New Mexico Educational Retirement Board lessened its holdings in Hormel Foods Corp (NYSE:HRL) by 16.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,446 shares of the company’s stock after selling 3,550 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Hormel Foods were worth $814,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Bessemer Group Inc. grew its position in shares of Hormel Foods by 73.2% during the 1st quarter. Bessemer Group Inc. now owns 634 shares of the company’s stock worth $30,000 after buying an additional 268 shares in the last quarter. Royal Fund Management LLC bought a new position in shares of Hormel Foods during the 1st quarter worth $31,000. Parkside Financial Bank & Trust grew its position in shares of Hormel Foods by 248.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 701 shares of the company’s stock worth $32,000 after buying an additional 500 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Hormel Foods during the 1st quarter worth $38,000. Finally, Prestige Wealth Management Group LLC grew its position in shares of Hormel Foods by 916.5% during the 1st quarter. Prestige Wealth Management Group LLC now owns 864 shares of the company’s stock worth $40,000 after buying an additional 779 shares in the last quarter. 43.03% of the stock is currently owned by institutional investors.

Shares of HRL stock opened at $48.34 on Tuesday. Hormel Foods Corp has a 1-year low of $39.01 and a 1-year high of $51.53. The stock’s 50-day moving average is $47.81 and its 200 day moving average is $46.45. The company has a market cap of $25.98 billion, a P/E ratio of 28.27, a PEG ratio of 3.88 and a beta of -0.05. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.70 and a quick ratio of 0.91.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings data on Thursday, May 21st. The company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). Hormel Foods had a net margin of 9.64% and a return on equity of 15.38%. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the previous year, the business earned $0.46 EPS. Hormel Foods’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, analysts anticipate that Hormel Foods Corp will post 1.66 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, July 13th will be paid a $0.2325 dividend. This represents a $0.93 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Friday, July 10th. Hormel Foods’s dividend payout ratio (DPR) is presently 53.45%.

In other Hormel Foods news, EVP Thomas R. Day sold 13,787 shares of the stock in a transaction dated Friday, April 3rd. The stock was sold at an average price of $48.50, for a total value of $668,669.50. Following the completion of the sale, the executive vice president now directly owns 46,643 shares in the company, valued at $2,262,185.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Elsa A. Murano sold 5,300 shares of the 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 sale, the director now owns 94,621 shares of the company’s stock, valued at $4,618,451.01. The disclosure for this sale can be found here. Over the last quarter, insiders sold 165,708 shares of company stock valued at $7,962,315. 1.15% of the stock is currently owned by company insiders.

HRL has been the topic of a number of recent research reports. Goldman Sachs Group raised Hormel Foods from a “sell” rating to a “neutral” rating and increased their price target for the stock from $35.00 to $45.00 in a research report on Thursday, March 26th. Barclays increased their price target on Hormel Foods from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 31st. Cfra increased their price target on Hormel Foods from $38.00 to $45.00 and gave the stock a “hold” rating in a research report on Thursday, May 21st. Finally, Piper Sandler downgraded Hormel Foods from an “overweight” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a research report on Tuesday, April 28th. One research analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company. The stock has an average rating of “Hold” and a consensus price target of $44.38.

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, 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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Institutional Ownership by Quarter for Hormel Foods (NYSE:HRL)

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