Hormel Foods Co. (NYSE:HRL) Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC lessened its holdings in shares of Hormel Foods Co. (NYSE:HRL) by 36.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 55,735 shares of the company’s stock after selling 31,856 shares during the quarter. Fisher Asset Management LLC’s holdings in Hormel Foods were worth $1,767,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of HRL. EverSource Wealth Advisors LLC boosted its position in Hormel Foods by 688.3% during the first quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock worth $26,000 after acquiring an additional 647 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Hormel Foods in the second quarter valued at approximately $34,000. Central Valley Advisors LLC acquired a new stake in shares of Hormel Foods in the second quarter valued at approximately $37,000. Prospera Private Wealth LLC purchased a new position in Hormel Foods during the third quarter worth approximately $39,000. Finally, Sentry Investment Management LLC acquired a new position in Hormel Foods during the second quarter worth $42,000. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Hormel Foods Trading Up 1.6 %

NYSE HRL opened at $32.44 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.29 and a quick ratio of 1.03. The stock has a market capitalization of $17.79 billion, a P/E ratio of 22.85, a PEG ratio of 3.38 and a beta of 0.26. The firm’s 50-day moving average is $31.01 and its two-hundred day moving average is $31.64. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $36.86.

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

Hormel Foods Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Monday, January 13th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.58%. The ex-dividend date of this dividend is Monday, January 13th. This is an increase from Hormel Foods’s previous quarterly dividend of $0.28. Hormel Foods’s payout ratio is currently 79.58%.

Insider Activity at Hormel Foods

In related news, EVP Deanna T. Brady sold 51,600 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $31.95, for a total transaction of $1,648,620.00. Following the sale, the executive vice president now directly owns 72,421 shares of the company’s stock, valued at $2,313,850.95. This represents a 41.61 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 sale, the senior vice president now owns 39,050 shares in the company, valued at approximately $1,276,935. This trade represents a 20.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 71,400 shares of company stock worth $2,288,338. 0.69% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

HRL has been the subject of a number of recent research reports. Citigroup cut their target price on Hormel Foods from $36.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, November 19th. BNP Paribas initiated coverage on shares of Hormel Foods in a research report on Monday, October 21st. They set an “underperform” rating and a $28.00 price objective for the company. Finally, Stephens began coverage on shares of Hormel Foods in a report on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 target price 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. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $31.29.

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.