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

Petros Family Wealth LLC acquired a new position in shares of Hormel Foods Co. (NYSE:HRL) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 20,050 shares of the company’s stock, valued at approximately $629,000.

Other large investors also recently added to or reduced their stakes in the company. D.A. Davidson & CO. grew its holdings in shares of Hormel Foods by 10.4% during the fourth quarter. D.A. Davidson & CO. now owns 9,905 shares of the company’s stock valued at $311,000 after buying an additional 934 shares in the last quarter. US Bancorp DE grew its stake in Hormel Foods by 3.4% during the 4th quarter. US Bancorp DE now owns 626,360 shares of the company’s stock valued at $19,649,000 after acquiring an additional 20,514 shares in the last quarter. Liberty One Investment Management LLC increased its holdings in shares of Hormel Foods by 3.1% in the 4th quarter. Liberty One Investment Management LLC now owns 862,308 shares of the company’s stock valued at $27,051,000 after purchasing an additional 26,121 shares during the period. DnB Asset Management AS lifted its position in shares of Hormel Foods by 14.7% in the fourth quarter. DnB Asset Management AS now owns 71,010 shares of the company’s stock worth $2,228,000 after purchasing an additional 9,120 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Hormel Foods by 13.6% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 929,871 shares of the company’s stock worth $29,170,000 after purchasing an additional 111,454 shares during the period. 40.99% of the stock is owned by institutional investors and hedge funds.

Hormel Foods Stock Up 2.5 %

Hormel Foods stock opened at $30.26 on Friday. Hormel Foods Co. has a 1-year low of $27.59 and a 1-year high of $36.86. The firm’s fifty day simple moving average is $29.47 and its 200-day simple moving average is $30.54. The company has a market capitalization of $16.64 billion, a P/E ratio of 20.73, a P/E/G ratio of 2.73 and a beta of 0.31. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36.

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 issued a $0.29 dividend. The ex-dividend date of this dividend is Monday, April 14th. This represents a $1.16 annualized dividend and a yield of 3.83%. Hormel Foods’s dividend payout ratio (DPR) is currently 84.67%.

Analysts Set New Price Targets

Several research firms have weighed in on HRL. Barclays upgraded shares of Hormel Foods from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. Stephens reissued an “equal weight” rating and set a $31.00 price objective on shares of Hormel Foods in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Hormel Foods has a consensus rating of “Hold” and a consensus target price of $31.80.

Insiders Place Their Bets

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 transaction of $136,800.00. Following the sale, the director now directly owns 95,488 shares in the company, valued at approximately $2,902,835.20. The trade was a 4.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.72% of the company’s stock.

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.