Hormel Foods Co. Declares Quarterly Dividend of $0.29 (NYSE:HRL)

Hormel Foods Co. (NYSE:HRL) declared a quarterly dividend on Monday, March 24th, RTT News reports. Stockholders of record on Monday, April 14th will be given a dividend of 0.29 per share on Thursday, May 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date is Monday, April 14th.

Hormel Foods has raised its dividend payment by an average of 4.6% annually over the last three years and has raised its dividend annually for the last 59 consecutive years. Hormel Foods has a dividend payout ratio of 64.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Hormel Foods to earn $1.84 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 63.0%.

Hormel Foods Stock Down 1.5 %

Shares of HRL stock opened at $28.81 on Wednesday. The company has a quick ratio of 1.19, a current ratio of 2.32 and a debt-to-equity ratio of 0.36. Hormel Foods has a 52 week low of $27.59 and a 52 week high of $36.86. The company’s fifty day simple moving average is $29.50 and its two-hundred day simple moving average is $30.71. The stock has a market cap of $15.84 billion, a P/E ratio of 19.73, a PEG ratio of 2.73 and a beta of 0.21.

Analysts Set New Price Targets

HRL has been the topic of several research 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, February 18th. Barclays upgraded Hormel Foods from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $31.80.

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.