Desjardins Global Asset Management Inc. Has $104,000 Stock Position in Hormel Foods Co. (NYSE:HRL)

Desjardins Global Asset Management Inc. decreased its stake in shares of Hormel Foods Co. (NYSE:HRL) by 36.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,245 shares of the company’s stock after selling 1,838 shares during the quarter. Desjardins Global Asset Management Inc.’s holdings in Hormel Foods were worth $104,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in HRL. Janiczek Wealth Management LLC increased its position in shares of Hormel Foods by 62.9% during the 3rd quarter. Janiczek Wealth Management LLC now owns 1,028 shares of the company’s stock worth $39,000 after purchasing an additional 397 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Hormel Foods during the 1st quarter worth approximately $41,000. Dark Forest Capital Management LP increased its position in shares of Hormel Foods by 387.0% during the 1st quarter. Dark Forest Capital Management LP now owns 1,841 shares of the company’s stock worth $73,000 after purchasing an additional 1,463 shares during the last quarter. Salem Investment Counselors Inc. increased its position in shares of 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. Finally, Sound Income Strategies LLC increased its position in shares of Hormel Foods by 516.5% during the 4th quarter. Sound Income Strategies LLC now owns 2,546 shares of the company’s stock worth $82,000 after purchasing an additional 2,133 shares during the last quarter. Institutional investors and hedge funds own 40.99% of the company’s stock.

Hormel Foods Stock Performance

HRL opened at $34.75 on Friday. The business has a fifty day simple moving average of $33.21 and a 200 day simple moving average of $32.47. The company has a market capitalization of $19.03 billion, a PE ratio of 23.80, a price-to-earnings-growth ratio of 3.31 and a beta of 0.27. Hormel Foods Co. has a 1 year low of $28.51 and a 1 year high of $41.73. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.49 and a quick ratio of 0.79.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Thursday, February 29th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.07. The business had revenue of $3 billion during the quarter, compared to the consensus estimate of $2.91 billion. Hormel Foods had a return on equity of 11.51% and a net margin of 6.55%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.40 EPS. Research analysts expect that Hormel Foods Co. will post 1.59 EPS for the current year.

Hormel Foods Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, March 25th will be given a dividend of $0.2825 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.25%. Hormel Foods’s payout ratio is 77.40%.

Insider Activity

In other news, VP Mark A. Coffey sold 15,400 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $35.00, for a total transaction of $539,000.00. Following the completion of the sale, the vice president now directly owns 68,029 shares in the company, valued at approximately $2,381,015. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, SVP Kevin L. Myers sold 10,000 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $34.95, for a total transaction of $349,500.00. Following the completion of the sale, the senior vice president now directly owns 38,708 shares in the company, valued at approximately $1,352,844.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Mark A. Coffey sold 15,400 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $35.00, for a total value of $539,000.00. Following the transaction, the vice president now directly owns 68,029 shares of the company’s stock, valued at approximately $2,381,015. The disclosure for this sale can be found here. In the last three months, insiders sold 40,800 shares of company stock worth $1,414,872. 0.69% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Citigroup assumed coverage on Hormel Foods in a research report on Thursday, February 1st. They set a “neutral” rating and a $31.00 price target on the stock. Barclays boosted their target price on Hormel Foods from $33.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, March 1st. Piper Sandler boosted their target price on Hormel Foods from $31.00 to $33.00 and gave the stock a “neutral” rating in a report on Friday, January 12th. The Goldman Sachs Group boosted their target price on Hormel Foods from $26.00 to $28.00 and gave the stock a “sell” rating in a report on Friday, March 1st. Finally, JPMorgan Chase & Co. boosted their target price on Hormel Foods from $27.00 to $28.00 and gave the stock an “underweight” rating in a report on Friday, March 1st. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $31.00.

About Hormel Foods

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.