Spire Wealth Management grew its position in Hormel Foods Co. (NYSE:HRL – Get Rating) by 86.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,244 shares of the company’s stock after acquiring an additional 1,042 shares during the quarter. Spire Wealth Management’s holdings in Hormel Foods were worth $116,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Savant Capital LLC increased its position in shares of Hormel Foods by 3.2% during the 4th quarter. Savant Capital LLC now owns 6,778 shares of the company’s stock valued at $331,000 after purchasing an additional 211 shares during the last quarter. G&S Capital LLC increased its position in shares of Hormel Foods by 3.5% during the 4th quarter. G&S Capital LLC now owns 7,126 shares of the company’s stock valued at $348,000 after purchasing an additional 239 shares during the last quarter. Unison Advisors LLC increased its position in shares of Hormel Foods by 0.8% during the 4th quarter. Unison Advisors LLC now owns 31,896 shares of the company’s stock valued at $1,557,000 after purchasing an additional 239 shares during the last quarter. Wetherby Asset Management Inc. increased its position in shares of Hormel Foods by 3.6% during the 4th quarter. Wetherby Asset Management Inc. now owns 6,923 shares of the company’s stock valued at $338,000 after purchasing an additional 239 shares during the last quarter. Finally, Whittier Trust Co. increased its position in shares of Hormel Foods by 61.5% during the 4th quarter. Whittier Trust Co. now owns 646 shares of the company’s stock valued at $32,000 after purchasing an additional 246 shares during the last quarter. 41.06% of the stock is currently owned by hedge funds and other institutional investors.
In related news, SVP Kevin L. Myers sold 5,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,481,405.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Swen Neufeldt sold 960 shares of the company’s stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $51.82, for a total value of $49,747.20. Following the transaction, the vice president now directly owns 23,332 shares in the company, valued at $1,209,064.24. The disclosure for this sale can be found here. Insiders have sold a total of 8,070 shares of company stock valued at $372,727 over the last 90 days. 0.78% of the stock is currently owned by company insiders.
Several equities analysts have recently weighed in on the company. The Goldman Sachs Group downgraded Hormel Foods from a “neutral” rating to a “sell” rating and set a $44.00 target price on the stock. in a research report on Tuesday, March 15th. Piper Sandler dropped their price objective on Hormel Foods to $48.00 in a report on Friday, June 3rd. Credit Suisse Group dropped their price objective on Hormel Foods to $44.00 in a report on Friday, June 3rd. Argus upgraded Hormel Foods from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a report on Thursday, March 10th. Finally, StockNews.com started coverage on Hormel Foods in a report on Thursday, March 31st. They set a “hold” rating for the company. 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. According to data from MarketBeat.com, Hormel Foods presently has a consensus rating of “Hold” and an average price target of $47.83.
Shares of HRL stock opened at $48.02 on Thursday. Hormel Foods Co. has a twelve month low of $40.48 and a twelve month high of $55.11. The stock has a market capitalization of $26.22 billion, a price-to-earnings ratio of 27.44, a P/E/G ratio of 3.27 and a beta of 0.12. The stock has a fifty day simple moving average of $48.43 and a two-hundred day simple moving average of $49.28. The company has a current ratio of 2.28, a quick ratio of 1.20 and a debt-to-equity ratio of 0.45.
Hormel Foods (NYSE:HRL – Get Rating) last issued its earnings results on Thursday, June 2nd. The company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.01. The business had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Hormel Foods had a return on equity of 14.10% and a net margin of 7.70%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.42 EPS. Research analysts predict that Hormel Foods Co. will post 1.87 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 15th. Investors of record on Monday, July 11th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Friday, July 8th. Hormel Foods’s dividend payout ratio (DPR) is currently 59.43%.
Hormel Foods Profile (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.
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