CIBC Asset Management Inc Has $1.85 Million Stake in Hormel Foods Co. (NYSE:HRL)

CIBC Asset Management Inc grew its holdings in Hormel Foods Co. (NYSE:HRL) by 2.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 59,033 shares of the company’s stock after purchasing an additional 1,670 shares during the quarter. CIBC Asset Management Inc’s holdings in Hormel Foods were worth $1,852,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Holocene Advisors LP boosted its stake in Hormel Foods by 56.0% during the 3rd quarter. Holocene Advisors LP now owns 2,237,674 shares of the company’s stock valued at $70,934,000 after purchasing an additional 802,816 shares during the period. State Street Corp boosted its position in shares of Hormel Foods by 2.5% in the third quarter. State Street Corp now owns 25,068,102 shares of the company’s stock valued at $794,659,000 after acquiring an additional 617,308 shares during the period. Van ECK Associates Corp acquired a new stake in shares of Hormel Foods in the fourth quarter worth $16,612,000. Assenagon Asset Management S.A. increased its position in Hormel Foods by 328.3% during the third quarter. Assenagon Asset Management S.A. now owns 514,116 shares of the company’s stock worth $16,297,000 after acquiring an additional 394,068 shares during the period. Finally, Vest Financial LLC raised its stake in Hormel Foods by 17.0% during the 4th quarter. Vest Financial LLC now owns 1,825,660 shares of the company’s stock valued at $57,271,000 after purchasing an additional 264,813 shares during the last quarter. 40.99% of the stock is currently owned by institutional investors.

Hormel Foods Stock Performance

NYSE HRL opened at $29.66 on Friday. Hormel Foods Co. has a twelve month low of $28.03 and a twelve month high of $36.86. The company has a quick ratio of 1.19, a current ratio of 2.32 and a debt-to-equity ratio of 0.36. The stock has a market cap of $16.28 billion, a P/E ratio of 20.31, a PEG ratio of 2.70 and a beta of 0.26. The company’s 50-day simple moving average is $30.38 and its 200 day simple moving average is $31.17.

Hormel Foods (NYSE:HRL) last released its quarterly earnings data on Wednesday, December 4th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.01). The company had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $3.14 billion. Hormel Foods had a net margin of 6.75% and a return on equity of 10.95%. The company’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.42 earnings per share. As a group, research analysts forecast that Hormel Foods Co. will post 1.65 earnings per share for the current fiscal year.

Hormel Foods Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Monday, January 13th were issued a dividend of $0.29 per share. The ex-dividend date was Monday, January 13th. This is a boost from Hormel Foods’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.91%. Hormel Foods’s dividend payout ratio (DPR) is presently 79.45%.

Wall Street Analyst Weigh In

HRL has been the topic of several research analyst reports. Stephens restated an “equal weight” rating and issued a $31.00 price target on shares of Hormel Foods in a research report on Tuesday. Barclays upgraded Hormel Foods from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. Finally, Citigroup reduced their price objective on Hormel Foods from $36.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, November 19th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Hormel Foods has a consensus rating of “Hold” and a consensus target price of $31.17.

Insider Buying and Selling at Hormel Foods

In other news, VP Steven J. Lykken bought 4,904 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average price of $32.47 per share, for a total transaction of $159,232.88. Following the transaction, the vice president now directly owns 7,100 shares of the company’s stock, valued at $230,537. This trade represents a 223.32 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.72% of the company’s stock.

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.