BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Acquires 22,111 Shares of Hormel Foods Co. (NYSE:HRL)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Hormel Foods Co. (NYSE:HRL) by 62.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 57,724 shares of the company’s stock after acquiring an additional 22,111 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Hormel Foods were worth $1,760,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its position in Hormel Foods by 688.3% during the first quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock worth $26,000 after acquiring an additional 647 shares during the last quarter. CVA Family Office LLC bought a new stake in Hormel Foods in the 1st quarter valued at $31,000. International Assets Investment Management LLC acquired a new position in Hormel Foods in the 2nd quarter valued at $34,000. Central Valley Advisors LLC bought a new position in Hormel Foods during the 2nd quarter worth $37,000. Finally, Register Financial Advisors LLC acquired a new stake in shares of Hormel Foods during the first quarter worth $42,000. Institutional investors own 40.99% of the company’s stock.

Insider Activity at Hormel Foods

In other Hormel Foods news, EVP Deanna T. Brady sold 51,600 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $31.95, for a total transaction of $1,648,620.00. Following the completion of the transaction, the executive vice president now owns 72,421 shares of the company’s stock, valued at $2,313,850.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Kevin L. Myers sold 10,000 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $32.70, for a total transaction of $327,000.00. Following the sale, the senior vice president now owns 39,050 shares of the company’s stock, valued at approximately $1,276,935. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Deanna T. Brady sold 51,600 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $31.95, for a total value of $1,648,620.00. Following the sale, the executive vice president now owns 72,421 shares in the company, valued at approximately $2,313,850.95. The disclosure for this sale can be found here. 0.69% of the stock is currently owned by insiders.

Analyst Ratings Changes

Separately, Citigroup raised shares of Hormel Foods from a “neutral” rating to a “buy” rating and raised their price target for the stock from $33.00 to $37.00 in a research report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Hormel Foods presently has an average rating of “Hold” and a consensus target price of $32.33.

Hormel Foods Stock Up 0.5 %

Shares of NYSE HRL opened at $31.72 on Monday. The stock has a market capitalization of $17.39 billion, a P/E ratio of 22.66, a PEG ratio of 3.11 and a beta of 0.25. The stock’s fifty day moving average is $32.02 and its 200 day moving average is $32.82. Hormel Foods Co. has a 52 week low of $28.51 and a 52 week high of $38.56. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.03 and a current ratio of 2.29.

Hormel Foods (NYSE:HRL) last released its earnings results on Wednesday, September 4th. The company reported $0.37 EPS for the quarter, beating 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 analyst estimates of $2.95 billion. During the same period last year, the firm earned $0.40 EPS. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. Sell-side analysts forecast that Hormel Foods Co. will post 1.58 earnings per share for the current fiscal year.

Hormel Foods Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $0.282 per share. The ex-dividend date is Tuesday, October 15th. This represents a $1.13 annualized dividend and a dividend yield of 3.56%. Hormel Foods’s dividend payout ratio is currently 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.