Hormel Foods Co. Announces Quarterly Dividend of $0.29 (NYSE:HRL)

Hormel Foods Co. (NYSE:HRL) declared a quarterly dividend on Monday, March 24th, RTT News reports. Shareholders of record on Monday, April 14th will be given a dividend of 0.29 per share on Thursday, May 15th. This represents a $1.16 annualized dividend and a yield of 3.96%.

Hormel Foods has increased its dividend by an average of 4.6% per year over the last three years and has raised its dividend every year for the last 59 years. Hormel Foods has a payout ratio of 64.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Hormel Foods to earn $1.84 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 63.0%.

Hormel Foods Price Performance

Shares of NYSE:HRL traded down $0.70 on Monday, reaching $29.29. 4,098,042 shares of the company were exchanged, compared to its average volume of 2,425,577. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36. Hormel Foods has a 1-year low of $27.59 and a 1-year high of $36.86. The company has a 50-day moving average of $29.54 and a 200-day moving average of $30.75. The firm has a market cap of $16.10 billion, a price-to-earnings ratio of 20.06, a price-to-earnings-growth ratio of 2.73 and a beta of 0.21.

Analyst Upgrades and Downgrades

HRL has been the topic of several recent research reports. Barclays upgraded shares of Hormel Foods from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 22nd. Stephens reiterated an “equal weight” rating and issued a $31.00 price target on shares of Hormel Foods in a research report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Hormel Foods presently has a consensus rating of “Hold” and a consensus price target of $31.80.

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.