Assenagon Asset Management S.A. Sells 41,091 Shares of Hormel Foods Co. (NYSE:HRL)

Posted by Defense World Staff on Oct 18th, 2023

Assenagon Asset Management S.A. trimmed its holdings in shares of Hormel Foods Co. (NYSE:HRL – Free Report) by 67.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,912 shares of the company’s stock after selling 41,091 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Hormel Foods were worth $801,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. QV Investors Inc. increased its position in Hormel Foods by 88.2% during the second quarter. QV Investors Inc. now owns 250,720 shares of the company’s stock worth $10,084,000 after acquiring an additional 117,500 shares during the period. SVB Wealth LLC bought a new position in Hormel Foods during the second quarter worth about $208,000. Sweet Financial Partners LLC increased its position in Hormel Foods by 1.9% during the second quarter. Sweet Financial Partners LLC now owns 46,229 shares of the company’s stock worth $1,859,000 after acquiring an additional 871 shares during the period. Ellsworth Advisors LLC increased its position in Hormel Foods by 9.1% during the second quarter. Ellsworth Advisors LLC now owns 7,590 shares of the company’s stock worth $305,000 after acquiring an additional 634 shares during the period. Finally, Carlson Capital Management grew its stake in Hormel Foods by 3.5% during the second quarter. Carlson Capital Management now owns 7,421 shares of the company’s stock worth $298,000 after buying an additional 249 shares in the last quarter. 41.15% of the stock is owned by institutional investors.

Hormel Foods Trading Up 0.9 %

HRL opened at $32.41 on Wednesday. The company’s 50 day moving average is $38.04 and its 200-day moving average is $39.39. Hormel Foods Co. has a 1-year low of $30.70 and a 1-year high of $49.73. The company has a current ratio of 1.40, a quick ratio of 0.65 and a debt-to-equity ratio of 0.31. The company has a market cap of $17.71 billion, a P/E ratio of 20.13, a PEG ratio of 3.76 and a beta of 0.20.

Hormel Foods (NYSE:HRL – Get Free Report) last posted its earnings results on Thursday, August 31st. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.01). Hormel Foods had a return on equity of 12.20% and a net margin of 7.20%. The business had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same quarter in the prior year, the business earned $0.40 earnings per share. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. Equities research analysts predict that Hormel Foods Co. will post 1.64 earnings per share 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. Investors of record on Monday, October 16th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, October 13th. This represents a $1.10 annualized dividend and a yield of 3.39%. Hormel Foods’s dividend payout ratio is presently 68.32%.

Insider Buying and Selling

In related news, SVP Kevin L. Myers sold 5,200 shares of Hormel Foods stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $30.93, for a total transaction of $160,836.00. Following the sale, the senior vice president now directly owns 38,937 shares in the company, valued at approximately $1,204,321.41. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, SVP Pierre M. Lilly purchased 1,454 shares of the stock in a transaction on Wednesday, September 6th. The stock was purchased at an average price of $37.25 per share, for a total transaction of $54,161.50. Following the acquisition, the senior vice president now owns 1,454 shares in the company, valued at $54,161.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Kevin L. Myers sold 5,200 shares of the firm’s stock in a transaction that occurred on Friday, October 13th. The stock was sold at an average price of $30.93, for a total transaction of $160,836.00. Following the transaction, the senior vice president now owns 38,937 shares of the company’s stock, valued at approximately $1,204,321.41. The disclosure for this sale can be found here. 0.81% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Piper Sandler reduced their price objective on shares of Hormel Foods from $41.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, October 13th. The Goldman Sachs Group reduced their price objective on shares of Hormel Foods from $33.00 to $29.00 and set a “sell” rating on the stock in a research note on Friday, October 13th. JPMorgan Chase & Co. reduced their price objective on shares of Hormel Foods from $36.00 to $31.00 and set an “underweight” rating on the stock in a research note on Monday. Finally, StockNews.com assumed coverage on shares of Hormel Foods in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Two analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat, Hormel Foods currently has an average rating of “Hold” and an average price target of $40.00.

View Our Latest Stock Analysis on HRL

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.