Marshall Wace North America L.P. acquired a new position in shares of Hormel Foods Corporation (NYSE:HRL) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 238,485 shares of the company’s stock, valued at approximately $8,347,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new position in Hormel Foods Corporation during the fourth quarter worth approximately $106,515,000. Credit Agricole S A raised its position in Hormel Foods Corporation by 47.8% in the first quarter. Credit Agricole S A now owns 1,587,766 shares of the company’s stock worth $54,985,000 after buying an additional 513,762 shares in the last quarter. ProShare Advisors LLC raised its position in Hormel Foods Corporation by 11.2% in the first quarter. ProShare Advisors LLC now owns 1,566,274 shares of the company’s stock worth $54,240,000 after buying an additional 157,405 shares in the last quarter. Swiss National Bank raised its position in Hormel Foods Corporation by 20.2% in the first quarter. Swiss National Bank now owns 1,413,994 shares of the company’s stock worth $48,967,000 after buying an additional 237,500 shares in the last quarter. Finally, Legal & General Group Plc raised its position in Hormel Foods Corporation by 1.9% in the first quarter. Legal & General Group Plc now owns 1,236,275 shares of the company’s stock worth $42,805,000 after buying an additional 23,633 shares in the last quarter. Institutional investors and hedge funds own 38.12% of the company’s stock.
Shares of Hormel Foods Corporation (NYSE:HRL) traded down 0.859% during mid-day trading on Tuesday, reaching $34.055. 1,049,401 shares of the company were exchanged. Hormel Foods Corporation has a 12 month low of $32.90 and a 12 month high of $40.00. The stock has a market capitalization of $18.00 billion, a P/E ratio of 20.765 and a beta of 0.55. The firm has a 50-day moving average price of $34.42 and a 200 day moving average price of $35.04.
Hormel Foods Corporation (NYSE:HRL) last posted its quarterly earnings results on Thursday, May 25th. The company reported $0.39 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.40 by $0.01. The business had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.22 billion. Hormel Foods Corporation had a return on equity of 19.57% and a net margin of 9.42%. The company’s quarterly revenue was down 4.9% on a year-over-year basis. During the same period last year, the firm earned $0.40 earnings per share. Equities research analysts anticipate that Hormel Foods Corporation will post $1.66 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 17th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Thursday, July 13th. Hormel Foods Corporation’s dividend payout ratio (DPR) is 41.46%.
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A number of research analysts recently commented on HRL shares. Zacks Investment Research lowered shares of Hormel Foods Corporation from a “buy” rating to a “hold” rating in a research note on Monday, February 27th. BMO Capital Markets reiterated a “buy” rating and set a $45.00 price objective on shares of Hormel Foods Corporation in a research note on Thursday, March 30th. Credit Suisse Group set a $41.00 price objective on shares of Hormel Foods Corporation and gave the company a “buy” rating in a research note on Saturday, February 25th. Stephens reiterated an “overweight” rating and set a $50.00 price objective on shares of Hormel Foods Corporation in a research note on Friday. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $34.00 price objective on shares of Hormel Foods Corporation in a research note on Monday, June 12th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $40.27.
In related news, insider James M. Splinter sold 35,785 shares of the business’s stock in a transaction that occurred on Monday, April 10th. The shares were sold at an average price of $34.37, for a total transaction of $1,229,930.45. Following the completion of the sale, the insider now directly owns 169,953 shares of the company’s stock, valued at $5,841,284.61. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Thomas R. Day sold 11,650 shares of the business’s stock in a transaction that occurred on Tuesday, April 11th. The stock was sold at an average price of $34.25, for a total transaction of $399,012.50. Following the sale, the insider now directly owns 4,836 shares of the company’s stock, valued at $165,633. The disclosure for this sale can be found here. Over the last three months, insiders have sold 87,087 shares of company stock valued at $3,000,806. 3.54% of the stock is currently owned by insiders.
Hormel Foods Corporation Company Profile
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