Petros Family Wealth LLC Purchases New Stake in Hormel Foods Co. (NYSE:HRL)

Petros Family Wealth LLC purchased a new position in Hormel Foods Co. (NYSE:HRL - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 20,050 shares of the company's stock, valued at approximately $629,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Greenleaf Trust lifted its holdings in shares of Hormel Foods by 4.4% during the 4th quarter. Greenleaf Trust now owns 8,029 shares of the company's stock valued at $252,000 after purchasing an additional 336 shares in the last quarter. CFS Investment Advisory Services LLC raised its holdings in Hormel Foods by 2.8% during the 4th quarter. CFS Investment Advisory Services LLC now owns 13,445 shares of the company's stock worth $422,000 after buying an additional 360 shares during the period. Empower Advisory Group LLC lifted its stake in Hormel Foods by 4.0% in the fourth quarter. Empower Advisory Group LLC now owns 10,038 shares of the company's stock valued at $315,000 after buying an additional 389 shares in the last quarter. New Century Financial Group LLC increased its position in shares of Hormel Foods by 6.2% during the fourth quarter. New Century Financial Group LLC now owns 6,738 shares of the company's stock worth $211,000 after acquiring an additional 392 shares in the last quarter. Finally, MML Investors Services LLC raised its holdings in shares of Hormel Foods by 4.8% during the third quarter. MML Investors Services LLC now owns 9,108 shares of the company's stock worth $289,000 after acquiring an additional 416 shares during the period. Institutional investors own 40.99% of the company's stock.

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Insider Activity

In other news, Director Elsa A. Murano sold 4,500 shares of Hormel Foods stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $30.40, for a total value of $136,800.00. Following the completion of the transaction, the director now owns 95,488 shares of the company's stock, valued at $2,902,835.20. This trade represents a 4.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.72% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on HRL shares. Stephens reaffirmed 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 upgraded Hormel Foods from a "hold" rating to a "strong-buy" rating in a report on Wednesday, January 22nd. Finally, Bank of America upgraded Hormel Foods from an "underperform" rating to a "neutral" rating and boosted their target price for the company from $29.00 to $35.00 in a research note on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $32.33.

Hormel Foods Stock Down 0.6 %

Shares of NYSE:HRL traded down $0.18 during midday trading on Tuesday, reaching $30.38. The company had a trading volume of 1,941,800 shares, compared to its average volume of 2,576,692. Hormel Foods Co. has a 1-year low of $27.59 and a 1-year high of $36.86. The stock has a market cap of $16.70 billion, a PE ratio of 20.80, a P/E/G ratio of 2.73 and a beta of 0.31. The company has a quick ratio of 1.19, a current ratio of 2.32 and a debt-to-equity ratio of 0.36. The business's 50 day moving average price is $29.50 and its 200 day moving average price is $30.53.

Hormel Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, April 14th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend is Monday, April 14th. Hormel Foods's dividend payout ratio is currently 84.67%.

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.