FORVIS Wealth Advisors LLC Sells 481 Shares of Hormel Foods Co. (NYSE:HRL)

FORVIS Wealth Advisors LLC lowered its holdings in shares of Hormel Foods Co. (NYSE:HRL) by 3.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,835 shares of the company’s stock after selling 481 shares during the period. FORVIS Wealth Advisors LLC’s holdings in Hormel Foods were worth $518,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new stake in Hormel Foods in the fourth quarter valued at about $62,323,000. Goldman Sachs Group Inc. grew its stake in shares of Hormel Foods by 97.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,900,989 shares of the company’s stock valued at $93,151,000 after purchasing an additional 1,434,437 shares during the period. Vest Financial LLC raised its holdings in shares of Hormel Foods by 54.4% in the 4th quarter. Vest Financial LLC now owns 868,251 shares of the company’s stock worth $27,880,000 after buying an additional 305,866 shares in the last quarter. iA Global Asset Management Inc. bought a new position in shares of Hormel Foods during the 3rd quarter worth approximately $8,595,000. Finally, First Trust Advisors LP boosted its stake in Hormel Foods by 8.2% in the 4th quarter. First Trust Advisors LP now owns 2,583,700 shares of the company’s stock valued at $82,963,000 after buying an additional 196,460 shares in the last quarter. Institutional investors own 40.99% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Citigroup dropped their price objective on Hormel Foods from $35.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. Stephens reiterated an “equal weight” rating and set a $32.00 target price on shares of Hormel Foods in a research report on Friday, May 31st. Finally, JPMorgan Chase & Co. upgraded shares of Hormel Foods from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $28.00 to $29.00 in a research report on Friday, May 31st. One analyst has rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $31.67.

Hormel Foods Price Performance

HRL traded down $0.02 during midday trading on Friday, hitting $30.22. The company had a trading volume of 69,012 shares, compared to its average volume of 2,849,240. Hormel Foods Co. has a twelve month low of $28.51 and a twelve month high of $41.73. The company has a market capitalization of $16.57 billion, a PE ratio of 21.60, a P/E/G ratio of 2.90 and a beta of 0.24. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.73. The firm’s 50-day simple moving average is $32.90 and its 200-day simple moving average is $32.61.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Thursday, May 30th. The company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $2.97 billion. During the same quarter last year, the business posted $0.40 earnings per share. Hormel Foods’s revenue for the quarter was down 2.9% compared to the same quarter last year. Equities research analysts predict that Hormel Foods Co. will post 1.6 EPS for the current fiscal year.

Hormel Foods Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders 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 dividend yield of 3.74%. 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

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.