Hormel Foods (NYSE:HRL) Releases FY24 Earnings Guidance

Hormel Foods (NYSE:HRL) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $1.57-1.63 for the period, compared to the consensus estimate of $1.60. The company issued revenue guidance of $11.8-12.1 billion, compared to the consensus revenue estimate of $12.14 billion. Hormel Foods also updated its FY 2024 guidance to 1.570-1.630 EPS.

Analysts Set New Price Targets

Several research firms have recently issued reports on HRL. Stephens reaffirmed an equal weight rating and issued a $32.00 price target on shares of Hormel Foods in a research report on Friday, May 31st. JPMorgan Chase & Co. raised Hormel Foods from an underweight rating to a neutral rating and boosted their target price for the stock from $28.00 to $29.00 in a research report on Friday, May 31st. Finally, Citigroup raised Hormel Foods from a neutral rating to a buy rating and boosted their target price for the stock from $33.00 to $37.00 in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Hormel Foods currently has a consensus rating of Hold and a consensus target price of $32.33.

Hormel Foods Trading Down 6.4 %

Hormel Foods stock opened at $31.01 on Thursday. The business has a 50-day simple moving average of $31.63 and a two-hundred day simple moving average of $32.87. The company has a market cap of $17.00 billion, a P/E ratio of 22.15, a P/E/G ratio of 3.12 and a beta of 0.25. Hormel Foods has a 52-week low of $28.51 and a 52-week high of $39.58. The company has a quick ratio of 1.00, a current ratio of 1.73 and a debt-to-equity ratio of 0.36.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.95 billion. Hormel Foods had a return on equity of 11.31% and a net margin of 6.37%. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.40 EPS. Analysts predict that Hormel Foods will post 1.6 EPS for the current year.

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.