Hormel Foods Co. to Issue Quarterly Dividend of $0.29 (NYSE:HRL)

Hormel Foods Co. (NYSE:HRL) announced a quarterly dividend on Monday, March 24th, RTT News reports. Shareholders of record on Monday, April 14th will be paid a dividend of 0.29 per share on Thursday, May 15th. This represents a $1.16 dividend on an annualized basis and a yield of 3.96%.

Hormel Foods has increased its dividend payment by an average of 4.6% per year over the last three years and has increased its dividend annually for the last 59 consecutive years. Hormel Foods has a dividend payout ratio of 64.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Hormel Foods to earn $1.84 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 63.0%.

Hormel Foods Stock Performance

Shares of HRL opened at $29.29 on Tuesday. The company’s 50 day simple moving average is $29.52 and its 200-day simple moving average is $30.73. Hormel Foods has a 12-month low of $27.59 and a 12-month high of $36.86. The firm has a market cap of $16.10 billion, a PE ratio of 20.06, a price-to-earnings-growth ratio of 2.73 and a beta of 0.21. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Stephens restated an “equal weight” rating and issued a $31.00 price objective on shares of Hormel Foods in a research note on Tuesday, February 18th. Barclays raised Hormel Foods from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Hormel Foods presently has an average rating of “Hold” and a consensus price target of $31.80.

About Hormel Foods

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.