Why Hormel Foods Stock Is Rising Today

Hormel Foods Corporation HRL shares are up Thursday after the company reported second-quarter financial results.

What To Know: Hormel Foods posted quarterly earnings per share of 40 cents, down from 48 cents in the same quarter last year.

Quarterly sales were $2.98 billion, below the analyst consensus estimate of $3.05 billion and a decrease from sales of $3.1 billion in the same quarter last year.

Hormel reaffirmed fiscal year 2023 guidance, anticipating net sales growth of 1% to 3% and earnings per share of $1.70 to $1.82 versus consensus estimates of $1.72.

Barclays analyst Benjamin Theurer maintained Hormel Foods with an Equal-Weight rating and lowered the price target from $45 to $42.

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HRL Price Action: Shares of HRL were up 4.80% at $40.09 at the time of publication, according to Benzinga Pro.

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