Baird Financial Group Inc. Acquires 1,881 Shares of Hormel Foods Co. (NYSE:HRL)

Baird Financial Group Inc. boosted its holdings in Hormel Foods Co. (NYSE:HRLGet Rating) by 21.8% during the second quarter, Holdings Channel reports. The fund owned 10,525 shares of the company’s stock after purchasing an additional 1,881 shares during the period. Baird Financial Group Inc.’s holdings in Hormel Foods were worth $498,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in HRL. Clear Street Markets LLC raised its stake in Hormel Foods by 413.0% in the 2nd quarter. Clear Street Markets LLC now owns 590 shares of the company’s stock valued at $28,000 after acquiring an additional 475 shares during the period. Lansing Street Advisors acquired a new stake in shares of Hormel Foods during the first quarter worth $33,000. CFS Investment Advisory Services LLC lifted its holdings in shares of Hormel Foods by 5,067.8% during the first quarter. CFS Investment Advisory Services LLC now owns 1,778,852 shares of the company’s stock worth $35,000 after buying an additional 1,744,430 shares in the last quarter. Meeder Asset Management Inc. bought a new position in Hormel Foods during the first quarter worth about $36,000. Finally, Point72 Hong Kong Ltd acquired a new stake in Hormel Foods in the 1st quarter worth about $41,000. Institutional investors own 39.95% of the company’s stock.

Insider Activity at Hormel Foods

In related news, SVP Kevin L. Myers sold 5,000 shares of Hormel Foods stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $47.20, for a total transaction of $236,000.00. Following the sale, the senior vice president now directly owns 32,954 shares of the company’s stock, valued at approximately $1,555,428.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.78% of the stock is currently owned by insiders.

Hormel Foods Price Performance

HRL stock opened at $48.66 on Monday. The firm has a market cap of $26.58 billion, a P/E ratio of 26.59, a P/E/G ratio of 3.32 and a beta of 0.19. The company has a quick ratio of 1.21, a current ratio of 2.40 and a debt-to-equity ratio of 0.45. The company’s 50-day moving average price is $46.29 and its two-hundred day moving average price is $47.70. Hormel Foods Co. has a 12 month low of $41.25 and a 12 month high of $55.11.

Hormel Foods (NYSE:HRLGet Rating) last announced its quarterly earnings results on Thursday, September 1st. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.01). The company had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $3 billion. Hormel Foods had a net margin of 7.93% and a return on equity of 13.92%. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the firm posted $0.39 earnings per share. On average, analysts anticipate that Hormel Foods Co. will post 1.81 earnings per share for the current fiscal year.

Hormel Foods Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 15th. Investors of record on Monday, October 17th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend was Friday, October 14th. Hormel Foods’s dividend payout ratio (DPR) is presently 56.83%.

Analysts Set New Price Targets

Several brokerages have weighed in on HRL. Argus dropped their price objective on shares of Hormel Foods from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, September 22nd. began coverage on shares of Hormel Foods in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Piper Sandler dropped their price objective on shares of Hormel Foods from $48.00 to $47.00 and set a “neutral” rating for the company in a research note on Friday, September 2nd. Finally, Stephens dropped their price objective on shares of Hormel Foods to $52.00 in a research note on Tuesday, September 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Hormel Foods has a consensus rating of “Hold” and an average target price of $48.00.

Hormel Foods 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.

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Institutional Ownership by Quarter for Hormel Foods (NYSE:HRL)

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