Hormel Foods (NYSE:HRL) issued an update on its FY20 earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.69-1.83 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.77. The company issued revenue guidance of $9.5-10.3 billion, compared to the consensus revenue estimate of $9.70 billion.Hormel Foods also updated its FY 2020
Pre-Market guidance to 1.69-1.83 EPS.
HRL stock traded down $0.76 during mid-day trading on Friday, reaching $44.77. 3,623,496 shares of the company’s stock were exchanged, compared to its average volume of 2,074,297. The company has a market cap of $24.35 billion, a price-to-earnings ratio of 24.73, a price-to-earnings-growth ratio of 3.97 and a beta of 0.05. The stock’s 50 day moving average is $46.57 and its 200 day moving average is $43.76. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.34 and a quick ratio of 1.19. Hormel Foods has a 12-month low of $37.00 and a 12-month high of $48.86.
Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.45 EPS for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.01). The business had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Hormel Foods had a net margin of 10.30% and a return on equity of 15.90%. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.44 earnings per share. On average, research analysts forecast that Hormel Foods will post 1.79 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, January 13th were paid a $0.2325 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.93 dividend on an annualized basis and a yield of 2.08%. This is a boost from Hormel Foods’s previous quarterly dividend of $0.21. Hormel Foods’s dividend payout ratio (DPR) is currently 53.45%.
HRL has been the subject of several recent analyst reports. Stephens reissued a hold rating and issued a $43.00 price target (up previously from $37.00) on shares of Hormel Foods in a report on Wednesday, November 27th. Zacks Investment Research upgraded shares of Hormel Foods from a sell rating to a hold rating and set a $47.00 target price on the stock in a research report on Wednesday, November 27th. ValuEngine cut shares of Hormel Foods from a buy rating to a hold rating in a research note on Tuesday, January 14th. Finally, Bank of America began coverage on shares of Hormel Foods in a research report on Friday, October 25th. They set an underperform rating and a $40.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The company has an average rating of Hold and a consensus price target of $40.75.
In other Hormel Foods news, VP Patrick J. Connor sold 15,685 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $44.40, for a total value of $696,414.00. Following the completion of the sale, the vice president now owns 32,216 shares in the company, valued at approximately $1,430,390.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Lori J. Marco sold 11,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $45.08, for a total transaction of $495,880.00. Following the completion of the transaction, the vice president now directly owns 36,178 shares in the company, valued at $1,630,904.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 118,460 shares of company stock valued at $5,304,877. 1.15% of the stock is owned by corporate insiders.
About Hormel Foods
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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