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AIA Group Ltd Trims Stake in Hormel Foods Co. (NYSE:HRL)

Financial News Live · Jan 27, 2023 07:29

AIA Group Ltd lowered its position in Hormel Foods Co. (NYSE:HRL – Get Rating) by 38.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,966 shares of the company's stock after selling 3,676 shares during the quarter. AIA Group Ltd's holdings in Hormel Foods were worth $271,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in HRL. American Century Companies Inc. increased its stake in Hormel Foods by 10.1% in the 1st quarter. American Century Companies Inc. now owns 13,823 shares of the company's stock worth $712,000 after buying an additional 1,273 shares during the period. Natixis Advisors L.P. increased its stake in Hormel Foods by 4.0% in the 1st quarter. Natixis Advisors L.P. now owns 37,906 shares of the company's stock worth $1,954,000 after buying an additional 1,468 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Hormel Foods by 6.6% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 37,751 shares of the company's stock worth $1,946,000 after buying an additional 2,339 shares during the period. Cibc World Market Inc. increased its stake in Hormel Foods by 7.3% in the 1st quarter. Cibc World Market Inc. now owns 8,977 shares of the company's stock worth $463,000 after buying an additional 611 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Hormel Foods by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,030,288 shares of the company's stock worth $104,640,000 after buying an additional 8,636 shares during the period. Hedge funds and other institutional investors own 39.74% of the company's stock.

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Hormel Foods Price Performance

NYSE:HRL opened at $44.76 on Friday. The company's 50-day simple moving average is $46.48 and its 200-day simple moving average is $47.17. The stock has a market capitalization of $24.46 billion, a P/E ratio of 24.46, a P/E/G ratio of 3.64 and a beta of 0.17. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.30 and a current ratio of 2.47. Hormel Foods Co. has a fifty-two week low of $44.08 and a fifty-two week high of $55.11.

Hormel Foods (NYSE:HRL – Get Rating) last released its earnings results on Wednesday, November 30th. The company reported $0.51 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.01. The company had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.33 billion. Hormel Foods had a net margin of 8.03% and a return on equity of 13.62%. Hormel Foods's revenue for the quarter was down 5.0% on a year-over-year basis. During the same period last year, the business earned $0.51 EPS. On average, equities analysts anticipate that Hormel Foods Co. will post 1.89 earnings per share for the current fiscal year.

Hormel Foods Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Investors of record on Tuesday, January 17th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, January 13th. This is a boost from Hormel Foods's previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a yield of 2.46%. Hormel Foods's dividend payout ratio (DPR) is 60.11%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on HRL. StockNews.com began coverage on shares of Hormel Foods in a report on Wednesday, October 12th. They set a "hold" rating on the stock. Argus increased their target price on shares of Hormel Foods from $53.00 to $54.00 and gave the stock a "buy" rating in a report on Friday, December 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $48.17.

Insiders Place Their Bets

In other Hormel Foods news, VP Patrick J. Connor sold 1,577 shares of the firm's stock in a transaction that occurred on Wednesday, December 14th. The shares were sold at an average price of $46.88, for a total transaction of $73,929.76. Following the completion of the transaction, the vice president now directly owns 22,682 shares of the company's stock, valued at approximately $1,063,332.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Hormel Foods news, CEO James P. Snee sold 31,283 shares of the firm's stock in a transaction that occurred on Thursday, December 8th. The shares were sold at an average price of $47.66, for a total transaction of $1,490,947.78. Following the completion of the transaction, the chief executive officer now directly owns 234,999 shares of the company's stock, valued at approximately $11,200,052.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Patrick J. Connor sold 1,577 shares of the firm's stock in a transaction that occurred on Wednesday, December 14th. The stock was sold at an average price of $46.88, for a total transaction of $73,929.76. Following the transaction, the vice president now directly owns 22,682 shares of the company's stock, valued at $1,063,332.16. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by insiders.

About Hormel Foods

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Hormel Foods Corp. engages in the production of meat and food products. It operates through the following segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other. The Grocery Products segment focuses on the processing, marketing, and sale of shelf-stable food products sold in the retail market.