New York State Common Retirement Fund Has $22.63 Million Holdings in Hormel Foods Co. (NYSE:HRL)

New York State Common Retirement Fund cut its stake in Hormel Foods Co. (NYSE:HRL) by 4.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 704,701 shares of the company’s stock after selling 29,840 shares during the period. New York State Common Retirement Fund’s holdings in Hormel Foods were worth $22,628,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of HRL. Janiczek Wealth Management LLC increased its holdings in Hormel Foods by 100.5% during the 4th quarter. Janiczek Wealth Management LLC now owns 2,061 shares of the company’s stock valued at $66,000 after purchasing an additional 1,033 shares in the last quarter. Federated Hermes Inc. increased its holdings in Hormel Foods by 21.1% during the 4th quarter. Federated Hermes Inc. now owns 2,069 shares of the company’s stock valued at $66,000 after purchasing an additional 361 shares in the last quarter. Sound Income Strategies LLC increased its holdings in Hormel Foods by 516.5% during the 4th quarter. Sound Income Strategies LLC now owns 2,546 shares of the company’s stock valued at $82,000 after purchasing an additional 2,133 shares in the last quarter. RIA Advisory Group LLC acquired a new stake in Hormel Foods during the 4th quarter valued at $86,000. Finally, Covestor Ltd increased its holdings in Hormel Foods by 23.7% during the 3rd quarter. Covestor Ltd now owns 2,927 shares of the company’s stock valued at $111,000 after purchasing an additional 561 shares in the last quarter. 40.99% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Kevin L. Myers sold 10,000 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $34.95, for a total transaction of $349,500.00. Following the sale, the senior vice president now owns 38,708 shares of the company’s stock, valued at approximately $1,352,844.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Kevin L. Myers sold 10,000 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $34.95, for a total transaction of $349,500.00. Following the sale, the senior vice president now owns 38,708 shares of the company’s stock, valued at approximately $1,352,844.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mark A. Coffey sold 15,400 shares of Hormel Foods 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 sale, the vice president now directly owns 68,029 shares in the company, valued at approximately $2,325,231.22. The disclosure for this sale can be found here. In the last quarter, insiders have sold 40,800 shares of company stock valued at $1,414,872. 0.69% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

HRL has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on Hormel Foods from $27.00 to $28.00 and gave the company an “underweight” rating in a report on Friday, March 1st. Citigroup started coverage on Hormel Foods in a research report on Thursday, February 1st. They issued a “neutral” rating and a $31.00 price objective on the stock. Barclays increased their price objective on Hormel Foods from $33.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. Piper Sandler increased their price objective on Hormel Foods from $31.00 to $33.00 and gave the company a “neutral” rating in a research report on Friday, January 12th. Finally, The Goldman Sachs Group increased their price objective on Hormel Foods from $26.00 to $28.00 and gave the company a “sell” rating in a research report on Friday, March 1st. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to MarketBeat.com, Hormel Foods currently has an average rating of “Hold” and an average price target of $31.00.

Hormel Foods Stock Up 0.1 %

NYSE:HRL opened at $35.32 on Friday. Hormel Foods Co. has a 12-month low of $28.51 and a 12-month high of $41.73. The company has a quick ratio of 0.79, a current ratio of 1.49 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $19.34 billion, a P/E ratio of 24.19, a P/E/G ratio of 3.40 and a beta of 0.27. The stock’s fifty day simple moving average is $33.84 and its 200-day simple moving average is $32.41.

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

Hormel Foods Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, March 25th will be paid 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 payout ratio is presently 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.