Fidelity National Financial Inc. acquired a new stake in shares of Hormel Foods Corporation (NYSE:HRL – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 660,000 shares of the company’s stock, valued at approximately $16,381,000. Hormel Foods makes up approximately 0.5% of Fidelity National Financial Inc.’s portfolio, making the stock its 21st largest holding.
A number of other hedge funds also recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Hormel Foods in the 2nd quarter worth approximately $489,092,000. Invesco Ltd. grew its position in shares of Hormel Foods by 66.5% in the third quarter. Invesco Ltd. now owns 11,331,941 shares of the company’s stock valued at $280,352,000 after purchasing an additional 4,526,167 shares in the last quarter. Norges Bank acquired a new stake in shares of Hormel Foods in the fourth quarter valued at approximately $85,840,000. Epoch Investment Partners Inc. acquired a new stake in shares of Hormel Foods in the first quarter valued at approximately $44,733,000. Finally, Freestone Grove Partners LP purchased a new position in Hormel Foods during the fourth quarter worth approximately $43,340,000. Institutional investors and hedge funds own 40.99% of the company’s stock.
Hormel Foods Trading Up 1.3%
Shares of HRL stock opened at $24.33 on Wednesday. Hormel Foods Corporation has a 1-year low of $19.70 and a 1-year high of $29.34. The firm has a market cap of $13.39 billion, a PE ratio of 28.62, a price-to-earnings-growth ratio of 2.83 and a beta of 0.34. The company has a 50-day moving average of $24.93 and a two-hundred day moving average of $23.45. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.94 and a quick ratio of 0.97.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on the company. The Goldman Sachs Group set a $25.00 price objective on Hormel Foods in a research note on Thursday, May 21st. Bank of America lifted their price target on Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, June 30th. BNP Paribas Exane boosted their price target on shares of Hormel Foods from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. JPMorgan Chase & Co. upped their price objective on shares of Hormel Foods from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Friday, August 14th. Finally, Stephens restated an “equal weight” rating and set a $25.00 price objective on shares of Hormel Foods in a research report on Thursday, July 9th. Two analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $26.57.
Get Our Latest Stock Analysis on Hormel Foods
Insiders Place Their Bets
In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $24.51, for a total value of $495,102.00. Following the sale, the director owned 32,002 shares of the company’s stock, valued at $784,369.02. The trade was a 38.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.58% of the company’s stock.
Hormel Foods Profile
Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.
Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.
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