Steward Partners Investment Advisory LLC Sells 616 Shares of Hormel Foods Co. (NYSE:HRL)

Steward Partners Investment Advisory LLC lessened its stake in shares of Hormel Foods Co. (NYSE:HRL – Get Rating) by 24.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,904 shares of the company’s stock after selling 616 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Hormel Foods were worth $98,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. State Street Corp boosted its holdings in shares of Hormel Foods by 3.8% during the 4th quarter. State Street Corp now owns 29,141,779 shares of the company’s stock valued at $1,422,410,000 after purchasing an additional 1,079,695 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Hormel Foods by 2.0% during the 4th quarter. BlackRock Inc. now owns 28,688,282 shares of the company’s stock valued at $1,400,275,000 after purchasing an additional 558,537 shares during the last quarter. Capital International Investors boosted its holdings in shares of Hormel Foods by 21.8% during the 4th quarter. Capital International Investors now owns 13,780,558 shares of the company’s stock valued at $672,613,000 after purchasing an additional 2,463,310 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Hormel Foods by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 5,471,865 shares of the company’s stock valued at $266,625,000 after buying an additional 172,737 shares in the last quarter. Finally, Mairs & Power Inc. raised its position in shares of Hormel Foods by 2.9% during the 4th quarter. Mairs & Power Inc. now owns 4,898,985 shares of the company’s stock valued at $239,119,000 after buying an additional 138,728 shares in the last quarter. Institutional investors own 41.06% of the company’s stock.

Hormel Foods Stock Performance

Hormel Foods stock opened at $49.39 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.28 and a quick ratio of 1.20. Hormel Foods Co. has a 1-year low of $40.48 and a 1-year high of $55.11. The firm has a market capitalization of $26.97 billion, a P/E ratio of 28.22, a price-to-earnings-growth ratio of 3.38 and a beta of 0.13. The company’s 50-day moving average is $47.20 and its 200 day moving average is $49.19.

Hormel Foods (NYSE:HRL – Get Rating) last posted its quarterly earnings data on Thursday, June 2nd. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. Hormel Foods had a net margin of 7.70% and a return on equity of 14.10%. The company had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.07 billion. During the same period in the prior year, the company posted $0.42 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. Research analysts forecast that Hormel Foods Co. will post 1.87 EPS for the current year.

Hormel Foods Dividend Announcement

The business also recently announced 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Friday, July 8th. Hormel Foods’s dividend payout ratio (DPR) is presently 59.43%.

Insider Transactions at Hormel Foods

In other news, SVP Kevin L. Myers sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $45.07, for a total transaction of $225,350.00. Following the transaction, the senior vice president now directly owns 32,869 shares of the company’s stock, valued at $1,481,405.83. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Christopher J. Policinski sold 2,110 shares of the firm’s stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $46.27, for a total transaction of $97,629.70. Following the transaction, the director now directly owns 85,254 shares of the company’s stock, valued at $3,944,702.58. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Kevin L. Myers sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $45.07, for a total transaction of $225,350.00. Following the transaction, the senior vice president now directly owns 32,869 shares in the company, valued at $1,481,405.83. The disclosure for this sale can be found here. Corporate insiders own 0.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on HRL shares. Credit Suisse Group decreased their target price on shares of Hormel Foods to $44.00 in a research report on Friday, June 3rd. Piper Sandler decreased their target price on shares of Hormel Foods to $48.00 in a research report on Friday, June 3rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $47.83.

Hormel Foods Company Profile

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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.