DNB Asset Management AS Purchases 6,065 Shares of Hormel Foods Co. (NYSE:HRL)

DNB Asset Management AS increased its position in shares of Hormel Foods Co. (NYSE:HRL) by 11.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 60,360 shares of the company’s stock after buying an additional 6,065 shares during the quarter. DNB Asset Management AS’s holdings in Hormel Foods were worth $1,840,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its position in shares of Hormel Foods by 688.3% in the first quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock valued at $26,000 after acquiring an additional 647 shares during the last quarter. CVA Family Office LLC bought a new stake in shares of Hormel Foods during the 1st quarter worth approximately $31,000. Register Financial Advisors LLC acquired a new stake in shares of Hormel Foods in the 1st quarter valued at approximately $42,000. Capital Advisors Ltd. LLC grew its stake in shares of Hormel Foods by 774.8% in the first quarter. Capital Advisors Ltd. LLC now owns 1,216 shares of the company’s stock valued at $42,000 after buying an additional 1,077 shares in the last quarter. Finally, Clarity Asset Management Inc. bought a new stake in Hormel Foods during the fourth quarter worth $54,000. Institutional investors own 40.99% of the company’s stock.

Hormel Foods Stock Down 0.1 %

Hormel Foods stock opened at $31.78 on Wednesday. Hormel Foods Co. has a twelve month low of $28.51 and a twelve month high of $41.73. The company’s 50-day moving average price is $31.05 and its two-hundred day moving average price is $32.57. 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 stock has a market cap of $17.43 billion, a P/E ratio of 22.71, a P/E/G ratio of 3.11 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 for the quarter, topping the consensus estimate of $0.36 by $0.02. The business had revenue of $2.89 billion during the quarter, compared to analysts’ expectations of $2.97 billion. Hormel Foods had a return on equity of 11.31% and a net margin of 6.37%. The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period last year, the firm posted $0.40 EPS. As a group, analysts expect that Hormel Foods Co. will post 1.6 EPS for the current year.

Hormel Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $0.2825 per share. This represents a $1.13 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Monday, July 15th. Hormel Foods’s dividend payout ratio is 80.71%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on HRL. JPMorgan Chase & Co. raised shares of Hormel Foods from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $28.00 to $29.00 in a research report on Friday, May 31st. Stephens restated an “equal weight” rating and issued a $32.00 price objective on shares of Hormel Foods in a research note on Friday, May 31st. Finally, Citigroup cut their price objective on Hormel Foods from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, May 31st. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $31.67.

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.