Mirae Asset Global Investments Co. Ltd. Purchases 3,789 Shares of Hormel Foods Corporation (NYSE:HRL)

Mirae Asset Global Investments Co. Ltd. grew its position in shares of Hormel Foods Corporation (NYSE:HRLFree Report) by 6.0% in the 1st quarter, HoldingsChannel reports. The fund owned 66,419 shares of the company’s stock after buying an additional 3,789 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Hormel Foods were worth $2,016,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Hormel Foods by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 37,241,219 shares of the company’s stock valued at $1,168,257,000 after acquiring an additional 268,328 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Hormel Foods by 7.3% during the fourth quarter. Invesco Ltd. now owns 7,843,207 shares of the company’s stock valued at $246,041,000 after acquiring an additional 533,657 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Hormel Foods by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 7,461,100 shares of the company’s stock valued at $233,459,000 after acquiring an additional 98,442 shares in the last quarter. ProShare Advisors LLC increased its holdings in shares of Hormel Foods by 7.3% during the fourth quarter. ProShare Advisors LLC now owns 6,072,682 shares of the company’s stock valued at $190,500,000 after acquiring an additional 413,669 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Hormel Foods by 6.2% during the fourth quarter. Millennium Management LLC now owns 4,488,678 shares of the company’s stock valued at $140,810,000 after acquiring an additional 261,742 shares in the last quarter. Institutional investors own 40.99% of the company’s stock.

Hormel Foods Stock Down 0.4%

HRL stock opened at $30.69 on Friday. The stock’s fifty day simple moving average is $30.11 and its two-hundred day simple moving average is $30.08. The company has a current ratio of 2.47, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35. Hormel Foods Corporation has a 1-year low of $27.59 and a 1-year high of $33.80. The stock has a market cap of $16.88 billion, a P/E ratio of 22.57, a P/E/G ratio of 3.51 and a beta of 0.33.

Hormel Foods (NYSE:HRLGet Free Report) last posted its quarterly earnings data on Thursday, May 29th. The company reported $0.35 earnings per share for the quarter, hitting the consensus estimate of $0.35. Hormel Foods had a return on equity of 10.20% and a net margin of 6.27%. The business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.92 billion. During the same quarter in the previous year, the firm earned $0.38 earnings per share. The business’s revenue was up .3% on a year-over-year basis. Analysts expect that Hormel Foods Corporation will post 1.65 EPS for the current year.

Hormel Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Monday, July 14th will be given a dividend of $0.29 per share. The ex-dividend date is Monday, July 14th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.78%. Hormel Foods’s dividend payout ratio is presently 85.29%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on HRL shares. Stephens reiterated an “equal weight” rating and set a $31.00 price target on shares of Hormel Foods in a report on Thursday, May 22nd. BNP Paribas upgraded Hormel Foods from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 27th. Bank of America upgraded Hormel Foods from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $29.00 to $35.00 in a report on Tuesday, April 15th. BNP Paribas Exane upgraded Hormel Foods from an “underperform” rating to a “neutral” rating and set a $30.00 price target for the company in a report on Tuesday, May 27th. Finally, The Goldman Sachs Group started coverage on Hormel Foods in a report on Monday, June 23rd. They set a “buy” rating and a $35.00 price target for the company. Four analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.86.

Get Our Latest Research Report on Hormel Foods

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

Want to see what other hedge funds are holding HRL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hormel Foods Corporation (NYSE:HRLFree Report).

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

Receive News & Ratings for Hormel Foods Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hormel Foods and related companies with MarketBeat.com's FREE daily email newsletter.