Chevy Chase Trust Holdings LLC Sells 950 Shares of Hormel Foods Co. (NYSE:HRL)

Chevy Chase Trust Holdings LLC reduced its position in shares of Hormel Foods Co. (NYSE:HRL) by 0.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 161,792 shares of the company’s stock after selling 950 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Hormel Foods were worth $5,195,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Verition Fund Management LLC grew its position in Hormel Foods by 3.2% in the 4th quarter. Verition Fund Management LLC now owns 7,456 shares of the company’s stock worth $340,000 after purchasing an additional 231 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Hormel Foods by 1.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 20,805 shares of the company’s stock worth $948,000 after purchasing an additional 235 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its position in Hormel Foods by 3.2% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 8,051 shares of the company’s stock worth $367,000 after purchasing an additional 253 shares during the last quarter. Gries Financial LLC grew its position in Hormel Foods by 0.6% in the 2nd quarter. Gries Financial LLC now owns 41,002 shares of the company’s stock worth $1,649,000 after purchasing an additional 254 shares during the last quarter. Finally, SeaCrest Wealth Management LLC grew its position in Hormel Foods by 3.2% in the 4th quarter. SeaCrest Wealth Management LLC now owns 8,258 shares of the company’s stock worth $376,000 after purchasing an additional 258 shares during the last quarter. 40.99% of the stock is owned by institutional investors.

Insider Activity at Hormel Foods

In other Hormel Foods news, VP Mark A. Coffey sold 15,400 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $34.18, for a total value of $526,372.00. Following the completion of the transaction, the vice president now directly owns 68,029 shares of the company’s stock, valued at $2,325,231.22. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Hormel Foods news, VP Mark A. Coffey sold 15,400 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $34.18, for a total value of $526,372.00. Following the completion of the transaction, the vice president now directly owns 68,029 shares of the company’s stock, valued at $2,325,231.22. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Kevin L. Myers sold 10,000 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $34.95, for a total transaction of $349,500.00. Following the completion of the transaction, the senior vice president now directly owns 38,708 shares of the company’s stock, valued at $1,352,844.60. The disclosure for this sale can be found here. Insiders sold 40,800 shares of company stock valued at $1,414,872 in the last ninety days. Insiders own 0.69% of the company’s stock.

Wall Street Analyst Weigh In

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

Hormel Foods Trading Up 0.5 %

Shares of HRL stock opened at $35.30 on Wednesday. Hormel Foods Co. has a 12-month low of $28.51 and a 12-month high of $41.73. The company has a market capitalization of $19.33 billion, a P/E ratio of 24.18, a P/E/G ratio of 3.35 and a beta of 0.27. The firm has a 50-day moving average price of $32.52 and a 200 day moving average price of $32.62. The company has a quick ratio of 0.79, a current ratio of 1.49 and a debt-to-equity ratio of 0.30.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Thursday, February 29th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.07. Hormel Foods had a net margin of 6.55% and a return on equity of 11.51%. The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same period last year, the firm posted $0.40 EPS. The firm’s quarterly revenue was up .9% on a year-over-year basis. Research analysts forecast that Hormel Foods Co. will post 1.59 earnings per share for the current fiscal year.

Hormel Foods Announces Dividend

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

Hormel Foods 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.