Hormel Foods Co. (NYSE:HRL) to Issue $0.26 Quarterly Dividend

Hormel Foods Co. (NYSE:HRLGet Rating) declared a quarterly dividend on Monday, May 23rd, RTT News reports. Stockholders of record on Monday, July 11th will be given a dividend of 0.26 per share on Monday, August 15th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.15%.

Hormel Foods has raised its dividend payment by an average of 8.8% per year over the last three years and has increased its dividend annually for the last 56 consecutive years. Hormel Foods has a payout ratio of 50.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Hormel Foods to earn $2.09 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 49.8%.

Shares of HRL stock traded up $0.21 during trading hours on Monday, reaching $48.47. The company had a trading volume of 1,406,735 shares, compared to its average volume of 2,033,678. Hormel Foods has a 12 month low of $40.48 and a 12 month high of $55.11. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.19 and a quick ratio of 1.21. The business has a fifty day simple moving average of $51.79 and a 200-day simple moving average of $48.69. The company has a market cap of $26.42 billion, a price-to-earnings ratio of 28.56, a price-to-earnings-growth ratio of 3.11 and a beta of 0.09.

Hormel Foods (NYSE:HRLGet Rating) last posted its earnings results on Tuesday, March 1st. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Hormel Foods had a return on equity of 13.94% and a net margin of 7.74%. The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same quarter last year, the company earned $0.41 earnings per share. The company’s revenue for the quarter was up 23.7% on a year-over-year basis. On average, equities research analysts expect that Hormel Foods will post 1.93 earnings per share for the current year.

A number of research analysts have recently weighed in on the company. StockNews.com assumed coverage on Hormel Foods in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Piper Sandler lifted their price target on Hormel Foods from $48.00 to $49.00 and gave the stock a “neutral” rating in a report on Wednesday, March 2nd. The Goldman Sachs Group lowered Hormel Foods from a “neutral” rating to a “sell” rating and set a $44.00 price target on the stock. in a report on Tuesday, March 15th. JPMorgan Chase & Co. lifted their price target on Hormel Foods from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, March 2nd. Finally, Credit Suisse Group lifted their price target on Hormel Foods from $44.00 to $46.00 and gave the stock a “neutral” rating in a report on Wednesday, March 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Hormel Foods presently has an average rating of “Hold” and an average target price of $48.33.

In related news, VP Luis G. Marconi sold 3,493 shares of the business’s stock in a transaction dated Friday, March 4th. The stock was sold at an average price of $51.73, for a total transaction of $180,692.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Swen Neufeldt sold 960 shares of the business’s stock in a transaction dated Monday, May 2nd. The stock was sold at an average price of $51.82, for a total value of $49,747.20. Following the transaction, the vice president now owns 23,332 shares of the company’s stock, valued at $1,209,064.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,636 shares of company stock valued at $2,440,842. 0.78% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. OLD Mission Capital LLC bought a new stake in shares of Hormel Foods in the 3rd quarter valued at about $5,651,000. Barclays PLC lifted its stake in shares of Hormel Foods by 39.7% in the 4th quarter. Barclays PLC now owns 511,195 shares of the company’s stock valued at $24,950,000 after acquiring an additional 145,309 shares during the last quarter. MML Investors Services LLC lifted its stake in shares of Hormel Foods by 2.4% in the 4th quarter. MML Investors Services LLC now owns 26,465 shares of the company’s stock valued at $1,292,000 after acquiring an additional 620 shares during the last quarter. Amalgamated Bank lifted its stake in shares of Hormel Foods by 8.6% in the 4th quarter. Amalgamated Bank now owns 82,902 shares of the company’s stock valued at $4,046,000 after acquiring an additional 6,585 shares during the last quarter. Finally, Metropolitan Life Insurance Co NY increased its holdings in Hormel Foods by 17.1% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 32,259 shares of the company’s stock valued at $1,575,000 after purchasing an additional 4,715 shares during the period. 41.06% of the stock is owned by hedge funds and other institutional investors.

Hormel Foods Company Profile (Get Rating)

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.

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Dividend History for Hormel Foods (NYSE:HRL)

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