Hormel Foods (NYSE:HRL) updated its FY19 earnings guidance on Thursday. The company provided EPS guidance of $1.71-1.85 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.80. The company issued revenue guidance of $9.5-10.0 billion, compared to the consensus revenue estimate of $9.68 billion.Hormel Foods also updated its FY 2019 guidance to $1.71-1.85 EPS.
Several brokerages have recently issued reports on HRL. Goldman Sachs Group lowered shares of Hormel Foods from a neutral rating to a sell rating and decreased their price target for the company from $37.00 to $35.00 in a report on Tuesday, April 23rd. Zacks Investment Research raised shares of Hormel Foods from a hold rating to a buy rating and set a $47.00 price target for the company in a report on Thursday, February 28th. Jefferies Financial Group reissued a hold rating and issued a $44.00 price target on shares of Hormel Foods in a report on Thursday, February 21st. Stephens started coverage on shares of Hormel Foods in a report on Monday, March 4th. They issued an equal weight rating for the company. Finally, Credit Suisse Group reaffirmed a hold rating and issued a $39.00 price objective on shares of Hormel Foods in a research report on Thursday, February 21st. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. Hormel Foods currently has a consensus rating of Hold and a consensus price target of $40.20.
HRL traded down $0.09 during trading on Thursday, hitting $39.40. The company had a trading volume of 269,504 shares, compared to its average volume of 2,998,489. The stock has a market capitalization of $21.33 billion, a P/E ratio of 20.68, a P/E/G ratio of 2.93 and a beta of 0.12. Hormel Foods has a one year low of $34.12 and a one year high of $46.26. The company has a current ratio of 1.46, a quick ratio of 0.77 and a debt-to-equity ratio of 0.04.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a $0.21 dividend. The ex-dividend date is Friday, July 12th. This represents a $0.84 annualized dividend and a yield of 2.13%. Hormel Foods’s dividend payout ratio is currently 44.44%.
In other Hormel Foods news, VP Lori J. Marco sold 13,000 shares of the business’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $41.56, for a total transaction of $540,280.00. Following the sale, the vice president now directly owns 48,304 shares of the company’s stock, valued at approximately $2,007,514.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Larry L. Vorpahl sold 180,000 shares of the business’s stock in a transaction dated Friday, March 29th. The stock was sold at an average price of $44.47, for a total transaction of $8,004,600.00. Following the sale, the insider now directly owns 280,194 shares in the company, valued at $12,460,227.18. The disclosure for this sale can be found here. Insiders sold a total of 274,705 shares of company stock worth $12,116,336 over the last ninety days. 1.11% of the stock is currently owned by insiders.
Hormel Foods Company 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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