Raymond James Financial Inc. Buys New Position in Hormel Foods Co. (NYSE:HRL)

Raymond James Financial Inc. purchased a new stake in shares of Hormel Foods Co. (NYSE:HRL - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 251,547 shares of the company's stock, valued at approximately $7,891,000.

Several other hedge funds have also added to or reduced their stakes in the company. MML Investors Services LLC boosted its stake in shares of Hormel Foods by 4.8% in the 3rd quarter. MML Investors Services LLC now owns 9,108 shares of the company's stock valued at $289,000 after purchasing an additional 416 shares during the last quarter. McIlrath & Eck LLC lifted 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 valued at $63,000 after buying an additional 638 shares during the period. Tudor Financial Inc. bought a new position in Hormel Foods in the third quarter valued at approximately $1,060,000. Peapack Gladstone Financial Corp bought a new position in Hormel Foods in the third quarter valued at approximately $222,000. Finally, Franklin Resources Inc. grew its holdings in Hormel Foods by 3.4% during the 3rd quarter. Franklin Resources Inc. now owns 50,526 shares of the company's stock worth $1,578,000 after acquiring an additional 1,651 shares during the period. Institutional investors own 40.99% of the company's stock.

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 on Thursday, March 27th. The shares were sold at an average price of $30.40, for a total transaction of $136,800.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.72% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Bank of America upgraded Hormel Foods from an "underperform" rating to a "neutral" rating and raised their price target for the stock from $29.00 to $35.00 in a research report on Tuesday, April 15th. Barclays upgraded Hormel Foods from a "hold" rating to a "strong-buy" rating in a report on Wednesday, January 22nd. Finally, Stephens reaffirmed an "equal weight" rating and issued a $31.00 price target on shares of Hormel Foods in a research note on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Hormel Foods presently has an average rating of "Hold" and an average target price of $32.33.

Hormel Foods Trading Down 1.7 %

NYSE:HRL traded down $0.51 on Friday, reaching $29.68. The company's stock had a trading volume of 2,381,978 shares, compared to its average volume of 2,585,647. The firm has a market cap of $16.32 billion, a PE ratio of 20.33, a PEG ratio of 2.73 and a beta of 0.31. 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 business's 50-day moving average price is $29.77 and its two-hundred day moving average price is $30.49. Hormel Foods Co. has a 1-year low of $27.59 and a 1-year high of $36.86.

Hormel Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, April 14th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, April 14th. This represents a $1.16 dividend on an annualized basis and a yield of 3.91%. Hormel Foods's payout ratio is 84.67%.

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.