CreativeOne Wealth LLC Takes Position in Hormel Foods Co. (NYSE:HRL)

CreativeOne Wealth LLC purchased a new position in Hormel Foods Co. (NYSE:HRL) in the 3rd quarter, HoldingsChannel.com reports. The fund purchased 43,017 shares of the company’s stock, valued at approximately $1,364,000.

A number of other large investors also recently added to or reduced their stakes in HRL. Millennium Management LLC increased its stake in shares of Hormel Foods by 15.4% during the second quarter. Millennium Management LLC now owns 3,089,868 shares of the company’s stock worth $94,210,000 after purchasing an additional 412,313 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Hormel Foods by 24.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,976,257 shares of the company’s stock worth $90,738,000 after buying an additional 575,378 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Hormel Foods by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,846,936 shares of the company’s stock valued at $58,548,000 after acquiring an additional 66,261 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Hormel Foods by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 1,772,481 shares of the company’s stock valued at $54,043,000 after acquiring an additional 6,315 shares during the last quarter. Finally, Marshall Wace LLP lifted its position in shares of Hormel Foods by 86.4% in the second quarter. Marshall Wace LLP now owns 1,602,732 shares of the company’s stock valued at $48,867,000 after acquiring an additional 742,859 shares in the last quarter. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Hormel Foods

In other news, VP Steven J. Lykken sold 9,800 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $31.91, for a total value of $312,718.00. Following the sale, the vice president now directly owns 30,589 shares of the company’s stock, valued at approximately $976,094.99. The trade was a 24.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kevin L. Myers sold 10,000 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $32.70, for a total transaction of $327,000.00. Following the transaction, the senior vice president now directly owns 39,050 shares of the company’s stock, valued at $1,276,935. The trade was a 20.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 71,400 shares of company stock worth $2,288,338 over the last quarter. 0.69% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

HRL has been the subject of several research reports. Stephens assumed coverage on Hormel Foods in a research report on Thursday, October 3rd. They set an “equal weight” rating and a $31.00 price target for the company. Citigroup reduced their target price on shares of Hormel Foods from $36.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, November 19th. Finally, BNP Paribas started coverage on shares of Hormel Foods in a research note on Monday, October 21st. They issued an “underperform” rating and a $28.00 price target on the stock. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Hormel Foods has an average rating of “Hold” and a consensus target price of $31.29.

Hormel Foods Trading Up 0.9 %

Shares of HRL stock opened at $31.92 on Friday. The company has a current ratio of 2.29, a quick ratio of 1.03 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. The company’s 50-day moving average price is $30.99 and its 200-day moving average price is $31.66. The stock has a market cap of $17.50 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 3.33 and a beta of 0.26.

Hormel Foods (NYSE:HRL) last posted its earnings results 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 for 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 was down 2.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.40 EPS. As a group, equities analysts predict that Hormel Foods Co. will post 1.58 earnings per share for the current year.

Hormel Foods Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Monday, January 13th will be paid a dividend of $0.29 per share. This is a boost from Hormel Foods’s previous quarterly dividend of $0.28. The ex-dividend date is Monday, January 13th. This represents a $1.16 annualized dividend and a yield of 3.63%. Hormel Foods’s dividend payout ratio (DPR) is 79.58%.

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.