Hormel Foods Co. (NYSE:HRL) Shares Purchased by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board raised its position in shares of Hormel Foods Co. (NYSE:HRL) by 62.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 582,446 shares of the company’s stock after purchasing an additional 224,978 shares during the period. Canada Pension Plan Investment Board owned 0.11% of Hormel Foods worth $20,322,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. CVA Family Office LLC acquired a new stake in shares of Hormel Foods in the 1st quarter worth approximately $31,000. Register Financial Advisors LLC acquired a new stake in shares of Hormel Foods in the 1st quarter worth approximately $42,000. Capital Advisors Ltd. LLC lifted its stake in shares of Hormel Foods by 774.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 1,216 shares of the company’s stock worth $42,000 after acquiring an additional 1,077 shares during the period. Clarity Asset Management Inc. bought a new stake in shares of Hormel Foods in the 4th quarter worth approximately $54,000. Finally, Lindbrook Capital LLC raised its holdings in shares of Hormel Foods by 396.9% in the 1st quarter. Lindbrook Capital LLC now owns 1,749 shares of the company’s stock worth $61,000 after purchasing an additional 1,397 shares in the last quarter. 40.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

HRL has been the topic of a number of research reports. Citigroup dropped their target price on shares of Hormel Foods from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, May 31st. JPMorgan Chase & Co. upgraded shares of Hormel Foods from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $28.00 to $29.00 in a report on Friday, May 31st. Finally, Stephens reiterated an “equal weight” rating and issued a $32.00 target price on shares of Hormel Foods in a 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, the stock has an average rating of “Hold” and a consensus target price of $31.67.

Hormel Foods Trading Up 0.5 %

Shares of HRL stock traded up $0.17 during trading hours on Friday, reaching $32.01. 1,631,995 shares of the stock traded hands, compared to its average volume of 1,971,519. Hormel Foods Co. has a 1-year low of $28.51 and a 1-year high of $41.73. The business has a fifty day moving average price of $31.52 and a 200 day moving average price of $32.52. The company has a quick ratio of 1.00, a current ratio of 1.73 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $17.55 billion, a PE ratio of 22.86, a PEG ratio of 3.07 and a beta of 0.24.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Thursday, May 30th. The company reported $0.38 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $2.97 billion. During the same quarter in the previous year, the business earned $0.40 earnings per share. The firm’s revenue was down 2.9% compared to the same quarter last year. On average, equities research analysts forecast that Hormel Foods Co. will post 1.6 EPS for the current year.

Hormel Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a $0.2825 dividend. The ex-dividend date is Monday, July 15th. This represents a $1.13 annualized dividend and a yield of 3.53%. Hormel Foods’s dividend payout ratio is presently 80.71%.

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.