Allworth Financial LP Increases Stock Position in Hormel Foods Co. (NYSE:HRL)

Posted by Defense World Staff on Oct 2nd, 2023

Allworth Financial LP increased its position in shares of Hormel Foods Co. (NYSE:HRL – Free Report) by 654.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,180 shares of the company’s stock after buying an additional 7,096 shares during the period. Allworth Financial LP’s holdings in Hormel Foods were worth $329,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in HRL. Newbridge Financial Services Group Inc. raised its position in shares of Hormel Foods by 217.1% in the first quarter. Newbridge Financial Services Group Inc. now owns 650 shares of the company’s stock valued at $26,000 after buying an additional 445 shares during the last quarter. Ameritas Advisory Services LLC acquired a new stake in Hormel Foods during the first quarter worth about $26,000. Exos TFP Holdings LLC increased its position in Hormel Foods by 270.0% during the first quarter. Exos TFP Holdings LLC now owns 962 shares of the company’s stock worth $38,000 after purchasing an additional 702 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Hormel Foods during the first quarter valued at about $41,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Hormel Foods during the first quarter valued at about $42,000. 41.15% of the stock is owned by hedge funds and other institutional investors.

Hormel Foods Price Performance

Shares of Hormel Foods stock opened at $38.03 on Monday. Hormel Foods Co. has a 52-week low of $36.78 and a 52-week high of $49.73. The company has a 50 day moving average of $39.30 and a 200 day moving average of $39.67. The company has a quick ratio of 0.65, a current ratio of 1.40 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $20.78 billion, a P/E ratio of 23.62, a P/E/G ratio of 3.93 and a beta of 0.20.

Hormel Foods (NYSE:HRL – Get Free Report) last released its quarterly earnings data on Thursday, August 31st. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). Hormel Foods had a return on equity of 12.20% and a net margin of 7.20%. The company had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period in the previous year, the business posted $0.40 EPS. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. As a group, research analysts forecast that Hormel Foods Co. will post 1.66 EPS for the current fiscal year.

Hormel Foods Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Monday, October 16th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, October 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.89%. Hormel Foods’s payout ratio is 68.32%.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on shares of Hormel Foods in a research report on Thursday, August 17th. They set a “hold” rating for the company. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat, Hormel Foods has an average rating of “Hold” and an average price target of $43.71.

Get Our Latest Stock Report on Hormel Foods

Insider Activity

In other news, SVP Pierre M. Lilly acquired 1,454 shares of the company’s stock in a transaction on Wednesday, September 6th. The shares were bought at an average cost of $37.25 per share, with a total value of $54,161.50. Following the purchase, the senior vice president now owns 1,454 shares of the company’s stock, valued at approximately $54,161.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.81% of the company’s stock.

Hormel Foods 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.