Credit Suisse Group AG Reiterates $41.00 Price Target for Hormel Foods Corp. (HRL)
Hormel Foods Corp. (NYSE:HRL) has been assigned a $41.00 target price by research analysts at Credit Suisse Group AG in a research report issued to clients and investors on Wednesday. The brokerage currently has a “buy” rating on the stock. Credit Suisse Group AG’s price objective would suggest a potential upside of 14.33% from the company’s previous close.
The analysts wrote, “We are maintaining our FY 17 EPS estimate of $1.72. Our estimate for 10% EPS growth in FY 18 indicates our conviction that the benefit to Hormel’s value-added products from higher raw material availability (even if it comes from third parties) outweighs the negative from lower fresh pork margins as new industry capacity comes on-line.””
A number of other brokerages have also recently issued reports on HRL. 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 report on Tuesday, August 23rd. Edward Jones upgraded shares of Hormel Foods Corp. from a “hold” rating to a “buy” rating in a report on Wednesday, August 24th. Vetr cut shares of Hormel Foods Corp. from a “strong-buy” rating to a “buy” rating and set a $42.00 price objective for the company. in a report on Wednesday, September 28th. BMO Capital Markets upgraded shares of Hormel Foods Corp. from a “market perform” rating to an “outperform” rating and set a $44.00 price objective for the company in a report on Friday, August 19th. Finally, Jefferies Group restated a “hold” rating on shares of Hormel Foods Corp. in a report on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $40.25.
Hormel Foods Corp. (NYSE:HRL) traded up 1.79% during midday trading on Wednesday, reaching $35.86. 1,693,398 shares of the company’s stock were exchanged. Hormel Foods Corp. has a 1-year low of $33.70 and a 1-year high of $45.72. The stock has a market cap of $18.98 billion, a P/E ratio of 23.29 and a beta of 0.52. The firm’s 50-day moving average is $37.01 and its 200 day moving average is $36.72.
Hormel Foods Corp. (NYSE:HRL) last issued its quarterly earnings results on Tuesday, November 22nd. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.46 by $0.01. Hormel Foods Corp. had a return on equity of 20.56% and a net margin of 9.35%. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same quarter in the prior year, the firm earned $0.37 EPS. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. Equities analysts anticipate that Hormel Foods Corp. will post $1.69 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Tuesday, January 17th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date is Thursday, January 12th. This is a positive change from Hormel Foods Corp.’s previous quarterly dividend of $0.15. Hormel Foods Corp.’s payout ratio is currently 35.37%.
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In other news, VP Brian Dean Johnson sold 3,500 shares of the business’s stock in a transaction on Tuesday, September 27th. The shares were sold at an average price of $38.00, for a total value of $133,000.00. Following the sale, the vice president now owns 26,119 shares of the company’s stock, valued at $992,522. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Steven G. Binder sold 12,000 shares of the business’s stock in a transaction on Thursday, October 13th. The stock was sold at an average price of $37.98, for a total transaction of $455,760.00. Following the completion of the sale, the insider now directly owns 41,622 shares in the company, valued at approximately $1,580,803.56. The disclosure for this sale can be found here. 3.54% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in HRL. Van ECK Associates Corp raised its stake in shares of 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 in the last quarter. Checchi Capital Advisers LLC increased its position in shares of 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 increased its position in shares of 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. increased its position in shares of 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 increased its position in shares of 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. 34.56% of the stock is currently owned by institutional investors and hedge funds.
Hormel Foods Corp. Company Profile
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