Wealthfront Advisers LLC Sells 34,760 Shares of Hormel Foods Co. (NYSE:HRL)

Wealthfront Advisers LLC lowered its stake in Hormel Foods Co. (NYSE:HRL - Free Report) by 68.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,187 shares of the company's stock after selling 34,760 shares during the quarter. Wealthfront Advisers LLC's holdings in Hormel Foods were worth $508,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Hormel Foods by 4.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 818,417 shares of the company's stock worth $25,944,000 after acquiring an additional 34,589 shares during the last quarter. Victory Capital Management Inc. raised its stake in Hormel Foods by 8.7% in the 3rd quarter. Victory Capital Management Inc. now owns 908,086 shares of the company's stock valued at $28,786,000 after acquiring an additional 72,941 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its stake in Hormel Foods by 10.3% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 9,784 shares of the company's stock valued at $310,000 after acquiring an additional 912 shares during the period. CIBC Asset Management Inc raised its stake in Hormel Foods by 6.2% in the 3rd quarter. CIBC Asset Management Inc now owns 57,363 shares of the company's stock valued at $1,818,000 after acquiring an additional 3,350 shares during the period. Finally, Empowered Funds LLC increased its position in shares of Hormel Foods by 23.9% during the third quarter. Empowered Funds LLC now owns 85,793 shares of the company's stock valued at $2,720,000 after buying an additional 16,551 shares during the period. Institutional investors own 40.99% of the company's stock.

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Hormel Foods Trading Down 0.3 %

Shares of Hormel Foods stock traded down $0.09 during midday trading on Thursday, reaching $29.68. 3,132,541 shares of the company's stock traded hands, compared to its average volume of 2,388,112. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.19 and a current ratio of 2.32. The company has a market cap of $16.32 billion, a PE ratio of 20.33, a price-to-earnings-growth ratio of 2.73 and a beta of 0.21. The stock has a 50 day moving average of $29.56 and a 200-day moving average of $30.80. Hormel Foods Co. has a 12 month low of $27.59 and a 12 month high of $36.86.

Analysts Set New Price Targets

Several brokerages have recently weighed in on HRL. Stephens reiterated an "equal weight" rating and set a $31.00 price target on shares of Hormel Foods in a research report on Tuesday, February 18th. Barclays raised Hormel Foods from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $31.80.

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.