Hormel Foods Corp (NYSE:HRL) Plans Quarterly Dividend of $0.19

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.

Hormel Foods (NYSE:HRL) last released its earnings results on Tuesday, November 21st. The company reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.01. Hormel Foods had a return on equity of 17.87% and a net margin of 9.24%. The company had revenue of $2.49 billion during the quarter, compared to analysts’ expectations of $2.41 billion. During the same period last year, the firm earned $0.45 EPS. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. analysts forecast that Hormel Foods will post 1.67 earnings per share for the current fiscal year.

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.

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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.

Dividend History for Hormel Foods (NYSE:HRL)

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