Raymond James Financial Services Advisors Inc. Buys 28,039 Shares of Hormel Foods Co. (NYSE:HRL)

Raymond James Financial Services Advisors Inc. lifted its stake in Hormel Foods Co. (NYSE:HRLFree Report) by 17.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 186,636 shares of the company’s stock after acquiring an additional 28,039 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Hormel Foods were worth $5,993,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Hormel Foods by 30.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,273 shares of the company’s stock worth $467,000 after buying an additional 2,867 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Hormel Foods by 2.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,626,471 shares of the company’s stock worth $61,855,000 after buying an additional 35,731 shares in the last quarter. Mirabella Financial Services LLP purchased a new stake in shares of Hormel Foods in the third quarter worth $1,164,000. Stifel Financial Corp raised its position in shares of Hormel Foods by 7.2% in the third quarter. Stifel Financial Corp now owns 2,510,004 shares of the company’s stock worth $95,455,000 after buying an additional 167,920 shares in the last quarter. Finally, State Street Corp raised its position in shares of Hormel Foods by 3.7% in the second quarter. State Street Corp now owns 27,868,383 shares of the company’s stock worth $1,120,866,000 after buying an additional 1,004,133 shares in the last quarter. 40.99% of the stock is owned by institutional investors.

Hormel Foods Stock Down 1.4 %

NYSE HRL opened at $34.74 on Thursday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.49 and a quick ratio of 0.79. The stock has a market capitalization of $19.03 billion, a PE ratio of 23.91, a PEG ratio of 3.39 and a beta of 0.27. Hormel Foods Co. has a 1 year low of $28.51 and a 1 year high of $41.73. The business’s 50-day moving average is $32.08 and its 200 day moving average is $32.75.

Hormel Foods (NYSE:HRLGet Free Report) last posted its earnings results on Thursday, February 29th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.07. The company had revenue of $3 billion for the quarter, compared to analysts’ expectations of $2.91 billion. Hormel Foods had a return on equity of 11.51% and a net margin of 6.55%. Hormel Foods’s quarterly revenue was up .9% on a year-over-year basis. During the same period last year, the firm earned $0.40 earnings per share. Sell-side analysts forecast that Hormel Foods Co. will post 1.58 earnings per share for the current year.

Hormel Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, March 25th will be given a dividend of $0.2825 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $1.13 annualized dividend and a yield of 3.25%. Hormel Foods’s payout ratio is 77.40%.

Analysts Set New Price Targets

HRL has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price objective on Hormel Foods from $27.00 to $28.00 and gave the stock an “underweight” rating in a research report on Friday, March 1st. Citigroup started coverage on Hormel Foods in a research report on Thursday, February 1st. They set a “neutral” rating and a $31.00 price target on the stock. Piper Sandler raised their price target on Hormel Foods from $31.00 to $33.00 and gave the company a “neutral” rating in a research report on Friday, January 12th. The Goldman Sachs Group raised their price target on Hormel Foods from $26.00 to $28.00 and gave the company a “sell” rating in a research report on Friday, March 1st. Finally, Barclays raised their price target on Hormel Foods from $33.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $31.00.

Read Our Latest Analysis on HRL

Insider Buying and Selling at Hormel Foods

In other Hormel Foods news, VP Mark A. Coffey sold 15,400 shares of Hormel Foods stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $34.18, for a total transaction of $526,372.00. Following the sale, the vice president now directly owns 68,029 shares of the company’s stock, valued at approximately $2,325,231.22. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Hormel Foods news, SVP Kevin L. Myers sold 10,000 shares of Hormel Foods stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $34.95, for a total transaction of $349,500.00. Following the sale, the senior vice president now directly owns 38,708 shares of the company’s stock, valued at approximately $1,352,844.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Mark A. Coffey sold 15,400 shares of Hormel Foods stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $34.18, for a total value of $526,372.00. Following the sale, the vice president now directly owns 68,029 shares in the company, valued at $2,325,231.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,800 shares of company stock valued at $1,414,872. 0.69% of the stock is currently owned by corporate insiders.

Hormel Foods Company 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.

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

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