Hormel Foods (NYSE:HRL) Issues FY22 Earnings Guidance

Hormel Foods (NYSE:HRLGet Rating) issued an update on its FY22 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.87-1.97 for the period, compared to the consensus estimate of $1.93. The company issued revenue guidance of $11.7-12.5 billion, compared to the consensus revenue estimate of $12.42 billion.Hormel Foods also updated its FY 2022 guidance to $1.87-$1.97 EPS.

A number of research firms recently weighed in on HRL. Argus upgraded shares of Hormel Foods from a hold rating to a buy rating and set a $57.00 target price on the stock in a research note on Thursday, March 10th. The Goldman Sachs Group lowered Hormel Foods from a neutral rating to a sell rating and set a $44.00 price target on the stock. in a research note on Tuesday, March 15th. Credit Suisse Group boosted their price target on Hormel Foods from $44.00 to $46.00 and gave the stock a neutral rating in a research report on Wednesday, March 2nd. Piper Sandler boosted their price target on Hormel Foods from $48.00 to $49.00 and gave the stock a neutral rating in a research report on Wednesday, March 2nd. Finally, JPMorgan Chase & Co. upped their price target on Hormel Foods from $46.00 to $48.00 and gave the company a neutral rating in a research report on Wednesday, March 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average price target of $48.33.

NYSE:HRL traded down $2.09 during trading hours on Thursday, reaching $46.19. The company’s stock had a trading volume of 10,255 shares, compared to its average volume of 1,750,279. The firm has a market capitalization of $25.17 billion, a price-to-earnings ratio of 28.57, a PEG ratio of 3.17 and a beta of 0.10. The firm has a 50-day simple moving average of $51.65 and a 200-day simple moving average of $48.91. Hormel Foods has a 1 year low of $40.48 and a 1 year high of $55.11. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.21 and a current ratio of 2.19.

Hormel Foods (NYSE:HRLGet Rating) last released its quarterly earnings data on Thursday, June 2nd. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.01. The firm had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Hormel Foods had a net margin of 7.74% and a return on equity of 13.94%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 earnings per share. Equities analysts anticipate that Hormel Foods will post 1.93 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 15th. Investors of record on Monday, July 11th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Friday, July 8th. Hormel Foods’s dividend payout ratio is currently 61.54%.

In related news, Director Susan K. Nestegard sold 7,183 shares of the stock in a transaction on Friday, March 4th. The stock was sold at an average price of $51.43, for a total value of $369,421.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Swen Neufeldt sold 960 shares of the firm’s stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $51.82, for a total value of $49,747.20. Following the sale, the vice president now directly owns 23,332 shares of the company’s stock, valued at $1,209,064.24. The disclosure for this sale can be found here. Insiders sold 47,636 shares of company stock valued at $2,440,842 in the last three months. 0.78% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Orion Portfolio Solutions LLC raised its holdings in Hormel Foods by 7.1% during the first quarter. Orion Portfolio Solutions LLC now owns 4,435 shares of the company’s stock worth $229,000 after acquiring an additional 295 shares in the last quarter. Salem Investment Counselors Inc. raised its position in Hormel Foods by 24.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 1,527 shares of the company’s stock worth $79,000 after purchasing an additional 300 shares during the last quarter. Neuberger Berman Group LLC raised its position in shares of Hormel Foods by 3.8% in the 1st quarter. Neuberger Berman Group LLC now owns 8,327 shares of the company’s stock worth $429,000 after acquiring an additional 307 shares in the last quarter. EP Wealth Advisors LLC grew its stake in shares of Hormel Foods by 3.0% in the 4th quarter. EP Wealth Advisors LLC now owns 15,214 shares of the company’s stock valued at $743,000 after buying an additional 450 shares during the period. Finally, Cibc World Market Inc. boosted its stake in Hormel Foods by 7.3% during the 1st quarter. Cibc World Market Inc. now owns 8,977 shares of the company’s stock valued at $463,000 after purchasing an additional 611 shares during the last quarter. Institutional investors own 41.06% of the company’s stock.

Hormel Foods Company Profile (Get Rating)

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.

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