In a report released today, Akshay Jagdale from Jefferies reiterated a Hold rating on Hormel Foods (NYSE: HRL), with a price target of $34. The company’s shares closed yesterday at $34.15, close to its 52-week low of $33.18.
According to TipRanks.com, Jagdale is a 4-star analyst with an average return of 5.5% and a 52.3% success rate. Jagdale covers the Consumer Goods sector, focusing on stocks such as Keurig Green Mountain, Amplify Snack Brands, and Lamb Weston Holdings.
Hormel Foods has an analyst consensus of Moderate Buy, with a price target consensus of $39.50.
Based on Hormel Foods’ latest earnings report for the quarter ending January 31, the company posted quarterly revenue of $2.28 billion and quarterly net profit of $235 million. In comparison, last year the company earned revenue of $2.3 billion and had a net profit of $215 million.
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Hormel Foods Corp. engages in the production of meat and food products. It operates business through the following segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other. The Grocery Products segment consists primarily of the processing, marketing, and sale of shelf-stable food products sold in the retail market. The Refrigerated Foods segment involves in the processing, marketing, and sale of branded and unbranded pork and beef products for retail, foodservice and fresh product customers. The Jennie-O Turkey Store segment include fresh ground turkey, rotisserie deli turkey products, nacho platters, turkey bacon, turkey burgers and other turkey products to consumers and foodservice operators. The Specialty Foods segment includes Omega-3 fish oils, stocks and broths, pasteurized processed cheeses and imitation blends, milk and whey proteins, dry milk powders, caseinates and isolates, meat ingredients, gelatin desserts, puddings, drinks, seasoning oils, sauces, and specialty fats. The International & Other segment includes the Hormel Foods International operating segment, which manufactures, markets, and sells company products internationally. The company was founded by George A. Hormel in 1891 and is headquartered in Austin, MN.