Hormel Foods Corp (NYSE:HRL) announced a quarterly dividend on Tuesday, November 21st, Wall Street Journal reports. Investors of record on Tuesday, January 16th will be paid a dividend of 0.1875 per share on Thursday, February 15th. This represents a $0.75 annualized dividend and a yield of 2.15%. The ex-dividend date is Friday, January 12th. This is a positive change from Hormel Foods’s previous quarterly dividend of $0.17.
Hormel Foods has raised its dividend payment by an average of 19.3% per year over the last three years and has increased its dividend every year for the last 51 years. Hormel Foods has a dividend payout ratio of 44.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Hormel Foods to earn $1.71 per share next year, which means the company should continue to be able to cover its $0.75 annual dividend with an expected future payout ratio of 43.9%.
Hormel Foods (HRL) opened at $34.92 on Thursday. Hormel Foods has a 52-week low of $29.75 and a 52-week high of $38.00. The company has a market capitalization of $18,490.00, a P/E ratio of 22.24, a P/E/G ratio of 2.23 and a beta of 0.65. The company has a current ratio of 1.91, a quick ratio of 1.04 and a debt-to-equity ratio of 0.05.
In related news, Director Elsa A. Murano sold 7,129 shares of the stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $36.00, for a total value of $256,644.00. Following the completion of the sale, the director now directly owns 90,991 shares in the company, valued at $3,275,676. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman James P. Snee sold 7,616 shares of the stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $34.16, for a total value of $260,162.56. The disclosure for this sale can be found here. Insiders have sold 131,001 shares of company stock valued at $4,612,826 over the last 90 days. Corporate insiders own 3.54% of the company’s stock.
HRL has been the topic of a number of research reports. Zacks Investment Research upgraded Hormel Foods from a “hold” rating to a “buy” rating and set a $39.00 price target on the stock in a report on Thursday, November 23rd. BMO Capital Markets reaffirmed a “buy” rating and issued a $38.00 target price on shares of Hormel Foods in a research report on Monday, November 6th. Jefferies Group set a $34.00 target price on Hormel Foods and gave the company a “hold” rating in a research report on Thursday, November 30th. Mizuho set a $34.00 price target on Hormel Foods and gave the stock a “hold” rating in a research report on Saturday, November 25th. Finally, Credit Suisse Group set a $33.00 price target on Hormel Foods and gave the stock a “hold” rating in a research report on Friday, November 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. Hormel Foods currently has an average rating of “Hold” and an average price target of $35.70.
Hormel Foods Company Profile
Hormel Foods Corporation is engaged in the production of a range of meat and food products. The Company operates through four segments: Grocery Products, which is engaged in the processing, marketing and sale of shelf-stable food products sold for the retail market and health and also consists of nutrition products, including Muscle Milk protein products.; Refrigerated Foods, which consists of the processing, marketing and sale of branded and unbranded pork, beef, chicken and turkey products for retail, foodservice and fresh product customers; Jennie-O Turkey Store (JOTS), which consists of the processing, marketing and sale of branded and unbranded turkey products for retail, foodservice and fresh product customers; and International & Other, which includes Hormel Foods International Corporation, which manufactures, markets and sells the Company products internationally.
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