Hormel Foods (NYSE:HRL – Get Free Report) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $1.57-1.63 for the period, compared to the consensus estimate of $1.60. The company issued revenue guidance of $11.8-12.1 billion, compared to the consensus revenue estimate of $12.14 billion. Hormel Foods also updated its FY 2024 guidance to 1.570-1.630 EPS.
Wall Street Analyst Weigh In
Several research analysts have weighed in on the company. Citigroup upgraded Hormel Foods from a neutral rating to a buy rating and lifted their target price for the stock from $33.00 to $37.00 in a report on Tuesday, August 13th. Stephens reiterated an equal weight rating and set a $32.00 target price on shares of Hormel Foods in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. upgraded Hormel Foods from an underweight rating to a neutral rating and lifted their target price for the stock from $28.00 to $29.00 in a 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 assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $32.33.
Read Our Latest Research Report on HRL
Hormel Foods Stock Performance
Hormel Foods (NYSE:HRL – Get Free Report) last released its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.01. Hormel Foods had a return on equity of 11.31% and a net margin of 6.37%. The firm had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter last year, the business posted $0.40 EPS. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. Equities analysts expect that Hormel Foods will post 1.6 EPS for the current fiscal year.
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.
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