Chesapeake Wealth Management bought a new position in shares of Hormel Foods Corp (NYSE:HRL) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 18,149 shares of the company’s stock, valued at approximately $812,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Dorsey Wright & Associates lifted its holdings in shares of Hormel Foods by 4.7% during the first quarter. Dorsey Wright & Associates now owns 71,618 shares of the company’s stock worth $3,206,000 after buying an additional 3,210 shares in the last quarter. Kentucky Retirement Systems raised its stake in Hormel Foods by 6.7% in the fourth quarter. Kentucky Retirement Systems now owns 11,860 shares of the company’s stock valued at $506,000 after purchasing an additional 747 shares in the last quarter. Highwater Wealth Management LLC acquired a new position in Hormel Foods in the fourth quarter valued at about $88,000. Palisade Asset Management LLC raised its stake in Hormel Foods by 2.4% in the fourth quarter. Palisade Asset Management LLC now owns 315,358 shares of the company’s stock valued at $13,459,000 after purchasing an additional 7,396 shares in the last quarter. Finally, Nordea Investment Management AB raised its stake in Hormel Foods by 43.7% in the fourth quarter. Nordea Investment Management AB now owns 16,415 shares of the company’s stock valued at $700,000 after purchasing an additional 4,988 shares in the last quarter. 43.87% of the stock is owned by institutional investors.
HRL has been the subject of a number of analyst reports. Jefferies Financial Group reaffirmed a “hold” rating and issued a $44.00 price target on shares of Hormel Foods in a research note on Thursday, February 21st. Credit Suisse Group reaffirmed a “hold” rating and issued a $39.00 price target on shares of Hormel Foods in a research note on Thursday, February 21st. Zacks Investment Research raised Hormel Foods from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research note on Thursday, February 28th. Stephens initiated coverage on Hormel Foods in a research note on Monday, March 4th. They issued an “equal weight” rating for the company. Finally, ValuEngine downgraded Hormel Foods from a “buy” rating to a “hold” rating in a research note on Saturday, April 13th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $40.20.
Hormel Foods (NYSE:HRL) last issued its earnings results on Thursday, February 21st. The company reported $0.44 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.44. The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.40 billion. Hormel Foods had a return on equity of 17.58% and a net margin of 9.93%. The business’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.56 earnings per share. On average, sell-side analysts predict that Hormel Foods Corp will post 1.81 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend is Friday, April 12th. Hormel Foods’s payout ratio is 44.44%.
In other news, insider Thomas R. Day sold 6,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $41.91, for a total transaction of $251,460.00. Following the sale, the insider now directly owns 5,031 shares in the company, valued at $210,849.21. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Lori J. Marco sold 13,000 shares of the business’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $41.56, for a total value of $540,280.00. Following the sale, the vice president now owns 48,304 shares in the company, valued at $2,007,514.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 274,705 shares of company stock valued at $12,116,336. Insiders own 1.11% of the company’s stock.
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Hormel Foods Profile
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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