Balentine LLC Sells 3,873 Shares of Hormel Foods Co. (NYSE:HRL)

Posted by on Apr 16th, 2023

Balentine LLC lessened its holdings in shares of Hormel Foods Co. (NYSE:HRL – Get Rating) by 30.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,966 shares of the company’s stock after selling 3,873 shares during the quarter. Balentine LLC’s holdings in Hormel Foods were worth $408,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in HRL. Utah Retirement Systems grew its holdings in Hormel Foods by 1.8% during the 3rd quarter. Utah Retirement Systems now owns 51,351 shares of the company’s stock valued at $2,334,000 after buying an additional 900 shares in the last quarter. Hartford Investment Management Co. boosted its holdings in shares of Hormel Foods by 2.3% in the 3rd quarter. Hartford Investment Management Co. now owns 27,583 shares of the company’s stock worth $1,253,000 after purchasing an additional 623 shares during the period. FORA Capital LLC boosted its holdings in shares of Hormel Foods by 15.1% in the 3rd quarter. FORA Capital LLC now owns 9,487 shares of the company’s stock worth $431,000 after purchasing an additional 1,244 shares during the period. Oppenheimer & Co. Inc. boosted its holdings in shares of Hormel Foods by 13.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 44,533 shares of the company’s stock worth $2,024,000 after purchasing an additional 5,182 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Hormel Foods by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 35,040,460 shares of the company’s stock worth $1,592,240,000 after purchasing an additional 736,656 shares during the period. Institutional investors own 39.74% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. cut Hormel Foods from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $47.00 to $38.00 in a report on Friday, March 3rd. TheStreet cut Hormel Foods from a “b” rating to a “c+” rating in a report on Thursday, March 2nd. StockNews.com began coverage on shares of Hormel Foods in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Piper Sandler dropped their target price on shares of Hormel Foods from $44.00 to $43.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Argus downgraded shares of Hormel Foods from a “buy” rating to a “hold” rating in a research note on Thursday, March 30th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $44.14.

Insider Buying and Selling at Hormel Foods

In other Hormel Foods news, Director Becerra Jose Luis Prado sold 5,200 shares of the firm’s stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $39.01, for a total value of $202,852.00. Following the completion of the sale, the director now directly owns 18,410 shares in the company, valued at $718,174.10. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Hormel Foods news, Director Elsa A. Murano sold 6,000 shares of the firm’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $40.50, for a total value of $243,000.00. Following the completion of the transaction, the director now owns 102,698 shares of the company’s stock, valued at $4,159,269. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Becerra Jose Luis Prado sold 5,200 shares of the firm’s stock in a transaction on Monday, March 27th. The stock was sold at an average price of $39.01, for a total transaction of $202,852.00. Following the completion of the transaction, the director now directly owns 18,410 shares of the company’s stock, valued at approximately $718,174.10. The disclosure for this sale can be found here. 0.81% of the stock is owned by insiders.

Hormel Foods Price Performance

NYSE HRL opened at $39.26 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.07 and a current ratio of 2.33. The firm’s 50 day moving average price is $41.60 and its 200-day moving average price is $44.64. Hormel Foods Co. has a 52-week low of $37.78 and a 52-week high of $55.11. The company has a market cap of $21.46 billion, a PE ratio of 21.93, a P/E/G ratio of 3.97 and a beta of 0.17.

Hormel Foods (NYSE:HRL – Get Rating) last released its quarterly earnings data on Thursday, March 2nd. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.05). The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3.08 billion. Hormel Foods had a net margin of 7.90% and a return on equity of 13.10%. Hormel Foods’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.44 earnings per share. Sell-side analysts forecast that Hormel Foods Co. will post 1.74 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, May 15th. Shareholders of record on Monday, April 17th will be paid a $0.275 dividend. The ex-dividend date is Friday, April 14th. This represents a $1.10 annualized dividend and a yield of 2.80%. Hormel Foods’s dividend payout ratio (DPR) is 61.45%.

Hormel Foods Profile

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Hormel Foods Corp. engages in the production of meat and food products. It operates through the following segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other. The Grocery Products segment focuses on the processing, marketing, and sale of shelf-stable food products sold in the retail market.

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

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