Analysts Set Hormel Foods Co. (NYSE:HRL) Target Price at $31.00

Hormel Foods Co. (NYSE:HRL) has been given a consensus rating of “Reduce” by the five analysts that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $31.00.

HRL has been the subject of a number of analyst reports. Piper Sandler upped their price objective on shares of Hormel Foods from $31.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, January 12th. Barclays upped their price objective 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. The Goldman Sachs Group increased their price target on Hormel Foods from $26.00 to $28.00 and gave the stock a “sell” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. lifted their price target on shares of Hormel Foods from $27.00 to $28.00 and gave the company an “underweight” rating in a report on Friday, March 1st. Finally, Citigroup initiated coverage on shares of Hormel Foods in a research report on Thursday, February 1st. They set a “neutral” rating and a $31.00 target price for the company.

Hormel Foods Trading Up 1.5 %

Shares of NYSE:HRL opened at $35.31 on Friday. The company has a market cap of $19.34 billion, a PE ratio of 24.19, a P/E/G ratio of 3.39 and a beta of 0.28. The company has a current ratio of 1.49, a quick ratio of 0.79 and a debt-to-equity ratio of 0.30. The company’s 50 day moving average is $34.57 and its two-hundred day moving average is $32.51. Hormel Foods has a 52 week low of $28.51 and a 52 week high of $41.73.

Hormel Foods (NYSE:HRL) last posted its earnings results on Thursday, February 29th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.07. The business 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%. The business’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 earnings per share. Equities analysts predict that Hormel Foods will post 1.59 earnings per share for the current fiscal year.

Hormel Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, March 25th will be issued a dividend of $0.2825 per share. This represents a $1.13 annualized dividend and a yield of 3.20%. The ex-dividend date is Friday, April 12th. Hormel Foods’s dividend payout ratio is currently 77.40%.

Insider Buying and Selling at Hormel Foods

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

Hedge Funds Weigh In On Hormel Foods

Several hedge funds have recently modified their holdings of HRL. Commonwealth Equity Services LLC grew its position in Hormel Foods by 10.4% in the third quarter. Commonwealth Equity Services LLC now owns 178,863 shares of the company’s stock worth $6,802,000 after buying an additional 16,821 shares during the last quarter. Xponance Inc. grew its position in Hormel Foods by 5.3% during the 3rd quarter. Xponance Inc. now owns 40,468 shares of the company’s stock worth $1,539,000 after purchasing an additional 2,021 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Hormel Foods by 2.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 90,573 shares of the company’s stock valued at $3,444,000 after purchasing an additional 2,230 shares in the last quarter. Grandfield & Dodd LLC raised its position in Hormel Foods by 1.2% during the third quarter. Grandfield & Dodd LLC now owns 634,442 shares of the company’s stock valued at $24,128,000 after buying an additional 7,406 shares during the period. Finally, Strs Ohio lifted its stake in Hormel Foods by 11.0% in the 3rd quarter. Strs Ohio now owns 57,232 shares of the company’s stock worth $2,176,000 after acquiring an additional 5,652 shares in the last quarter. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Hormel Foods Company Profile

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.