Hormel Foods Co. (NYSE:HRL) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Posted by Defense World Staff on Aug 13th, 2023

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Hormel Foods Co. (NYSE:HRL – Free Report) by 0.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,465 shares of the company’s stock after buying an additional 513 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Hormel Foods were worth $4,405,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Metis Global Partners LLC increased its holdings in shares of Hormel Foods by 32.1% during the 1st quarter. Metis Global Partners LLC now owns 13,652 shares of the company’s stock worth $544,000 after buying an additional 3,316 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Hormel Foods by 6.9% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 392,348 shares of the company’s stock worth $15,647,000 after purchasing an additional 25,447 shares during the period. Sigma Planning Corp boosted its position in shares of Hormel Foods by 11.4% during the 1st quarter. Sigma Planning Corp now owns 25,163 shares of the company’s stock worth $1,004,000 after purchasing an additional 2,568 shares during the period. Assetmark Inc. boosted its position in shares of Hormel Foods by 8.8% during the 1st quarter. Assetmark Inc. now owns 56,282 shares of the company’s stock worth $2,245,000 after purchasing an additional 4,533 shares during the period. Finally, Summit Global Investments boosted its position in shares of Hormel Foods by 1.9% during the 1st quarter. Summit Global Investments now owns 146,628 shares of the company’s stock worth $5,848,000 after purchasing an additional 2,750 shares during the period. Institutional investors and hedge funds own 40.49% of the company’s stock.

Insider Transactions at Hormel Foods

In other news, VP Mark A. Coffey sold 31,400 shares of Hormel Foods stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $40.50, for a total transaction of $1,271,700.00. Following the completion of the sale, the vice president now directly owns 55,133 shares of the company’s stock, valued at approximately $2,232,886.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, VP Mark A. Coffey sold 31,400 shares of Hormel Foods stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $40.50, for a total transaction of $1,271,700.00. Following the completion of the sale, the vice president now directly owns 55,133 shares of the company’s stock, valued at approximately $2,232,886.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Kevin L. Myers sold 5,200 shares of Hormel Foods stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $40.51, for a total transaction of $210,652.00. Following the sale, the senior vice president now directly owns 36,190 shares of the company’s stock, valued at $1,466,056.90. The disclosure for this sale can be found here. In the last three months, insiders sold 45,800 shares of company stock valued at $1,859,552. Insiders own 0.81% of the company’s stock.

Hormel Foods Stock Performance

Shares of HRL stock opened at $41.60 on Friday. The company has a quick ratio of 1.09, a current ratio of 2.42 and a debt-to-equity ratio of 0.43. Hormel Foods Co. has a 52 week low of $37.78 and a 52 week high of $51.69. The stock has a market capitalization of $22.73 billion, a PE ratio of 24.33, a P/E/G ratio of 4.04 and a beta of 0.20. The firm has a 50 day moving average of $40.43 and a two-hundred day moving average of $40.95.

Hormel Foods (NYSE:HRL – Get Free Report) last issued its quarterly earnings results on Thursday, June 1st. The company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.39 by $0.01. Hormel Foods had a net margin of 7.61% and a return on equity of 12.36%. The company had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.06 billion. During the same quarter last year, the company posted $0.48 EPS. The firm’s revenue was down 3.8% compared to the same quarter last year. On average, research analysts predict that Hormel Foods Co. will post 1.73 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 17th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, July 14th. This represents a $1.10 annualized dividend and a dividend yield of 2.64%. Hormel Foods’s dividend payout ratio (DPR) is currently 64.33%.

Wall Street Analysts Forecast Growth

HRL has been the subject of a number of research analyst reports. StockNews.com initiated coverage on shares of Hormel Foods in a research report on Thursday, May 18th. They set a “hold” rating for the company. Barclays lowered their price objective on shares of Hormel Foods from $45.00 to $42.00 in a research report on Thursday, June 1st. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat, Hormel Foods presently has an average rating of “Hold” and a consensus price target of $43.71.

Check Out Our Latest Research Report on Hormel Foods

Hormel Foods Company Profile

(Free Report)

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.