HBK Sorce Advisory LLC Has $398,000 Stock Position in Hormel Foods Co. (NYSE:HRL)

HBK Sorce Advisory LLC increased its position in shares of Hormel Foods Co. (NYSE:HRL) by 28.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,058 shares of the company’s stock after acquiring an additional 2,865 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Hormel Foods were worth $398,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in HRL. Federated Hermes Inc. lifted its holdings in shares of Hormel Foods by 142.3% in the second quarter. Federated Hermes Inc. now owns 4,929 shares of the company’s stock valued at $150,000 after purchasing an additional 2,895 shares in the last quarter. Vest Financial LLC raised its position in Hormel Foods by 1.4% during the second quarter. Vest Financial LLC now owns 1,238,202 shares of the company’s stock valued at $37,753,000 after buying an additional 17,055 shares during the period. Achmea Investment Management B.V. lifted its stake in Hormel Foods by 19.7% in the 2nd quarter. Achmea Investment Management B.V. now owns 26,653 shares of the company’s stock worth $812,000 after acquiring an additional 4,382 shares in the last quarter. Y.D. More Investments Ltd acquired a new stake in Hormel Foods during the 2nd quarter worth about $79,000. Finally, American Century Companies Inc. grew its stake in Hormel Foods by 202.4% during the 2nd quarter. American Century Companies Inc. now owns 94,599 shares of the company’s stock valued at $2,884,000 after acquiring an additional 63,313 shares in the last quarter. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Hormel Foods Stock Performance

HRL stock opened at $32.08 on Friday. The company has a market capitalization of $17.59 billion, a price-to-earnings ratio of 22.91, a P/E/G ratio of 3.10 and a beta of 0.25. The firm has a 50 day moving average of $31.87 and a two-hundred day moving average of $32.97. The company has a quick ratio of 1.03, a current ratio of 2.29 and a debt-to-equity ratio of 0.36. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $39.58.

Hormel Foods (NYSE:HRL) last posted its earnings results on Wednesday, September 4th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.36 by $0.01. Hormel Foods had a net margin of 6.52% and a return on equity of 11.03%. The firm had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same period in the prior year, the business posted $0.40 earnings per share. The business’s quarterly revenue was down 2.2% on a year-over-year basis. As a group, equities analysts anticipate that Hormel Foods Co. will post 1.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

HRL has been the subject of a number of research analyst reports. Citigroup raised shares of Hormel Foods from a “neutral” rating to a “buy” rating and increased their price target for the stock from $33.00 to $37.00 in a research report on Tuesday, August 13th. Stephens restated an “equal weight” rating and set a $32.00 price target on shares of Hormel Foods in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. raised shares of Hormel Foods from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $28.00 to $29.00 in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Hormel Foods has a consensus rating of “Hold” and an average target price of $32.33.

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.