Hormel Foods (HRL) Set to Announce Quarterly Earnings on Wednesday

Hormel Foods (NYSE:HRL) is scheduled to be releasing its earnings data before the market opens on Wednesday, December 4th. Analysts expect Hormel Foods to post earnings of $0.43 per share for the quarter. Hormel Foods has set its FY 2024 guidance at 1.570-1.630 EPS and its FY24 guidance at $1.57-1.63 EPS.Persons that wish to register for the company’s earnings conference call can do so using this link.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings data on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.01. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same period in the prior year, the company earned $0.40 earnings per share. Hormel Foods’s revenue was down 2.2% compared to the same quarter last year. On average, analysts expect Hormel Foods to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Hormel Foods Price Performance

Shares of NYSE HRL opened at $31.62 on Wednesday. The stock has a fifty day simple moving average of $31.01 and a two-hundred day simple moving average of $31.66. Hormel Foods has a 1-year low of $28.51 and a 1-year high of $36.86. The firm has a market cap of $17.34 billion, a price-to-earnings ratio of 22.27, a price-to-earnings-growth ratio of 3.25 and a beta of 0.26. The company has a current ratio of 2.29, a quick ratio of 1.03 and a debt-to-equity ratio of 0.36.

Hormel Foods Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Monday, January 13th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 3.67%. This is a positive change from Hormel Foods’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Monday, January 13th. Hormel Foods’s dividend payout ratio is 79.58%.

Insider Buying and Selling

In related news, VP Steven J. Lykken sold 9,800 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $31.91, for a total value of $312,718.00. Following the sale, the vice president now owns 30,589 shares in the company, valued at approximately $976,094.99. This trade represents a 24.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Kevin L. Myers sold 10,000 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $32.70, for a total value of $327,000.00. Following the completion of the sale, the senior vice president now owns 39,050 shares in the company, valued at $1,276,935. This trade represents a 20.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 71,400 shares of company stock worth $2,288,338. Corporate insiders own 0.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on HRL. Citigroup dropped their target price on Hormel Foods from $36.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, November 19th. Stephens began coverage on Hormel Foods in a research report on Thursday, October 3rd. They set an “equal weight” rating and a $31.00 target price on the stock. Finally, BNP Paribas began coverage on Hormel Foods in a research report on Monday, October 21st. They set an “underperform” rating and a $28.00 target price on the stock. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $31.29.

About Hormel Foods

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.