On March 2, 2024, analyst Thomas Palmer from JP Morgan reiterated his Underweight rating on Hormel Foods (NYSE:HRL) while increasing the price target to $28, up from $27. This adjustment aligns with a mix of analyst forecasts and recommendations for the company.
In a similar vein, Piper Sandler adjusted their price target for Hormel Foods to $33 from $31, maintaining a Neutral rating. JP Morgan also reaffirmed their Sell rating on the company, with a price target increase to $28 from $27. The average price target for Hormel Foods stands at $30.50, with a high of $33.00 and a low of $26.00, indicating a consensus of a Moderate Sell rating among analysts.
The diverse range of price targets and ratings provided by different analysts underscores the varying perspectives on Hormel Foods’ performance and stock value.
Hormel Foods Corporation (HRL) Stock Plummets by 5.58% on March 2, 2024: What Investors Need to Know
On March 2, 2024, Hormel Foods Corporation (HRL) experienced a significant drop in its stock performance. The stock closed at $33.35, which was a decrease of $1.97 or 5.58% from the previous market close. Additionally, in after-hours trading, the stock dropped even further by $0.05.
HRL is currently trading near the bottom of its 52-week range and is below its 200-day simple moving average. This indicates that the stock has been on a downward trend and is not performing as well as it has in the past year.
The price momentum for HRL on March 2, 2024, suggests that there may be some negative sentiment surrounding the stock. Investors may be selling off their shares due to concerns about the company’s performance or future prospects.
It is important for investors to consider the reasons behind the drop in HRL’s stock price and to conduct further research before making any decisions about buying or selling the stock. It is always recommended to consult with a financial advisor before making any investment decisions.
Overall, the performance of HRL on March 2, 2024, was disappointing for investors, with the stock experiencing a significant drop in price. It will be interesting to see how the stock performs in the coming days and whether it can recover from this downturn.
Hormel Foods Corporation Stock Performance and Financial Results Analysis 2024
On March 2, 2024, Hormel Foods Corporation (HRL) saw its stock performance reflect the company’s recent financial results. According to data from CNN Money, Hormel reported total revenue of $12.11 billion for the past year, with a quarterly revenue of $3.00 billion. This indicates that the company’s total revenue has remained flat since the previous year, but has decreased by 6.29% since the last quarter.
In terms of net income, Hormel reported a net income of $793.57 million for the past year, with a quarterly net income of $218.86 million. This represents a 20.64% decrease in net income since the previous year, but an 11.7% increase since the last quarter.
Earnings per share (EPS) for Hormel stood at $1.45 for the past year and $0.40 for the last quarter. This shows a 20.56% decrease in EPS since the previous year, but an 11.75% increase since the last quarter.
Overall, these financial results indicate a mixed performance for Hormel Foods Corporation. While the company has seen a decrease in total revenue and net income compared to the previous year, there has been an improvement in these metrics since the last quarter. The increase in EPS since the last quarter also suggests some positive momentum for the company.
Investors and analysts will likely be closely monitoring Hormel’s future financial performance to see if the company can sustain this positive momentum and drive growth in the coming quarters. As always, it is important for investors to conduct their own research and due diligence before making any investment decisions based on financial data.
