Hormel Foods Co. (NYSE:HRL) Shares Sold by IAG Wealth Partners LLC

IAG Wealth Partners LLC cut its stake in shares of Hormel Foods Co. (NYSE:HRL) by 29.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,514 shares of the company’s stock after selling 630 shares during the quarter. IAG Wealth Partners LLC’s holdings in Hormel Foods were worth $49,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of HRL. Tandem Investment Advisors Inc. lifted its holdings in Hormel Foods by 28.0% in the third quarter. Tandem Investment Advisors Inc. now owns 1,959,077 shares of the company’s stock valued at $74,504,000 after acquiring an additional 428,100 shares during the period. Vest Financial LLC lifted its holdings in Hormel Foods by 54.4% in the fourth quarter. Vest Financial LLC now owns 868,251 shares of the company’s stock valued at $27,880,000 after acquiring an additional 305,866 shares during the period. CBOE Vest Financial LLC lifted its holdings in Hormel Foods by 86.7% in the third quarter. CBOE Vest Financial LLC now owns 562,385 shares of the company’s stock valued at $21,388,000 after acquiring an additional 261,234 shares during the period. iA Global Asset Management Inc. acquired a new stake in Hormel Foods in the third quarter valued at $8,595,000. Finally, Trexquant Investment LP increased its position in shares of Hormel Foods by 195.1% in the third quarter. Trexquant Investment LP now owns 304,600 shares of the company’s stock valued at $11,584,000 after buying an additional 201,377 shares in the last quarter. 40.99% of the stock is owned by institutional investors and hedge funds.

Hormel Foods Trading Up 0.1 %

NYSE:HRL traded up $0.05 during mid-day trading on Friday, reaching $35.32. The company’s stock had a trading volume of 2,088,175 shares, compared to its average volume of 2,357,894. The company’s fifty day simple moving average is $33.84 and its two-hundred day simple moving average is $32.41. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.49 and a quick ratio of 0.79. Hormel Foods Co. has a twelve month low of $28.51 and a twelve month high of $41.73. The stock has a market cap of $19.34 billion, a P/E ratio of 24.19, a P/E/G ratio of 3.40 and a beta of 0.27.

Hormel Foods (NYSE:HRL) last released its quarterly earnings data on Thursday, February 29th. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.07. The business had revenue of $3 billion for the quarter, compared to analyst estimates of $2.91 billion. Hormel Foods had a return on equity of 11.51% and a net margin of 6.55%. The company’s revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.40 EPS. On average, equities analysts predict that Hormel Foods Co. will post 1.59 EPS for the current year.

Hormel Foods Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, March 25th will be paid a $0.2825 dividend. This represents a $1.13 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Friday, April 12th. Hormel Foods’s dividend payout ratio is currently 77.40%.

Insider Activity

In related news, VP Mark A. Coffey sold 15,400 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $34.18, for a total transaction of $526,372.00. Following the transaction, the vice president now directly owns 68,029 shares of the company’s stock, valued at approximately $2,325,231.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Kevin L. Myers sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $34.95, for a total transaction of $349,500.00. Following the transaction, the senior vice president now directly owns 38,708 shares of the company’s stock, valued at approximately $1,352,844.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Mark A. Coffey sold 15,400 shares of Hormel Foods stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $34.18, for a total value of $526,372.00. Following the sale, the vice president now owns 68,029 shares in the company, valued at $2,325,231.22. The disclosure for this sale can be found here. Insiders have sold 40,800 shares of company stock valued at $1,414,872 in the last three months. Corporate insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on HRL. JPMorgan Chase & Co. raised their price target on Hormel Foods from $27.00 to $28.00 and gave the company an “underweight” rating in a research report on Friday, March 1st. The Goldman Sachs Group raised their price target on Hormel Foods from $26.00 to $28.00 and gave the company a “sell” rating in a research report on Friday, March 1st. Barclays lifted their price objective on Hormel Foods from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. Citigroup began coverage on Hormel Foods in a research report on Thursday, February 1st. They set a “neutral” rating and a $31.00 price objective for the company. Finally, Piper Sandler lifted their price objective on Hormel Foods from $31.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, January 12th. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $31.00.

Hormel Foods Company 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.