The Manufacturers Life Insurance Company boosted its holdings in shares of Hormel Foods Corp (NYSE:HRL) by 13.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 307,667 shares of the company’s stock after purchasing an additional 37,258 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.06% of Hormel Foods worth $14,349,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Bessemer Group Inc. boosted its stake in Hormel Foods by 73.2% during the 1st quarter. Bessemer Group Inc. now owns 634 shares of the company’s stock valued at $30,000 after purchasing an additional 268 shares during the period. Royal Fund Management LLC bought a new stake in shares of Hormel Foods in the 1st quarter worth approximately $31,000. Parkside Financial Bank & Trust lifted its position in shares of Hormel Foods by 248.8% in the 1st quarter. Parkside Financial Bank & Trust now owns 701 shares of the company’s stock worth $32,000 after acquiring an additional 500 shares during the period. Harvest Fund Management Co. Ltd bought a new stake in shares of Hormel Foods in the 1st quarter worth approximately $38,000. Finally, Prestige Wealth Management Group LLC lifted its position in shares of Hormel Foods by 916.5% in the 1st quarter. Prestige Wealth Management Group LLC now owns 864 shares of the company’s stock worth $40,000 after acquiring an additional 779 shares during the period. Hedge funds and other institutional investors own 43.03% of the company’s stock.

A number of analysts have commented on the company. Goldman Sachs Group upgraded Hormel Foods from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $35.00 to $45.00 in a research report on Thursday, March 26th. Piper Sandler downgraded Hormel Foods from an “overweight” rating to a “neutral” rating and set a $47.00 price objective for the company. in a research report on Tuesday, April 28th. Cfra raised their price objective 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, Barclays raised their price objective 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. One equities research analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. Hormel Foods currently has an average rating of “Hold” and an average target price of $44.38.

Shares of HRL 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 company has a current ratio of 1.70, a quick ratio of 0.91 and a debt-to-equity ratio of 0.01. The stock has a 50 day simple moving average of $47.81 and a 200-day simple moving average of $46.45. The stock has a market cap of $25.98 billion, a PE ratio of 28.27, a PEG ratio of 3.88 and a beta of -0.05.

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

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

In related news, EVP Thomas R. Day sold 13,787 shares of the firm’s stock in a transaction on Friday, April 3rd. The stock was sold at an average price of $48.50, for a total transaction of $668,669.50. Following the completion of the sale, the executive vice president now directly owns 46,643 shares of the company’s stock, valued at approximately $2,262,185.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jana L. Haynes sold 18,550 shares of the firm’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $48.29, for a total value of $895,779.50. Following the sale, the vice president now directly owns 18,259 shares of the company’s stock, valued at $881,727.11. The disclosure for this sale can be found here. Insiders have sold a total of 165,708 shares of company stock valued at $7,962,315 over the last ninety days. Insiders own 1.15% of the company’s stock.

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

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