Hormel Foods (NYSE:HRL) Releases FY 2022 Earnings Guidance

Hormel Foods (NYSE:HRLGet Rating) updated its FY 2022 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.87-$1.97 for the period, compared to the consensus estimate of $1.94. The company issued revenue guidance of $11.70 billion-$12.50 billion, compared to the consensus revenue estimate of $12.41 billion.

A number of research analysts have commented on HRL shares. JPMorgan Chase & Co. increased their price objective on shares of Hormel Foods from $46.00 to $48.00 and gave the company a neutral rating in a research note on Wednesday, March 2nd. Piper Sandler reduced their price objective on shares of Hormel Foods to $48.00 in a research note on Friday, June 3rd. Argus upgraded shares of Hormel Foods from a hold rating to a buy rating and set a $57.00 price objective on the stock in a research note on Thursday, March 10th. StockNews.com started coverage on shares of Hormel Foods in a research note on Thursday, March 31st. They set a hold rating on the stock. Finally, The Goldman Sachs Group downgraded shares of Hormel Foods from a neutral rating to a sell rating and set a $44.00 price objective on the stock. in a research note on Tuesday, March 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $47.83.

Hormel Foods stock opened at $45.61 on Thursday. The stock has a market cap of $24.91 billion, a price-to-earnings ratio of 26.06, a PEG ratio of 3.10 and a beta of 0.10. The company has a current ratio of 2.28, a quick ratio of 1.20 and a debt-to-equity ratio of 0.45. The company’s 50-day moving average price is $51.13 and its two-hundred day moving average price is $49.00. Hormel Foods has a 52 week low of $40.48 and a 52 week high of $55.11.

Hormel Foods (NYSE:HRLGet Rating) last released its earnings results on Thursday, June 2nd. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.47 by $0.01. The firm had revenue of $3.10 billion for the quarter, compared to analysts’ expectations of $3.07 billion. Hormel Foods had a net margin of 7.70% and a return on equity of 14.10%. Hormel Foods’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the company earned $0.42 EPS. Research analysts expect that Hormel Foods will post 1.89 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 15th. Stockholders of record on Monday, July 11th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Friday, July 8th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.28%. Hormel Foods’s dividend payout ratio (DPR) is presently 59.43%.

In other news, VP Swen Neufeldt sold 960 shares of the business’s stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $51.82, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Steven J. Lykken sold 16,000 shares of the business’s stock in a transaction on Wednesday, March 23rd. The stock was sold at an average price of $50.18, for a total value of $802,880.00. The disclosure for this sale can be found here. Insiders have sold 21,960 shares of company stock worth $1,110,427 over the last ninety days. 0.78% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of the stock. Point72 Hong Kong Ltd purchased a new position in Hormel Foods in the first quarter valued at about $41,000. Salem Investment Counselors Inc. grew its stake in Hormel Foods by 24.4% in the first quarter. Salem Investment Counselors Inc. now owns 1,527 shares of the company’s stock valued at $79,000 after purchasing an additional 300 shares in the last quarter. Covestor Ltd grew its stake in Hormel Foods by 153.0% in the first quarter. Covestor Ltd now owns 2,123 shares of the company’s stock valued at $109,000 after purchasing an additional 1,284 shares in the last quarter. Forum Financial Management LP purchased a new position in Hormel Foods in the fourth quarter valued at about $204,000. Finally, Orion Portfolio Solutions LLC boosted its stake in shares of Hormel Foods by 7.1% during the 1st 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. 41.06% of the stock is currently owned by hedge funds and other institutional investors.

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 and Estimates for Hormel Foods (NYSE:HRL)

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