Hormel Foods (NYSE:HRL) Issues FY 2022 Earnings Guidance

Hormel Foods (NYSE:HRLGet Rating) updated its FY 2022 earnings guidance on Thursday. The company provided EPS guidance of $1.78-$1.85 for the period, compared to the consensus EPS estimate of $1.88. The company issued revenue guidance of $12.20 billion-$12.80 billion, compared to the consensus revenue estimate of $12.45 billion.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Stephens decreased their price objective on Hormel Foods to $52.00 in a research report on Tuesday, September 6th. Piper Sandler reduced their price target on Hormel Foods from $48.00 to $47.00 and set a neutral rating on the stock in a research report on Friday, September 2nd. Credit Suisse Group dropped their price objective on Hormel Foods to $44.00 in a research note on Friday, June 3rd. Finally, Argus dropped their price objective on Hormel Foods from $54.00 to $53.00 and set a buy rating on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $48.00.

Hormel Foods Price Performance

Shares of NYSE HRL opened at $47.05 on Friday. The stock has a market capitalization of $25.70 billion, a price-to-earnings ratio of 25.71, a PEG ratio of 3.52 and a beta of 0.12. The business has a 50-day moving average of $48.56 and a 200-day moving average of $49.31. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.40 and a quick ratio of 1.21. Hormel Foods has a fifty-two week low of $40.48 and a fifty-two week high of $55.11.

Hormel Foods (NYSE:HRLGet Rating) last announced its quarterly earnings data on Thursday, September 1st. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.01). The company had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $3 billion. Hormel Foods had a net margin of 7.93% and a return on equity of 13.92%. Hormel Foods’s revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.39 EPS. As a group, sell-side analysts predict that Hormel Foods will post 1.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Kevin L. Myers sold 5,000 shares of Hormel Foods stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $47.20, for a total transaction of $236,000.00. Following the completion of the transaction, the senior vice president now owns 32,954 shares in the company, valued at $1,555,428.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.78% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hormel Foods

Hedge funds and other institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC boosted its holdings in shares of Hormel Foods by 58.1% during the first quarter. Renaissance Technologies LLC now owns 2,764,663 shares of the company’s stock worth $142,491,000 after acquiring an additional 1,016,300 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Hormel Foods by 1.7% during the first quarter. Vanguard Group Inc. now owns 33,500,871 shares of the company’s stock worth $1,726,636,000 after acquiring an additional 547,495 shares during the period. National Pension Service bought a new stake in shares of Hormel Foods during the first quarter worth approximately $24,181,000. Bridgewater Associates LP boosted its holdings in shares of Hormel Foods by 39.6% during the first quarter. Bridgewater Associates LP now owns 873,384 shares of the company’s stock worth $45,014,000 after acquiring an additional 247,605 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its holdings in shares of Hormel Foods by 118.4% during the first quarter. BNP Paribas Arbitrage SA now owns 411,451 shares of the company’s stock worth $21,206,000 after acquiring an additional 223,037 shares during the period. Institutional investors own 39.95% of the company’s stock.

Hormel Foods Company Profile

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Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.

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Earnings History and Estimates for Hormel Foods (NYSE:HRL)

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