WealthPlan Investment Management LLC Boosts Holdings in Hormel Foods Co. (NYSE:HRL)

WealthPlan Investment Management LLC raised its holdings in Hormel Foods Co. (NYSE:HRL) by 9.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 316,749 shares of the company’s stock after purchasing an additional 26,226 shares during the period. WealthPlan Investment Management LLC’s holdings in Hormel Foods were worth $10,041,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Hormel Foods by 21.8% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 571,252 shares of the company’s stock valued at $19,931,000 after purchasing an additional 102,141 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in Hormel Foods by 26.2% during the second quarter. Canada Pension Plan Investment Board now owns 735,246 shares of the company’s stock worth $22,418,000 after purchasing an additional 152,800 shares during the last quarter. Entropy Technologies LP bought a new stake in Hormel Foods in the first quarter worth $756,000. Appian Way Asset Management LP purchased a new stake in Hormel Foods during the 2nd quarter valued at about $11,811,000. Finally, Truist Financial Corp increased its stake in Hormel Foods by 110.8% in the 2nd quarter. Truist Financial Corp now owns 37,228 shares of the company’s stock worth $1,135,000 after purchasing an additional 19,571 shares during the period. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Insider Buying and Selling at Hormel Foods

In related news, EVP Deanna T. Brady sold 51,600 shares of Hormel Foods stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $31.95, for a total value of $1,648,620.00. Following the completion of the sale, the executive vice president now directly owns 72,421 shares in the company, valued at approximately $2,313,850.95. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Steven J. Lykken sold 9,800 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $31.91, for a total value of $312,718.00. Following the transaction, the vice president now directly owns 30,589 shares in the company, valued at $976,094.99. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Deanna T. Brady sold 51,600 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $31.95, for a total value of $1,648,620.00. Following the sale, the executive vice president now owns 72,421 shares of the company’s stock, valued at approximately $2,313,850.95. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 71,400 shares of company stock worth $2,288,338. Insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Citigroup raised shares of Hormel Foods from a “neutral” rating to a “buy” rating and raised their price target for the stock from $33.00 to $37.00 in a report on Tuesday, August 13th. Stephens initiated coverage on Hormel Foods in a research note on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 price target for the company. Finally, BNP Paribas assumed coverage on shares of Hormel Foods in a research report on Monday, October 21st. They issued an “underperform” rating and a $28.00 target price for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $31.57.

Hormel Foods Stock Up 0.1 %

HRL stock opened at $30.36 on Tuesday. The business has a 50 day moving average of $31.44 and a 200 day moving average of $32.08. The firm has a market cap of $16.65 billion, a PE ratio of 21.38, a price-to-earnings-growth ratio of 3.21 and a beta of 0.26. Hormel Foods Co. has a twelve month low of $28.51 and a twelve month high of $36.86. The company has a quick ratio of 1.03, a current ratio of 2.29 and a debt-to-equity ratio of 0.36.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.01. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.95 billion. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. Hormel Foods’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 EPS. On average, research analysts forecast that Hormel Foods Co. will post 1.58 EPS for the current fiscal year.

Hormel Foods Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a $0.282 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $1.13 dividend on an annualized basis and a yield of 3.72%. Hormel Foods’s payout ratio is currently 79.58%.

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.