Raymond James Financial Inc. Purchases Shares of 251,547 Hormel Foods Co. (NYSE:HRL)

Raymond James Financial Inc. bought a new position in Hormel Foods Co. (NYSE:HRL - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 251,547 shares of the company's stock, valued at approximately $7,891,000.

Several other hedge funds have also recently modified their holdings of the business. Crews Bank & Trust purchased a new position in Hormel Foods in the 4th quarter worth about $25,000. Brooklyn Investment Group bought a new stake in shares of Hormel Foods in the third quarter worth approximately $32,000. Prospera Private Wealth LLC purchased a new position in shares of Hormel Foods during the third quarter valued at approximately $39,000. Capital Advisors Ltd. LLC lifted its position in Hormel Foods by 86.9% during the fourth quarter. Capital Advisors Ltd. LLC now owns 1,484 shares of the company's stock valued at $47,000 after purchasing an additional 690 shares during the period. Finally, McIlrath & Eck LLC boosted its holdings in Hormel Foods by 47.5% in the third quarter. McIlrath & Eck LLC now owns 1,981 shares of the company's stock worth $63,000 after purchasing an additional 638 shares during the last quarter. Hedge funds and other institutional investors own 40.99% of the company's stock.

Hormel Foods Stock Performance

Shares of Hormel Foods stock traded up $0.78 on Wednesday, hitting $29.59. 2,194,197 shares of the company's stock were exchanged, compared to its average volume of 2,428,419. Hormel Foods Co. has a 1 year low of $27.59 and a 1 year high of $36.86. The company has a 50-day simple moving average of $29.50 and a 200-day simple moving average of $30.71. 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 capitalization of $16.27 billion, a PE ratio of 20.26, a PEG ratio of 2.73 and a beta of 0.21.

Remove Ads

Hormel Foods Dividend Announcement

The business 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 dividend of $0.29 per share. The ex-dividend date is Monday, April 14th. This represents a $1.16 annualized dividend and a yield of 3.92%. Hormel Foods's dividend payout ratio (DPR) is presently 84.67%.

Analysts Set New Price Targets

HRL has been the subject of a number of research reports. Stephens reiterated an "equal weight" rating and set 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 research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Hormel Foods currently 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.