Hormel Foods (NYSE:HRL) Price Target Raised to $27.00

Hormel Foods (NYSE:HRL) had its target price hoisted by investment analysts at Bank of America from $25.00 to $27.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s price target indicates a potential upside of 7.18% from the stock’s previous close.

Several other research analysts have also issued reports on HRL. Stephens increased their price target on Hormel Foods from $22.00 to $25.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Weiss Ratings restated a “sell (d+)” rating on shares of Hormel Foods in a report on Tuesday, April 21st. The Goldman Sachs Group set a $25.00 price target on shares of Hormel Foods in a research report on Thursday, May 21st. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $23.00 price objective (down from $28.00) on shares of Hormel Foods in a research note on Thursday, April 9th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $26.00.

Hormel Foods Stock Down 4.3%

NYSE HRL traded down $1.12 on Tuesday, hitting $25.19. 1,700,836 shares of the company were exchanged, compared to its average volume of 5,093,217. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30. The company has a market cap of $13.86 billion, a PE ratio of 29.63, a PEG ratio of 3.05 and a beta of 0.35. The stock has a fifty day moving average of $22.47 and a 200-day moving average of $23.19. Hormel Foods has a 12 month low of $19.70 and a 12 month high of $31.86.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings data on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.05. The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.96 billion. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.35 earnings per share. As a group, analysts forecast that Hormel Foods will post 1.5 earnings per share for the current year.

Hedge Funds Weigh In On Hormel Foods

Hedge funds and other institutional investors have recently made changes to their positions in the stock. MUFG Securities EMEA plc purchased a new stake in shares of Hormel Foods during the 2nd quarter worth approximately $26,000. GoalVest Advisory LLC bought a new stake in shares of Hormel Foods in the fourth quarter valued at $25,000. Strive Financial Group LLC bought a new stake in shares of Hormel Foods in the fourth quarter valued at $27,000. Motiv8 Investments LLC purchased a new position in shares of Hormel Foods during the 4th quarter valued at $28,000. Finally, Parkside Financial Bank & Trust lifted its position in shares of Hormel Foods by 354.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock valued at $31,000 after buying an additional 1,025 shares during the last quarter. 40.99% of the stock is owned by hedge funds and other institutional investors.

Hormel Foods Company Profile

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.