New York Life Investment Management LLC Has $2.17 Million Holdings in Hormel Foods Co. (NYSE:HRL)

New York Life Investment Management LLC raised its position in Hormel Foods Co. (NYSE:HRLFree Report) by 5.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 57,152 shares of the company’s stock after purchasing an additional 2,905 shares during the period. New York Life Investment Management LLC’s holdings in Hormel Foods were worth $2,173,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of HRL. Financial Counselors Inc. increased its position in shares of Hormel Foods by 1.1% during the third quarter. Financial Counselors Inc. now owns 310,797 shares of the company’s stock worth $11,820,000 after acquiring an additional 3,347 shares in the last quarter. Metis Global Partners LLC increased its position in shares of Hormel Foods by 22.4% during the third quarter. Metis Global Partners LLC now owns 10,687 shares of the company’s stock worth $406,000 after acquiring an additional 1,954 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Hormel Foods during the third quarter worth $202,000. Cassaday & Co Wealth Management LLC increased its position in shares of Hormel Foods by 7.3% during the third quarter. Cassaday & Co Wealth Management LLC now owns 6,343 shares of the company’s stock worth $241,000 after acquiring an additional 433 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Hormel Foods by 6.7% during the third quarter. Victory Capital Management Inc. now owns 459,551 shares of the company’s stock worth $17,477,000 after acquiring an additional 29,035 shares in the last quarter. Institutional investors own 41.15% of the company’s stock.

Insider Activity at Hormel Foods

In related news, EVP Deanna T. Brady sold 5,024 shares of Hormel Foods stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $31.48, for a total transaction of $158,155.52. Following the sale, the executive vice president now directly owns 71,567 shares in the company, valued at approximately $2,252,929.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Elsa A. Murano sold 9,000 shares of Hormel Foods stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $31.70, for a total value of $285,300.00. Following the completion of the sale, the director now owns 93,698 shares in the company, valued at approximately $2,970,226.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Deanna T. Brady sold 5,024 shares of Hormel Foods stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $31.48, for a total transaction of $158,155.52. Following the completion of the sale, the executive vice president now owns 71,567 shares of the company’s stock, valued at approximately $2,252,929.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,021 shares of company stock valued at $886,454. 0.69% of the stock is owned by insiders.

Hormel Foods Stock Performance

NYSE HRL opened at $29.80 on Tuesday. The firm has a 50-day moving average of $31.46 and a 200-day moving average of $34.79. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.70 and a current ratio of 1.43. The stock has a market cap of $16.29 billion, a PE ratio of 20.41, a P/E/G ratio of 4.15 and a beta of 0.24. Hormel Foods Co. has a 52-week low of $29.76 and a 52-week high of $46.04.

Hormel Foods (NYSE:HRLGet Free Report) last posted its earnings results on Wednesday, November 29th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). Hormel Foods had a return on equity of 11.47% and a net margin of 6.55%. The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the prior year, the business posted $0.51 EPS. The business’s quarterly revenue was down 2.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Hormel Foods Co. will post 1.57 EPS for the current year.

Hormel Foods Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Tuesday, January 16th will be issued a dividend of $0.2825 per share. The ex-dividend date of this dividend is Friday, January 12th. This is a positive change from Hormel Foods’s previous quarterly dividend of $0.28. This represents a $1.13 annualized dividend and a dividend yield of 3.79%. Hormel Foods’s payout ratio is 77.40%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Hormel Foods from $36.00 to $31.00 and set an “underweight” rating for the company in a research report on Monday, October 16th. The Goldman Sachs Group lowered their price objective on shares of Hormel Foods from $29.00 to $26.00 and set a “sell” rating for the company in a research report on Thursday, November 30th. Citigroup assumed coverage on shares of Hormel Foods in a report on Thursday, February 1st. They set a “neutral” rating and a $31.00 target price for the company. Finally, Piper Sandler increased their target price on shares of Hormel Foods from $31.00 to $33.00 and gave the stock a “neutral” rating in a report on Friday, January 12th. Two research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $36.50.

Read Our Latest Stock Analysis on HRL

Hormel Foods Profile

(Free Report)

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.

See Also

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

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