Canada Pension Plan Investment Board Raises Stock Position in Hormel Foods Co. (NYSE:HRL)

Canada Pension Plan Investment Board boosted its stake in shares of Hormel Foods Co. (NYSE:HRL) by 26.2% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 735,246 shares of the company’s stock after purchasing an additional 152,800 shares during the period. Canada Pension Plan Investment Board owned approximately 0.13% of Hormel Foods worth $22,418,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Brown Advisory Inc. raised its position in Hormel Foods by 5.9% during the fourth quarter. Brown Advisory Inc. now owns 24,067 shares of the company’s stock valued at $773,000 after acquiring an additional 1,340 shares in the last quarter. Norges Bank acquired a new stake in shares of Hormel Foods during the 4th quarter worth approximately $62,323,000. D.A. Davidson & CO. increased its holdings in shares of Hormel Foods by 4.4% during the 4th quarter. D.A. Davidson & CO. now owns 9,663 shares of the company’s stock valued at $310,000 after purchasing an additional 403 shares in the last quarter. Corient Private Wealth LLC lifted its stake in shares of Hormel Foods by 63.7% in the 4th quarter. Corient Private Wealth LLC now owns 39,456 shares of the company’s stock valued at $1,267,000 after purchasing an additional 15,356 shares during the period. Finally, Quest Partners LLC purchased a new stake in Hormel Foods during the fourth quarter worth $311,000. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Hormel Foods Trading Down 1.1 %

Shares of HRL stock opened at $31.77 on Monday. Hormel Foods Co. has a twelve month low of $28.51 and a twelve month high of $39.58. The stock has a market cap of $17.42 billion, a price-to-earnings ratio of 22.69, a PEG ratio of 3.10 and a beta of 0.25. The company’s 50-day moving average price is $32.04 and its 200-day moving average price is $32.92. The company has a current ratio of 2.29, a quick ratio of 1.03 and a debt-to-equity ratio of 0.36.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.36 by $0.01. The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.95 billion. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The company’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the business posted $0.40 earnings per share. As a group, equities analysts predict that Hormel Foods Co. will post 1.58 earnings per share for the current year.

Insider Transactions at Hormel Foods

In related news, EVP Deanna T. Brady sold 51,600 shares of Hormel Foods stock in a transaction on Friday, September 13th. The stock was sold at an average price of $31.95, for a total value of $1,648,620.00. Following the completion of the transaction, the executive vice president now directly owns 72,421 shares in the company, valued at $2,313,850.95. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Deanna T. Brady sold 51,600 shares of Hormel Foods stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $31.95, for a total value of $1,648,620.00. Following the completion of the transaction, the executive vice president now owns 72,421 shares in the company, valued at approximately $2,313,850.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kevin L. Myers sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $32.70, for a total transaction of $327,000.00. Following the sale, the senior vice president now owns 39,050 shares in the company, valued at $1,276,935. The disclosure for this sale can be found here. Corporate insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

HRL has been the subject of a number of recent analyst reports. Citigroup raised shares of Hormel Foods from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $33.00 to $37.00 in a report on Tuesday, August 13th. JPMorgan Chase & Co. raised Hormel Foods from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $28.00 to $29.00 in a report on Friday, May 31st. Finally, Stephens reiterated an “equal weight” rating and set a $32.00 price target on shares of Hormel Foods in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $32.33.

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.