Geode Capital Management LLC Boosts Holdings in Hormel Foods Co. (NYSE:HRL)

Geode Capital Management LLC increased its holdings in Hormel Foods Co. (NYSE:HRL - Free Report) by 1.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,461,100 shares of the company's stock after purchasing an additional 98,442 shares during the period. Geode Capital Management LLC owned approximately 1.36% of Hormel Foods worth $233,459,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank bought a new stake in Hormel Foods during the fourth quarter worth approximately $102,598,000. Bank of New York Mellon Corp raised its holdings in Hormel Foods by 67.1% during the 4th quarter. Bank of New York Mellon Corp now owns 2,926,668 shares of the company's stock valued at $91,810,000 after buying an additional 1,175,087 shares during the period. State Street Corp boosted its stake in Hormel Foods by 2.5% during the third quarter. State Street Corp now owns 25,068,102 shares of the company's stock worth $794,659,000 after buying an additional 617,308 shares during the period. Van ECK Associates Corp bought a new position in Hormel Foods during the fourth quarter valued at $16,612,000. Finally, Vanguard Group Inc. raised its position in Hormel Foods by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 37,241,219 shares of the company's stock worth $1,168,257,000 after purchasing an additional 268,328 shares during the period. 40.99% of the stock is owned by hedge funds and other institutional investors.

Hormel Foods Price Performance

HRL traded down $0.43 during trading on Thursday, hitting $29.28. The company's stock had a trading volume of 972,448 shares, compared to its average volume of 3,105,204. Hormel Foods Co. has a twelve month low of $27.59 and a twelve month high of $36.86. The firm has a market capitalization of $16.10 billion, a price-to-earnings ratio of 20.06, a P/E/G ratio of 2.73 and a beta of 0.31. The business's fifty day simple moving average is $29.46 and its 200 day simple moving average is $30.56. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36.

Hormel Foods Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, April 14th will be issued a dividend of $0.29 per share. The ex-dividend date is Monday, April 14th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.96%. Hormel Foods's dividend payout ratio is currently 84.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on HRL shares. Barclays raised Hormel Foods from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, January 22nd. Stephens reiterated an "equal weight" rating and issued a $31.00 target price on shares of Hormel Foods in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $31.80.

Insider Transactions at Hormel Foods

In other Hormel Foods news, Director Elsa A. Murano sold 4,500 shares of the company's stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $30.40, for a total transaction of $136,800.00. Following the transaction, the director now directly owns 95,488 shares in the company, valued at $2,902,835.20. This represents a 4.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.72% of the company's stock.

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.