Brokers Issue Forecasts for Hormel Foods Co.’s Q3 2022 Earnings (NYSE:HRL)
Hormel Foods Co. (NYSE:HRL – Get Rating) – Research analysts at Oppenheimer decreased their Q3 2022 earnings per share (EPS) estimates for Hormel Foods in a research report issued on Thursday, June 2nd. Oppenheimer analyst R. Parikh now anticipates that the company will earn $0.40 per share for the quarter, down from their prior forecast of $0.50. Oppenheimer also issued estimates for Hormel Foods’ FY2022 earnings at $1.87 EPS and FY2023 earnings at $2.05 EPS. Hormel Foods (NYSE:HRL – Get Rating) last issued its quarterly earnings results on Thursday, June 2nd. The company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.01. Hormel Foods had a return on equity of 14.10% and a net margin of 7.70%. The business had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.07 billion. During the same period in the previous year, the business earned $0.42 EPS. The business’s quarterly revenue was up 18.8% on a year-over-year basis.
A number of other brokerages also recently weighed in on HRL. Argus upgraded Hormel Foods from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a report on Thursday, March 10th. The Goldman Sachs Group downgraded Hormel Foods from a “neutral” rating to a “sell” rating and set a $44.00 price target for the company. in a report on Tuesday, March 15th. StockNews.com initiated coverage on Hormel Foods in a research note on Thursday, March 31st. They set a “hold” rating for the company. Piper Sandler lowered their price objective on Hormel Foods to $48.00 in a research note on Friday. Finally, JPMorgan Chase & Co. upped their price objective on Hormel Foods from $46.00 to $48.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $47.83.
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Shares of NYSE HRL opened at $45.12 on Monday. Hormel Foods has a twelve month low of $40.48 and a twelve month high of $55.11. The company has a current ratio of 2.28, a quick ratio of 1.21 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $24.59 billion, a price-to-earnings ratio of 25.78, a price-to-earnings-growth ratio of 3.00 and a beta of 0.10. The business has a 50 day simple moving average of $51.45 and a 200-day simple moving average of $48.98.
A number of large investors have recently bought and sold shares of the stock. OLD Mission Capital LLC acquired a new position in Hormel Foods in the 3rd quarter worth about $5,651,000. American Century Companies Inc. increased its holdings in Hormel Foods by 21.7% during the 3rd quarter. American Century Companies Inc. now owns 11,345 shares of the company’s stock valued at $466,000 after purchasing an additional 2,026 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in Hormel Foods during the 3rd quarter valued at $927,000. Macquarie Group Ltd. increased its holdings in Hormel Foods by 7.9% during the 3rd quarter. Macquarie Group Ltd. now owns 33,568 shares of the company’s stock valued at $1,375,000 after purchasing an additional 2,472 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its position in Hormel Foods by 73.0% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 7,389 shares of the company’s stock valued at $302,000 after buying an additional 3,118 shares during the last quarter. 41.06% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP Swen Neufeldt sold 960 shares of the company’s stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $51.82, for a total value of $49,747.20. Following the completion of the sale, the vice president now owns 23,332 shares in the company, valued at $1,209,064.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Steven J. Lykken sold 16,000 shares of the company’s stock in a transaction on Wednesday, March 23rd. The shares were sold at an average price of $50.18, for a total value of $802,880.00. The disclosure for this sale can be found here. Insiders have sold a total of 21,960 shares of company stock valued at $1,110,427 in the last quarter. 0.78% of the stock is currently owned by insiders.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Monday, July 11th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, July 8th. This represents a $1.04 dividend on an annualized basis and a yield of 2.30%. Hormel Foods’s dividend payout ratio (DPR) is presently 59.43%.
About Hormel Foods (Get Rating)
Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.
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