Hormel Foods (NYSE:HRL) Releases FY 2024 Earnings Guidance

Hormel Foods (NYSE:HRL) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 1.570-1.630 for the period, compared to the consensus estimate of 1.600. The company issued revenue guidance of $11.8 billion-$12.1 billion, compared to the consensus revenue estimate of $12.1 billion. Hormel Foods also updated its FY24 guidance to $1.57-1.63 EPS.

Analysts Set New Price Targets

Several research firms recently weighed in on HRL. JPMorgan Chase & Co. upgraded shares of Hormel Foods from an underweight rating to a neutral rating and lifted their price target for the company from $28.00 to $29.00 in a report on Friday, May 31st. Citigroup upgraded Hormel Foods from a neutral rating to a buy rating and raised their price objective for the company from $33.00 to $37.00 in a research report on Tuesday, August 13th. Finally, Stephens reiterated an equal weight rating and issued a $32.00 target price 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 given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Hormel Foods presently has an average rating of Hold and an average price target of $32.33.

Hormel Foods Stock Performance

Shares of NYSE:HRL opened at $32.11 on Friday. The firm has a fifty day simple moving average of $31.67 and a two-hundred day simple moving average of $32.87. The company has a quick ratio of 1.00, a current ratio of 1.73 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $17.61 billion, a P/E ratio of 22.94, a PEG ratio of 3.12 and a beta of 0.25. Hormel Foods has a 52 week low of $28.51 and a 52 week high of $39.58.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings data on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.01. The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.95 billion. Hormel Foods had a return on equity of 11.31% and a net margin of 6.37%. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.40 earnings per share. On average, analysts expect that Hormel Foods will post 1.6 earnings per share for the current fiscal year.

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.