Cibc World Markets Corp Sells 32,832 Shares of Hormel Foods Co. (NYSE:HRL)

Cibc World Markets Corp lessened its position in shares of Hormel Foods Co. (NYSE:HRLFree Report) by 46.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 37,588 shares of the company’s stock after selling 32,832 shares during the quarter. Cibc World Markets Corp’s holdings in Hormel Foods were worth $1,207,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. increased its position in Hormel Foods by 10.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 54,582 shares of the company’s stock valued at $1,753,000 after purchasing an additional 5,213 shares during the period. Crossmark Global Holdings Inc. increased its position in Hormel Foods by 6.4% during the 4th quarter. Crossmark Global Holdings Inc. now owns 38,555 shares of the company’s stock valued at $1,238,000 after purchasing an additional 2,328 shares during the period. Armistice Capital LLC acquired a new stake in Hormel Foods during the 4th quarter valued at approximately $419,000. Eisler Capital UK Ltd. acquired a new stake in Hormel Foods during the 4th quarter valued at approximately $1,288,000. Finally, First Trust Advisors LP increased its position in Hormel Foods by 8.2% during the 4th quarter. First Trust Advisors LP now owns 2,583,700 shares of the company’s stock valued at $82,963,000 after purchasing an additional 196,460 shares during the period. Institutional investors and hedge funds own 40.99% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on HRL. Barclays increased their target price on shares of Hormel Foods from $33.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. The Goldman Sachs Group raised their price objective on shares of Hormel Foods from $26.00 to $28.00 and gave the stock a “sell” rating in a research report on Friday, March 1st. Citigroup reduced their price objective on shares of Hormel Foods from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, May 31st. JPMorgan Chase & Co. raised shares of Hormel Foods from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $28.00 to $29.00 in a research report on Friday, May 31st. Finally, Stephens reaffirmed an “equal weight” rating and set a $32.00 price objective on shares of Hormel Foods in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to data from MarketBeat.com, Hormel Foods presently has a consensus rating of “Hold” and a consensus price target of $31.67.

Read Our Latest Stock Analysis on Hormel Foods

Insider Buying and Selling at Hormel Foods

In other Hormel Foods news, SVP Kevin L. Myers sold 10,000 shares of the firm’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 transaction, the senior vice president now directly owns 38,708 shares in the company, valued at approximately $1,352,844.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Hormel Foods news, VP Mark A. Coffey sold 15,400 shares of the firm’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 transaction, the vice president now directly owns 68,029 shares in the company, valued at approximately $2,381,015. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Kevin L. Myers sold 10,000 shares of Hormel Foods stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $34.95, for a total value of $349,500.00. Following the sale, the senior vice president now owns 38,708 shares in the company, valued at $1,352,844.60. The disclosure for this sale can be found here. Company insiders own 0.69% of the company’s stock.

Hormel Foods Stock Performance

NYSE HRL opened at $30.58 on Tuesday. The company has a fifty day simple moving average of $34.44 and a 200 day simple moving average of $32.77. Hormel Foods Co. has a 12-month low of $28.51 and a 12-month high of $41.73. The company has a current ratio of 1.73, a quick ratio of 1.00 and a debt-to-equity ratio of 0.36. The company has a market cap of $16.77 billion, a P/E ratio of 21.84, a PEG ratio of 2.94 and a beta of 0.25.

Hormel Foods (NYSE:HRLGet Free Report) last posted its quarterly earnings results on Thursday, May 30th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. Hormel Foods had a net margin of 6.37% and a return on equity of 11.31%. The business had revenue of $2.89 billion during the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter last year, the firm posted $0.40 EPS. Hormel Foods’s revenue was down 2.9% compared to the same quarter last year. Sell-side analysts predict that Hormel Foods Co. will post 1.59 earnings per share for the current fiscal year.

Hormel Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a dividend of $0.2825 per share. This represents a $1.13 annualized dividend and a yield of 3.70%. The ex-dividend date of this dividend is Monday, July 15th. Hormel Foods’s dividend payout ratio (DPR) is presently 80.71%.

About Hormel Foods

(Free Report)

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.

Further Reading

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

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