 after buying an additional 10,351 shares in the last quarter. Legal & General Group Plc increased its position in shares of Hormel Foods Corp. by 89.5% in the first quarter. Legal & General Group Plc now owns 1,160,357 shares of the company’s stock valued at $50,177,000 after buying an additional 548,017 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Hormel Foods Corp. by 147.3% in the first quarter. Envestnet Asset Management Inc. now owns 42,639 shares of the company’s stock valued at $1,844,000 after buying an additional 25,394 shares during the period. A.R.T. Advisors LLC increased its position in shares of Hormel Foods Corp. by 116.2% in the first quarter. A.R.T. Advisors LLC now owns 46,732 shares of the company’s stock valued at $2,020,000 after buying an additional 25,116 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its position in shares of Hormel Foods Corp. by 97.6% in the first quarter. Metropolitan Life Insurance Co. NY now owns 153,083 shares of the company’s stock valued at $6,619,000 after buying an additional 75,622 shares during the period. 34.56% of the stock is owned by institutional investors and hedge funds.

Hormel Foods Corp. Company Profile

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