PNC Financial Services Group Inc. Boosts Stock Position in Hormel Foods Corporation $HRL

PNC Financial Services Group Inc. lifted its holdings in shares of Hormel Foods Corporation (NYSE:HRL) by 56.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 72,503 shares of the company’s stock after buying an additional 26,077 shares during the period. PNC Financial Services Group Inc.’s holdings in Hormel Foods were worth $1,718,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. GoalVest Advisory LLC acquired a new stake in shares of Hormel Foods during the fourth quarter worth about $25,000. MUFG Securities EMEA plc acquired a new stake in shares of Hormel Foods during the second quarter worth about $26,000. Federated Hermes Inc. acquired a new stake in shares of Hormel Foods during the third quarter worth about $31,000. Brown Brothers Harriman & Co. boosted its stake in shares of Hormel Foods by 514.6% during the third quarter. Brown Brothers Harriman & Co. now owns 1,512 shares of the company’s stock worth $37,000 after buying an additional 1,266 shares during the period. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of Hormel Foods during the third quarter worth about $64,000. Institutional investors and hedge funds own 40.99% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of Hormel Foods in a research note on Tuesday, April 21st. The Goldman Sachs Group set a $25.00 price objective on shares of Hormel Foods in a research report on Thursday, May 21st. Stephens set a $22.00 price objective on shares of Hormel Foods and gave the company an “equal weight” rating in a research report on Thursday, May 21st. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $23.00 price objective (down from $28.00) on shares of Hormel Foods in a research report on Thursday, April 9th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $25.33.

Hormel Foods Stock Up 0.5%

HRL stock opened at $21.00 on Thursday. The stock has a market capitalization of $11.56 billion, a P/E ratio of 23.60, a PEG ratio of 2.87 and a beta of 0.33. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.37 and a current ratio of 2.66. Hormel Foods Corporation has a one year low of $19.70 and a one year high of $31.86. The company has a 50 day moving average price of $21.39 and a two-hundred day moving average price of $22.96.

Hormel Foods (NYSE:HRL) last released its earnings results on Thursday, February 26th. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.32 by $0.02. The firm had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Hormel Foods had a net margin of 4.03% and a return on equity of 9.38%. Hormel Foods’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.35 EPS. As a group, sell-side analysts expect that Hormel Foods Corporation will post 1.41 EPS for the current year.

Hormel Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, July 13th will be paid a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 5.6%. The ex-dividend date of this dividend is Monday, July 13th. Hormel Foods’s payout ratio is presently 131.46%.

Hormel Foods Company Profile

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.