Mackenzie Financial Corp Decreases Holdings in Hormel Foods Co. (NYSE:HRL)

Mackenzie Financial Corp trimmed its stake in shares of Hormel Foods Co. (NYSE:HRL) by 27.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,691 shares of the company’s stock after selling 16,447 shares during the period. Mackenzie Financial Corp’s holdings in Hormel Foods were worth $1,371,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in HRL. Avior Wealth Management LLC lifted its holdings in Hormel Foods by 417.6% during the third quarter. Avior Wealth Management LLC now owns 5,673 shares of the company’s stock valued at $216,000 after purchasing an additional 4,577 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Hormel Foods by 55.0% in the third quarter. Exchange Traded Concepts LLC now owns 21,394 shares of the company’s stock worth $814,000 after buying an additional 7,587 shares in the last quarter. Czech National Bank lifted its stake in shares of Hormel Foods by 47.6% in the third quarter. Czech National Bank now owns 50,603 shares of the company’s stock worth $1,924,000 after buying an additional 16,313 shares in the last quarter. JGP Wealth Management LLC lifted its stake in shares of Hormel Foods by 10.3% in the third quarter. JGP Wealth Management LLC now owns 131,815 shares of the company’s stock worth $5,013,000 after buying an additional 12,266 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC lifted its stake in shares of Hormel Foods by 6.9% in the third quarter. Linden Thomas Advisory Services LLC now owns 15,670 shares of the company’s stock worth $596,000 after buying an additional 1,016 shares in the last quarter. 40.99% of the stock is owned by hedge funds and other institutional investors.

Hormel Foods Price Performance

Hormel Foods stock opened at $35.60 on Thursday. Hormel Foods Co. has a 12-month low of $28.51 and a 12-month high of $41.73. The stock has a market cap of $19.50 billion, a P/E ratio of 24.38, a PEG ratio of 3.39 and a beta of 0.27. The company has a 50-day moving average price of $33.59 and a 200 day moving average price of $32.39. The company has a current ratio of 1.49, a quick ratio of 0.79 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 for the quarter, beating analysts’ consensus estimates of $0.34 by $0.07. Hormel Foods had a net margin of 6.55% and a return on equity of 11.51%. The business had revenue of $3 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same period last year, the business earned $0.40 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. Sell-side analysts anticipate that Hormel Foods Co. will post 1.59 earnings per share for the current year.

Hormel Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, March 25th will be given a dividend of $0.2825 per share. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, April 12th. Hormel Foods’s dividend payout ratio is presently 77.40%.

Insider Buying and Selling at Hormel Foods

In other Hormel Foods news, SVP Kevin L. Myers sold 10,000 shares of Hormel Foods stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $34.95, for a total transaction of $349,500.00. Following the completion of the sale, the senior vice president now directly owns 38,708 shares in the company, valued at $1,352,844.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, SVP Kevin L. Myers sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $34.95, for a total value of $349,500.00. Following the completion of the transaction, the senior vice president now owns 38,708 shares of the company’s stock, valued at $1,352,844.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Mark A. Coffey sold 15,400 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $35.00, for a total transaction of $539,000.00. Following the completion of the transaction, the vice president now directly owns 68,029 shares of the company’s stock, valued at approximately $2,381,015. The disclosure for this sale can be found here. Insiders sold a total of 40,800 shares of company stock worth $1,414,872 over the last three months. Insiders own 0.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on HRL. 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 note on Friday, March 1st. Citigroup began coverage on shares of Hormel Foods in a research note on Thursday, February 1st. They issued a “neutral” rating and a $31.00 price target on the stock. Piper Sandler raised their price target on shares of Hormel Foods from $31.00 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, January 12th. JPMorgan Chase & Co. raised their price objective on shares of Hormel Foods from $27.00 to $28.00 and gave the stock an “underweight” rating in a research report on Friday, March 1st. Finally, The Goldman Sachs Group raised their price objective on shares of Hormel Foods from $26.00 to $28.00 and gave the stock 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 assigned a hold rating to the company’s stock. According to MarketBeat.com, Hormel Foods presently has a consensus rating of “Hold” and a consensus price target of $31.00.

About Hormel Foods

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.