Korea Investment CORP Lowers Position in Hormel Foods Co. (NYSE:HRL)

Korea Investment CORP reduced its stake in shares of Hormel Foods Co. (NYSE:HRL - Free Report) by 15.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 71,246 shares of the company's stock after selling 13,461 shares during the period. Korea Investment CORP's holdings in Hormel Foods were worth $2,235,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Hormel Foods by 0.7% in the fourth 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 in the last quarter. State Street Corp grew its stake in Hormel Foods by 2.5% in the 3rd quarter. State Street Corp now owns 25,068,102 shares of the company's stock valued at $794,659,000 after buying an additional 617,308 shares in the last quarter. Geode Capital Management LLC grew its stake in Hormel Foods by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 7,362,658 shares of the company's stock valued at $232,646,000 after buying an additional 120,212 shares in the last quarter. Stifel Financial Corp lifted its position in shares of Hormel Foods by 5.2% during the third quarter. Stifel Financial Corp now owns 3,267,186 shares of the company's stock worth $103,570,000 after acquiring an additional 162,577 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Hormel Foods by 67.1% in the fourth quarter. Bank of New York Mellon Corp now owns 2,926,668 shares of the company's stock valued at $91,810,000 after purchasing an additional 1,175,087 shares in the last quarter. Hedge funds and other institutional investors own 40.99% of the company's stock.

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Insider Buying and Selling at Hormel Foods

In related news, Director Elsa A. Murano sold 4,500 shares of the firm's stock in a transaction that occurred 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 trade represents a 4.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.72% of the company's stock.

Hormel Foods Price Performance

HRL traded up $0.79 during trading on Thursday, reaching $31.41. The stock had a trading volume of 3,775,785 shares, compared to its average volume of 2,531,386. The business has a 50-day moving average of $29.54 and a 200-day moving average of $30.65. Hormel Foods Co. has a one year low of $27.59 and a one year high of $36.86. 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 stock has a market cap of $17.27 billion, a PE ratio of 21.51, a PEG ratio of 2.73 and a beta of 0.21.

Hormel Foods Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, April 14th will be given a $0.29 dividend. The ex-dividend date is Monday, April 14th. This represents a $1.16 dividend on an annualized basis and a yield of 3.69%. Hormel Foods's payout ratio is 84.67%.

Analysts Set New Price Targets

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

Hormel Foods 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.