Cibc World Market Inc. Acquires Shares of 136,678 Hormel Foods Corporation $HRL

Cibc World Market Inc. bought a new stake in shares of Hormel Foods Corporation (NYSE:HRL) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 136,678 shares of the company’s stock, valued at approximately $3,392,000.

Several other hedge funds have also bought and sold shares of the business. MUFG Securities EMEA plc bought a new stake in Hormel Foods in the second quarter worth $26,000. Strive Financial Group LLC purchased a new stake in Hormel Foods in the fourth quarter worth approximately $27,000. Motiv8 Investments LLC bought a new stake in shares of Hormel Foods in the fourth quarter worth $28,000. Parkside Financial Bank & Trust grew its stake in shares of Hormel Foods by 354.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock valued at $31,000 after purchasing an additional 1,025 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Hormel Foods by 57.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,455 shares of the company’s stock worth $33,000 after purchasing an additional 531 shares during the period. Institutional investors own 40.99% of the company’s stock.

Hormel Foods Price Performance

Shares of Hormel Foods stock opened at $23.69 on Thursday. The stock has a market cap of $13.04 billion, a price-to-earnings ratio of 27.87, a price-to-earnings-growth ratio of 2.74 and a beta of 0.34. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.97 and a current ratio of 1.94. The stock has a 50 day moving average price of $24.87 and a 200-day moving average price of $23.41. Hormel Foods Corporation has a one year low of $19.70 and a one year high of $29.10.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.05. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.96 billion. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.Hormel Foods’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.35 EPS. Equities analysts expect that Hormel Foods Corporation will post 1.5 EPS for the current year.

Insiders Place Their Bets

In other news, Director Gary C. Bhojwani sold 20,200 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total value of $495,102.00. Following the completion of the sale, the director owned 32,002 shares in the company, valued at approximately $784,369.02. This trade represents a 38.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.58% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Bank of America boosted their price target on Hormel Foods from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Weiss Ratings upgraded shares of Hormel Foods from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, August 12th. BNP Paribas Exane upped their price objective on Hormel Foods from $26.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. increased their target price on Hormel Foods from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Friday, August 14th. Finally, The Goldman Sachs Group set a $25.00 target price on shares of Hormel Foods in a report on Thursday, May 21st. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Hormel Foods currently has an average rating of “Hold” and an average price target of $26.57.

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.