Swedbank AB Grows Position in Hormel Foods Co. (NYSE:HRL)

Swedbank AB boosted its position in shares of Hormel Foods Co. (NYSE:HRL - Free Report) by 8.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 314,725 shares of the company's stock after acquiring an additional 24,100 shares during the period. Swedbank AB owned 0.06% of Hormel Foods worth $9,596,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its stake in shares of Hormel Foods by 688.3% during the first quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company's stock worth $26,000 after acquiring an additional 647 shares during the last quarter. CVA Family Office LLC acquired a new position in Hormel Foods during the 1st quarter valued at approximately $31,000. Central Valley Advisors LLC purchased a new position in shares of Hormel Foods in the second quarter worth $37,000. Register Financial Advisors LLC acquired a new stake in shares of Hormel Foods during the first quarter worth $42,000. Finally, Capital Advisors Ltd. LLC grew its holdings in shares of Hormel Foods by 774.8% during the first quarter. Capital Advisors Ltd. LLC now owns 1,216 shares of the company's stock valued at $42,000 after buying an additional 1,077 shares during the last quarter. Hedge funds and other institutional investors own 40.99% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Stephens reaffirmed an "equal weight" rating and set a $32.00 price target on shares of Hormel Foods in a research report on Friday, May 31st. JPMorgan Chase & Co. upgraded Hormel Foods from an "underweight" rating to a "neutral" rating and upped their target price for the company from $28.00 to $29.00 in a research report on Friday, May 31st. Finally, Citigroup upgraded shares of Hormel Foods from a "neutral" rating to a "buy" rating and increased their price target for the stock from $33.00 to $37.00 in a report on Tuesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $32.33.

Hormel Foods Stock Performance

Hormel Foods stock traded up $0.34 during midday trading on Friday, hitting $32.36. 2,223,560 shares of the company were exchanged, compared to its average volume of 2,725,978. The business has a fifty day simple moving average of $31.18 and a two-hundred day simple moving average of $32.63. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.73. The firm has a market capitalization of $17.74 billion, a PE ratio of 23.11, a price-to-earnings-growth ratio of 3.11 and a beta of 0.24. Hormel Foods Co. has a fifty-two week low of $28.51 and a fifty-two week high of $40.12.

Hormel Foods (NYSE:HRL - Get Free Report) last issued its quarterly earnings data on Thursday, May 30th. The company reported $0.38 EPS for the quarter, topping analysts' consensus estimates of $0.36 by $0.02. Hormel Foods had a net margin of 6.37% and a return on equity of 11.31%. The business had revenue of $2.89 billion for the quarter, compared to analysts' expectations of $2.97 billion. During the same quarter last year, the company earned $0.40 EPS. The business's revenue was down 2.9% on a year-over-year basis. On average, sell-side analysts forecast that Hormel Foods Co. will post 1.6 earnings per share for the current year.

Hormel Foods Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were paid a dividend of $0.2825 per share. This represents a $1.13 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend was Monday, July 15th. Hormel Foods's payout ratio is currently 80.71%.

About Hormel Foods

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.