US Bancorp DE Has $19.21 Million Stock Holdings in Hormel Foods Co. (NYSE:HRL)

US Bancorp DE cut its holdings in shares of Hormel Foods Co. (NYSE:HRL) by 5.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 605,846 shares of the company’s stock after selling 37,497 shares during the period. US Bancorp DE’s holdings in Hormel Foods were worth $19,205,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Empirical Finance LLC boosted its position in Hormel Foods by 3.7% during the 1st quarter. Empirical Finance LLC now owns 9,912 shares of the company’s stock worth $346,000 after buying an additional 352 shares during the period. Vanguard Personalized Indexing Management LLC lifted its position in shares of Hormel Foods by 1.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 31,499 shares of the company’s stock worth $959,000 after purchasing an additional 384 shares during the period. First Trust Direct Indexing L.P. lifted its position in shares of Hormel Foods by 2.0% in the 1st quarter. First Trust Direct Indexing L.P. now owns 20,291 shares of the company’s stock worth $708,000 after purchasing an additional 389 shares during the period. Viawealth LLC lifted its position in shares of Hormel Foods by 2.4% in the 1st quarter. Viawealth LLC now owns 17,126 shares of the company’s stock worth $598,000 after purchasing an additional 401 shares during the period. Finally, Cambridge Investment Research Advisors Inc. lifted its position in shares of Hormel Foods by 1.2% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 41,751 shares of the company’s stock worth $1,273,000 after purchasing an additional 485 shares during the period. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

HRL has been the topic of a number of recent analyst reports. BNP Paribas initiated coverage on shares of Hormel Foods in a research report on Monday, October 21st. They issued an “underperform” rating and a $28.00 price target on the stock. Citigroup upgraded shares of Hormel Foods from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $33.00 to $37.00 in a research report on Tuesday, August 13th. Finally, Stephens initiated coverage on shares of Hormel Foods in a research report on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Hormel Foods presently has a consensus rating of “Hold” and a consensus price target of $31.57.

Hormel Foods Stock Performance

NYSE:HRL opened at $30.92 on Friday. The company has a fifty day moving average of $31.61 and a 200-day moving average of $32.25. The firm has a market capitalization of $16.96 billion, a P/E ratio of 21.77, a P/E/G ratio of 3.46 and a beta of 0.25. The company has a quick ratio of 1.03, a current ratio of 2.29 and a debt-to-equity ratio of 0.36. Hormel Foods Co. has a twelve month low of $28.51 and a twelve month high of $36.86.

Hormel Foods (NYSE:HRL) last released its quarterly earnings data on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.01. The company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.95 billion. Hormel Foods had a net margin of 6.52% and a return on equity of 11.03%. Hormel Foods’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.40 EPS. As a group, sell-side analysts anticipate that Hormel Foods Co. will post 1.58 EPS for the current year.

Hormel Foods Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $0.282 dividend. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Tuesday, October 15th. Hormel Foods’s dividend payout ratio (DPR) is 79.58%.

Insider Activity

In related news, EVP Deanna T. Brady sold 51,600 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $31.95, for a total value of $1,648,620.00. Following the transaction, the executive vice president now owns 72,421 shares of the company’s stock, valued at approximately $2,313,850.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Steven J. Lykken sold 9,800 shares of the company’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $31.91, for a total transaction of $312,718.00. Following the completion of the sale, the vice president now owns 30,589 shares in the company, valued at approximately $976,094.99. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Deanna T. Brady sold 51,600 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $31.95, for a total value of $1,648,620.00. Following the transaction, the executive vice president now owns 72,421 shares in the company, valued at approximately $2,313,850.95. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 71,400 shares of company stock worth $2,288,338 over the last three months. 0.69% of the stock is currently owned by insiders.

Hormel Foods Company 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.