State Board of Administration of Florida Retirement System increased its holdings in shares of Hormel Foods Co. (NYSE:HRL – Get Rating) by 0.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 342,191 shares of the company’s stock after purchasing an additional 1,100 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.06% of Hormel Foods worth $15,587,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Independence Bank of Kentucky bought a new position in Hormel Foods during the fourth quarter valued at about $31,000. Spire Wealth Management grew its position in Hormel Foods by 1,673.3% during the 4th quarter. Spire Wealth Management now owns 798 shares of the company’s stock worth $36,000 after acquiring an additional 753 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in Hormel Foods by 110.6% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 872 shares of the company’s stock worth $40,000 after buying an additional 458 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in Hormel Foods during the 1st quarter worth $41,000. Finally, Intelligent Financial Strategies lifted its holdings in Hormel Foods by 133.0% during the 4th quarter. Intelligent Financial Strategies now owns 1,002 shares of the company’s stock worth $46,000 after buying an additional 572 shares in the last quarter. 39.74% of the stock is currently owned by institutional investors.
Hormel Foods Price Performance
Shares of NYSE HRL opened at $41.20 on Monday. The stock has a market capitalization of $22.52 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 4.07 and a beta of 0.17. The business has a 50-day moving average of $40.10 and a 200-day moving average of $44.05. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.33 and a quick ratio of 1.07. Hormel Foods Co. has a fifty-two week low of $37.78 and a fifty-two week high of $53.46.
Hormel Foods Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, May 15th. Investors 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 2.67%. Hormel Foods’s dividend payout ratio (DPR) is currently 61.45%.
Insider Activity at Hormel Foods
In related news, Director Becerra Jose Luis Prado sold 5,200 shares of the firm’s stock in a transaction dated 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 approximately $718,174.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Elsa A. Murano sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $40.50, for a total transaction of $243,000.00. Following the sale, the director now owns 102,698 shares of the company’s stock, valued at $4,159,269. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
Several research analysts have issued reports on the company. Credit Suisse Group reduced their price objective on Hormel Foods from $44.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, March 3rd. JPMorgan Chase & Co. downgraded Hormel Foods from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $47.00 to $38.00 in a report on Friday, March 3rd. Argus downgraded Hormel Foods from a “buy” rating to a “hold” rating in a research note on Thursday, March 30th. Piper Sandler cut their price target on Hormel Foods from $44.00 to $43.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 12th. Finally, StockNews.com began coverage on Hormel Foods in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $44.14.
Hormel Foods Company Profile
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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