Hormel Foods Co. (NYSE:HRL) Plans Quarterly Dividend of $0.29

Hormel Foods Co. (NYSE:HRL - Get Free Report) announced a quarterly dividend on Monday, March 24th, RTT News reports. Stockholders of record on Monday, April 14th will be paid a dividend of 0.29 per share on Thursday, May 15th. This represents a $1.16 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend is Monday, April 14th.

Hormel Foods has raised its dividend payment by an average of 4.6% annually over the last three years and has raised its dividend annually for the last 59 consecutive years. Hormel Foods has a payout ratio of 64.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Hormel Foods to earn $1.84 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 63.0%.

Hormel Foods Stock Up 0.1 %

Shares of NYSE:HRL traded up $0.04 during mid-day trading on Friday, hitting $30.36. 2,168,312 shares of the company traded hands, compared to its average volume of 2,536,224. The firm's 50 day simple moving average is $29.51 and its 200 day simple moving average is $30.69. The firm has a market cap of $16.70 billion, a P/E ratio of 20.80, a PEG ratio of 2.73 and a beta of 0.21. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.19 and a current ratio of 2.32. Hormel Foods has a 52-week low of $27.59 and a 52-week high of $36.86.

Analysts Set New Price Targets

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

Remove Ads

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.