ICA Group Wealth Management LLC Takes Position in Hormel Foods Co. (NYSE:HRL)

ICA Group Wealth Management LLC purchased a new position in Hormel Foods Co. (NYSE:HRL) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,267 shares of the company’s stock, valued at approximately $105,000.

Other large investors have also added to or reduced their stakes in the company. Clarity Asset Management Inc. purchased a new stake in shares of Hormel Foods in the 4th quarter worth about $54,000. Janiczek Wealth Management LLC boosted its position in Hormel Foods by 100.5% during the 4th quarter. Janiczek Wealth Management LLC now owns 2,061 shares of the company’s stock valued at $66,000 after acquiring an additional 1,033 shares in the last quarter. Federated Hermes Inc. grew its holdings in shares of Hormel Foods by 21.1% during the 4th quarter. Federated Hermes Inc. now owns 2,069 shares of the company’s stock worth $66,000 after acquiring an additional 361 shares during the period. Sound Income Strategies LLC raised its position in shares of Hormel Foods by 516.5% in the 4th quarter. Sound Income Strategies LLC now owns 2,546 shares of the company’s stock worth $82,000 after acquiring an additional 2,133 shares in the last quarter. Finally, RIA Advisory Group LLC purchased a new position in shares of Hormel Foods in the 4th quarter valued at approximately $86,000. Institutional investors own 40.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on HRL. The Goldman Sachs Group upped their price target on Hormel Foods from $26.00 to $28.00 and gave the stock a “sell” rating in a research note on Friday, March 1st. Barclays increased their price target on shares of Hormel Foods from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Citigroup dropped their price objective on shares of Hormel Foods from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, May 31st. Stephens reaffirmed an “equal weight” rating and set a $32.00 target price on shares of Hormel Foods in a research note on Friday, May 31st. Finally, JPMorgan Chase & Co. raised Hormel Foods from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $28.00 to $29.00 in a research report on Friday, May 31st. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $31.67.

Insider Buying and Selling at Hormel Foods

In related news, SVP Kevin L. Myers sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $34.95, for a total value of $349,500.00. Following the transaction, the senior vice president now owns 38,708 shares of the company’s stock, valued at $1,352,844.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Hormel Foods news, SVP Kevin L. Myers sold 10,000 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $34.95, for a total value of $349,500.00. Following the completion of the sale, the senior vice president now owns 38,708 shares in the company, valued at $1,352,844.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Mark A. Coffey sold 15,400 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $35.00, for a total value of $539,000.00. Following the completion of the transaction, the vice president now directly owns 68,029 shares in the company, valued at approximately $2,381,015. The disclosure for this sale can be found here. Company insiders own 0.69% of the company’s stock.

Hormel Foods Trading Up 0.8 %

Shares of NYSE HRL opened at $30.74 on Tuesday. The company has a market cap of $16.85 billion, a PE ratio of 21.95, a P/E/G ratio of 2.93 and a beta of 0.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.73. The firm’s 50 day moving average price is $34.01 and its 200-day moving average price is $32.74. Hormel Foods Co. has a 52-week low of $28.51 and a 52-week high of $41.73.

Hormel Foods (NYSE:HRL) last posted its earnings results on Thursday, May 30th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.97 billion. Hormel Foods had a return on equity of 11.31% and a net margin of 6.37%. The company’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.40 EPS. On average, equities research analysts expect that Hormel Foods Co. will post 1.59 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a $0.2825 dividend. This represents a $1.13 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date is Monday, July 15th. Hormel Foods’s dividend payout ratio (DPR) is presently 80.71%.

Hormel Foods 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.