Hormel Foods (NYSE:HRL) Given New $35.00 Price Target at Citigroup

Hormel Foods (NYSE:HRL) had its price objective reduced by Citigroup from $36.00 to $35.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

HRL has been the topic of several other research reports. Stephens started coverage on Hormel Foods in a research note on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 price objective on the stock. BNP Paribas assumed coverage on Hormel Foods in a research note on Monday, October 21st. They issued an “underperform” rating and a $28.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Hormel Foods has an average rating of “Hold” and a consensus target price of $31.29.

Hormel Foods Price Performance

Shares of HRL opened at $30.52 on Tuesday. Hormel Foods has a twelve month low of $28.51 and a twelve month high of $36.86. The company has a market capitalization of $16.74 billion, a P/E ratio of 21.49, a price-to-earnings-growth ratio of 3.15 and a beta of 0.26. The firm has a 50 day moving average of $31.07 and a 200 day moving average of $31.79. The company has a quick ratio of 1.03, a current ratio of 2.29 and a debt-to-equity ratio of 0.36.

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

Hormel Foods Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.282 per share. This represents a $1.13 annualized dividend and a yield of 3.70%. The ex-dividend date of this dividend was Tuesday, October 15th. Hormel Foods’s payout ratio is 79.58%.

Insider Buying and Selling

In related news, VP Steven J. Lykken sold 9,800 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.91, for a total value of $312,718.00. Following the transaction, the vice president now owns 30,589 shares of the company’s stock, valued at $976,094.99. This trade represents a 24.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Kevin L. Myers sold 10,000 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $32.70, for a total transaction of $327,000.00. Following the completion of the transaction, the senior vice president now owns 39,050 shares in the company, valued at $1,276,935. This represents a 20.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,400 shares of company stock valued at $2,288,338. Company insiders own 0.69% of the company’s stock.

Institutional Investors Weigh In On Hormel Foods

Several hedge funds have recently made changes to their positions in HRL. EverSource Wealth Advisors LLC raised its stake in Hormel Foods by 688.3% in the first quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock worth $26,000 after buying an additional 647 shares in the last quarter. Brooklyn Investment Group bought a new position in shares of Hormel Foods in the 3rd quarter worth $32,000. International Assets Investment Management LLC purchased a new stake in shares of Hormel Foods during the 2nd quarter worth $34,000. Central Valley Advisors LLC bought a new stake in Hormel Foods during the second quarter valued at about $37,000. Finally, Prospera Private Wealth LLC purchased a new position in Hormel Foods in the third quarter valued at about $39,000. 40.99% of the stock is currently owned by hedge funds and other institutional investors.

Hormel Foods Company 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.