Toronto Dominion Bank boosted its holdings in shares of Hormel Foods Corp (NYSE:HRL) by 59.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 308,193 shares of the company’s stock after buying an additional 115,127 shares during the period. Toronto Dominion Bank owned approximately 0.06% of Hormel Foods worth $12,491,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in HRL. NumerixS Investment Technologies Inc acquired a new position in shares of Hormel Foods in the second quarter valued at about $669,000. Achmea Investment Management B.V. increased its holdings in shares of Hormel Foods by 15.6% in the second quarter. Achmea Investment Management B.V. now owns 127,036 shares of the company’s stock valued at $5,151,000 after purchasing an additional 17,172 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Hormel Foods by 3.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,116 shares of the company’s stock valued at $1,035,000 after purchasing an additional 805 shares during the period. First Allied Advisory Services Inc. increased its holdings in shares of Hormel Foods by 2.3% in the second quarter. First Allied Advisory Services Inc. now owns 59,288 shares of the company’s stock valued at $2,404,000 after purchasing an additional 1,313 shares during the period. Finally, First Trust Advisors LP increased its holdings in shares of Hormel Foods by 389.5% in the second quarter. First Trust Advisors LP now owns 1,207,807 shares of the company’s stock valued at $48,964,000 after purchasing an additional 961,066 shares during the period. 44.34% of the stock is currently owned by institutional investors.
A number of research analysts have recently weighed in on the company. Zacks Investment Research raised Hormel Foods from a “sell” rating to a “hold” rating and set a $45.00 price objective on the stock in a report on Tuesday, August 27th. Edward Jones lowered Hormel Foods from a “buy” rating to a “hold” rating in a report on Wednesday, June 12th. ValuEngine lowered Hormel Foods from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. BMO Capital Markets set a $44.00 price objective on Hormel Foods and gave the company a “hold” rating in a report on Friday, August 23rd. Finally, Stephens set a $37.00 price objective on Hormel Foods and gave the company a “hold” rating in a report on Monday, August 12th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $40.10.
Hormel Foods (NYSE:HRL) last issued its earnings results on Thursday, August 22nd. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. Hormel Foods had a return on equity of 16.75% and a net margin of 10.34%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter in the prior year, the business earned $0.39 earnings per share. The company’s revenue was down 2.9% compared to the same quarter last year. On average, sell-side analysts expect that Hormel Foods Corp will post 1.74 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Monday, October 21st will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, October 18th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.92%. Hormel Foods’s payout ratio is 44.44%.
In other Hormel Foods news, Director Robert Nakasone sold 3,962 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $43.01, for a total transaction of $170,405.62. Following the transaction, the director now owns 74,275 shares in the company, valued at $3,194,567.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kevin L. Myers sold 2,045 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $42.80, for a total value of $87,526.00. Following the transaction, the senior vice president now owns 13,881 shares in the company, valued at approximately $594,106.80. The disclosure for this sale can be found here. Insiders sold 113,730 shares of company stock worth $4,956,035 in the last 90 days. Company insiders own 1.11% of the company’s stock.
Hormel Foods Company Profile
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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