Hormel Foods (NYSE:HRL) Releases FY24 Earnings Guidance

Hormel Foods (NYSE:HRL - Get Free Report) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $1.57-1.63 for the period, compared to the consensus estimate of $1.60. The company issued revenue guidance of $11.8-12.1 billion, compared to the consensus revenue estimate of $12.14 billion. Hormel Foods also updated its FY 2024 guidance to 1.570-1.630 EPS.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on HRL. Citigroup raised shares of Hormel Foods from a neutral rating to a buy rating and lifted their price target for the company from $33.00 to $37.00 in a research report on Tuesday, August 13th. JPMorgan Chase & Co. raised Hormel Foods from an underweight rating to a neutral rating and upped their target price for the stock from $28.00 to $29.00 in a research report on Friday, May 31st. Finally, Stephens reissued an equal weight rating and set a $32.00 price target on shares of Hormel Foods in a research report on Friday, May 31st. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, Hormel Foods has a consensus rating of Hold and a consensus target price of $32.33.

Hormel Foods Stock Performance

Shares of Hormel Foods stock traded down $2.13 during trading hours on Wednesday, reaching $31.01. The company's stock had a trading volume of 5,813,070 shares, compared to its average volume of 2,702,803. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.73. Hormel Foods has a one year low of $28.51 and a one year high of $39.58. The company's 50 day simple moving average is $31.61 and its 200 day simple moving average is $32.89. The stock has a market cap of $17.00 billion, a P/E ratio of 21.41, a price-to-earnings-growth ratio of 3.12 and a beta of 0.24.

Hormel Foods (NYSE:HRL - Get Free Report) last released its quarterly earnings data on Wednesday, September 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.01. The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.95 billion. Hormel Foods had a return on equity of 11.31% and a net margin of 6.37%. The business's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.40 EPS. As a group, analysts expect that Hormel Foods will post 1.6 EPS for the current fiscal year.

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.