Hormel Foods (NYSE:HRL) Releases Earnings Results, Beats Estimates By $0.01 EPS

Hormel Foods (NYSE:HRLGet Rating) posted its quarterly earnings data on Thursday. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.01, RTT News reports. Hormel Foods had a return on equity of 13.94% and a net margin of 7.74%. The firm had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $3.07 billion. During the same period in the prior year, the business earned $0.42 EPS. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. Hormel Foods updated its FY 2022 guidance to $1.87-$1.97 EPS and its FY22 guidance to $1.87-1.97 EPS.

HRL stock opened at $48.28 on Thursday. Hormel Foods has a fifty-two week low of $40.48 and a fifty-two week high of $55.11. The business’s 50 day moving average price is $51.65 and its two-hundred day moving average price is $48.91. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.21 and a current ratio of 2.19. The company has a market capitalization of $26.31 billion, a price-to-earnings ratio of 28.57, a price-to-earnings-growth ratio of 3.17 and a beta of 0.10.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Monday, July 11th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, July 8th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.15%. Hormel Foods’s dividend payout ratio (DPR) is 61.54%.

In related news, VP Steven J. Lykken sold 16,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 23rd. The stock was sold at an average price of $50.18, for a total value of $802,880.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Luis G. Marconi sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, March 7th. The stock was sold at an average price of $52.02, for a total value of $780,300.00. The disclosure for this sale can be found here. Insiders have sold a total of 47,636 shares of company stock worth $2,440,842 in the last quarter. Company insiders own 0.78% of the company’s stock.

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Hormel Foods by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 33,500,871 shares of the company’s stock worth $1,726,636,000 after buying an additional 547,495 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Hormel Foods by 58.1% in the 1st quarter. Renaissance Technologies LLC now owns 2,764,663 shares of the company’s stock worth $142,491,000 after buying an additional 1,016,300 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Hormel Foods by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,030,288 shares of the company’s stock valued at $104,640,000 after purchasing an additional 8,636 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in Hormel Foods by 18.4% during the 4th quarter. Parametric Portfolio Associates LLC now owns 1,478,082 shares of the company’s stock valued at $72,145,000 after purchasing an additional 229,624 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Hormel Foods by 3.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,456,303 shares of the company’s stock valued at $75,058,000 after purchasing an additional 54,512 shares during the last quarter. Institutional investors own 41.06% of the company’s stock.

A number of research firms have recently weighed in on HRL. Credit Suisse Group boosted their target price on Hormel Foods from $44.00 to $46.00 and gave the company a “neutral” rating in a research note on Wednesday, March 2nd. Piper Sandler boosted their target price on Hormel Foods from $48.00 to $49.00 and gave the company a “neutral” rating in a research note on Wednesday, March 2nd. 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. The Goldman Sachs Group lowered Hormel Foods from a “neutral” rating to a “sell” rating and set a $44.00 price target for the company. in a research report on Tuesday, March 15th. Finally, StockNews.com began coverage on Hormel Foods in a research report on Thursday, March 31st. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $48.33.

About Hormel Foods (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.

Further Reading

Earnings History for Hormel Foods (NYSE:HRL)

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