Linscomb Wealth Inc. Has $529,000 Holdings in Hormel Foods Corporation (NYSE:HRL)

Linscomb Wealth Inc. lessened its holdings in shares of Hormel Foods Corporation (NYSE:HRL) by 10.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,111 shares of the company’s stock after selling 2,000 shares during the period. Linscomb Wealth Inc.’s holdings in Hormel Foods were worth $529,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of HRL. MJT & Associates Financial Advisory Group Inc. acquired a new position in shares of Hormel Foods during the first quarter worth $37,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Hormel Foods in the first quarter valued at $38,000. Riverview Trust Co lifted its holdings in Hormel Foods by 183.8% in the first quarter. Riverview Trust Co now owns 1,572 shares of the company’s stock valued at $49,000 after buying an additional 1,018 shares during the period. Canada Post Corp Registered Pension Plan acquired a new position in Hormel Foods in the fourth quarter valued at $52,000. Finally, YANKCOM Partnership lifted its holdings in Hormel Foods by 18.5% in the first quarter. YANKCOM Partnership now owns 3,081 shares of the company’s stock valued at $95,000 after buying an additional 480 shares during the period. Institutional investors and hedge funds own 40.99% of the company’s stock.

Hormel Foods Trading Up 0.3%

HRL opened at $28.58 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.47 and a quick ratio of 1.17. Hormel Foods Corporation has a fifty-two week low of $27.59 and a fifty-two week high of $33.80. The firm has a market capitalization of $15.71 billion, a PE ratio of 21.01, a P/E/G ratio of 3.24 and a beta of 0.31. The company’s 50-day moving average is $29.90 and its 200 day moving average is $29.77.

Hormel Foods (NYSE:HRL) last posted its earnings results on Thursday, May 29th. The company reported $0.35 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.35. Hormel Foods had a net margin of 6.27% and a return on equity of 10.20%. The company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same quarter in the prior year, the business posted $0.38 EPS. The firm’s revenue was up .3% compared to the same quarter last year. As a group, research analysts predict that Hormel Foods Corporation will post 1.65 earnings per share for the current fiscal year.

Hormel Foods Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, July 14th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Monday, July 14th. Hormel Foods’s dividend payout ratio is currently 85.29%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on HRL shares. Bank of America upgraded shares of Hormel Foods from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $29.00 to $35.00 in a report on Tuesday, April 15th. The Goldman Sachs Group started coverage on shares of Hormel Foods in a report on Monday, June 23rd. They issued a “buy” rating and a $35.00 target price on the stock. BNP Paribas upgraded shares of Hormel Foods from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 27th. BNP Paribas Exane upgraded shares of Hormel Foods from an “underperform” rating to a “neutral” rating and set a $30.00 price objective on the stock in a report on Tuesday, May 27th. Finally, Stephens reissued an “equal weight” rating and set a $31.00 price objective on shares of Hormel Foods in a research report on Thursday, May 22nd. Four analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Hormel Foods presently has a consensus rating of “Moderate Buy” and an average price target of $32.86.

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.