Choreo LLC Has $921,000 Position in Hormel Foods Co. (NYSE:HRL)

Choreo LLC increased its position in shares of Hormel Foods Co. (NYSE:HRL) by 53.8% during the second quarter, Holdings Channel reports. The institutional investor owned 30,276 shares of the company’s stock after purchasing an additional 10,590 shares during the quarter. Choreo LLC’s holdings in Hormel Foods were worth $921,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Empirical Finance LLC raised its stake in shares of Hormel Foods by 3.7% in the first quarter. Empirical Finance LLC now owns 9,912 shares of the company’s stock valued at $346,000 after purchasing an additional 352 shares in the last quarter. First Trust Direct Indexing L.P. lifted its holdings in shares of Hormel Foods by 2.0% during the 1st quarter. First Trust Direct Indexing L.P. now owns 20,291 shares of the company’s stock worth $708,000 after acquiring an additional 389 shares during the period. Viawealth LLC boosted its position in shares of Hormel Foods by 2.4% during the 1st quarter. Viawealth LLC now owns 17,126 shares of the company’s stock valued at $598,000 after acquiring an additional 401 shares in the last quarter. D.A. Davidson & CO. increased its stake in Hormel Foods by 4.4% in the fourth quarter. D.A. Davidson & CO. now owns 9,663 shares of the company’s stock valued at $310,000 after acquiring an additional 403 shares during the period. Finally, Kentucky Retirement Systems lifted its stake in Hormel Foods by 2.1% during the fourth quarter. Kentucky Retirement Systems now owns 23,174 shares of the company’s stock worth $744,000 after purchasing an additional 470 shares during the period. 40.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

HRL has been the subject of several recent analyst reports. Stephens reiterated an “equal weight” rating and set a $32.00 price objective on shares of Hormel Foods in a research note on Friday, May 31st. JPMorgan Chase & Co. raised shares of Hormel Foods from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $28.00 to $29.00 in a research note on Friday, May 31st. Finally, Citigroup upgraded shares of Hormel Foods from a “neutral” rating to a “buy” rating and lifted their target price for the company from $33.00 to $37.00 in a research note on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $32.33.

Hormel Foods Price Performance

Shares of HRL stock opened at $31.64 on Friday. The firm has a market cap of $17.35 billion, a price-to-earnings ratio of 22.60, a PEG ratio of 3.21 and a beta of 0.25. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $39.58. The company has a quick ratio of 1.03, a current ratio of 2.29 and a debt-to-equity ratio of 0.36. The stock has a 50-day moving average price of $31.83 and a 200 day moving average price of $32.94.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter in the prior year, the business posted $0.40 EPS. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. Research analysts expect that Hormel Foods Co. will post 1.58 EPS for the current year.

Hormel Foods Profile

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.