Research Analysts Offer Predictions for Hormel Foods Co.’s FY2023 Earnings (NYSE:HRL)

Hormel Foods Co. (NYSE:HRL) – Research analysts at Zacks Research dropped their FY2023 earnings per share estimates for shares of Hormel Foods in a research report issued on Thursday, September 14th. Zacks Research analyst A. Mohta now anticipates that the company will post earnings per share of $1.65 for the year, down from their prior estimate of $1.71. The consensus estimate for Hormel Foods’ current full-year earnings is $1.64 per share. Zacks Research also issued estimates for Hormel Foods’ Q4 2023 earnings at $0.45 EPS, Q1 2024 earnings at $0.42 EPS, Q2 2024 earnings at $0.43 EPS, Q3 2024 earnings at $0.43 EPS, Q4 2024 earnings at $0.46 EPS, FY2024 earnings at $1.75 EPS, Q1 2025 earnings at $0.44 EPS, Q2 2025 earnings at $0.45 EPS and Q3 2025 earnings at $0.44 EPS.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings data on Thursday, August 31st. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). Hormel Foods had a net margin of 7.20% and a return on equity of 12.20%. The firm had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter in the previous year, the business posted $0.40 EPS. The company’s revenue for the quarter was down 2.3% on a year-over-year basis.

Other research analysts have also issued research reports about the company. Barclays reduced their price target on Hormel Foods from $45.00 to $42.00 in a report on Thursday, June 1st. StockNews.com initiated coverage on Hormel Foods in a report on Thursday, August 17th. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $43.71.

Hormel Foods Stock Down 0.4 %

NYSE HRL opened at $38.24 on Friday. Hormel Foods has a 52 week low of $36.78 and a 52 week high of $49.73. The company has a quick ratio of 0.65, a current ratio of 1.40 and a debt-to-equity ratio of 0.31. The business’s fifty day simple moving average is $39.52 and its 200-day simple moving average is $39.88. The firm has a market cap of $20.90 billion, a PE ratio of 23.75, a P/E/G ratio of 3.92 and a beta of 0.20.

Insider Buying and Selling

In other news, SVP Pierre M. Lilly bought 1,454 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was bought at an average cost of $37.25 per share, with a total value of $54,161.50. Following the transaction, the senior vice president now directly owns 1,454 shares in the company, valued at approximately $54,161.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Hormel Foods

Institutional investors have recently bought and sold shares of the company. Verition Fund Management LLC increased its holdings in shares of Hormel Foods by 3.2% in the fourth quarter. Verition Fund Management LLC now owns 7,456 shares of the company’s stock valued at $340,000 after purchasing an additional 231 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in Hormel Foods by 1.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 20,805 shares of the company’s stock worth $948,000 after acquiring an additional 235 shares during the period. Sovereign Financial Group Inc. grew its holdings in Hormel Foods by 1.3% during the second quarter. Sovereign Financial Group Inc. now owns 18,722 shares of the company’s stock worth $753,000 after acquiring an additional 245 shares during the period. Carlson Capital Management grew its holdings in Hormel Foods by 3.5% during the second quarter. Carlson Capital Management now owns 7,421 shares of the company’s stock worth $298,000 after acquiring an additional 249 shares during the period. Finally, B. Riley Wealth Advisors Inc. grew its holdings in Hormel Foods by 3.2% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 8,051 shares of the company’s stock worth $367,000 after acquiring an additional 253 shares during the period. 41.15% of the stock is owned by institutional investors and hedge funds.

About Hormel Foods

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.