Intrinsic value of Hormel Foods - HRL

Previous Close

$34.25

  Intrinsic Value

$25.57

stock screener

  Rating & Target

sell

-25%

Previous close

$34.25

 
Intrinsic value

$25.57

 
Up/down potential

-25%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of HRL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.73
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  9,168
  9,351
  9,566
  9,812
  10,088
  10,394
  10,730
  11,095
  11,491
  11,917
  12,374
  12,863
  13,386
  13,941
  14,532
  15,159
  15,823
  16,527
  17,270
  18,056
  18,886
  19,761
  20,684
  21,657
  22,683
  23,762
  24,899
  26,096
  27,355
  28,680
  30,074
Variable operating expenses, $m
 
  8,047
  8,227
  8,433
  8,665
  8,921
  9,202
  9,508
  9,840
  10,197
  10,580
  10,778
  11,215
  11,681
  12,176
  12,701
  13,258
  13,847
  14,470
  15,129
  15,824
  16,557
  17,331
  18,146
  19,005
  19,910
  20,863
  21,865
  22,920
  24,030
  25,198
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  7,887
  8,047
  8,227
  8,433
  8,665
  8,921
  9,202
  9,508
  9,840
  10,197
  10,580
  10,778
  11,215
  11,681
  12,176
  12,701
  13,258
  13,847
  14,470
  15,129
  15,824
  16,557
  17,331
  18,146
  19,005
  19,910
  20,863
  21,865
  22,920
  24,030
  25,198
Operating income, $m
  1,280
  1,304
  1,339
  1,379
  1,424
  1,473
  1,528
  1,587
  1,651
  1,720
  1,794
  2,085
  2,170
  2,260
  2,356
  2,458
  2,565
  2,679
  2,800
  2,927
  3,062
  3,204
  3,353
  3,511
  3,677
  3,852
  4,037
  4,231
  4,435
  4,650
  4,876
EBITDA, $m
  1,411
  1,588
  1,625
  1,666
  1,713
  1,765
  1,822
  1,884
  1,951
  2,024
  2,101
  2,185
  2,273
  2,368
  2,468
  2,574
  2,687
  2,807
  2,933
  3,066
  3,207
  3,356
  3,513
  3,678
  3,852
  4,035
  4,229
  4,432
  4,646
  4,871
  5,107
Interest expense (income), $m
  13
  13
  15
  17
  20
  23
  27
  31
  35
  40
  45
  50
  56
  62
  68
  75
  82
  90
  98
  106
  116
  125
  135
  146
  157
  169
  182
  195
  208
  223
  238
Earnings before tax, $m
  1,279
  1,291
  1,324
  1,361
  1,403
  1,450
  1,501
  1,556
  1,616
  1,680
  1,750
  2,036
  2,115
  2,199
  2,288
  2,383
  2,483
  2,590
  2,702
  2,821
  2,946
  3,079
  3,218
  3,365
  3,520
  3,683
  3,855
  4,036
  4,226
  4,427
  4,637
Tax expense, $m
  432
  349
  357
  368
  379
  391
  405
  420
  436
  454
  472
  550
  571
  594
  618
  643
  670
  699
  730
  762
  795
  831
  869
  909
  950
  995
  1,041
  1,090
  1,141
  1,195
  1,252
Net income, $m
  847
  942
  966
  994
  1,024
  1,058
  1,095
  1,136
  1,180
  1,227
  1,277
  1,486
  1,544
  1,605
  1,670
  1,739
  1,813
  1,890
  1,972
  2,059
  2,151
  2,247
  2,349
  2,457
  2,570
  2,689
  2,814
  2,946
  3,085
  3,231
  3,385

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  444
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,976
  6,661
  6,814
  6,989
  7,185
  7,403
  7,642
  7,903
  8,184
  8,488
  8,814
  9,162
  9,534
  9,930
  10,351
  10,797
  11,270
  11,771
  12,301
  12,860
  13,451
  14,075
  14,732
  15,425
  16,156
  16,925
  17,735
  18,587
  19,484
  20,427
  21,420
Adjusted assets (=assets-cash), $m
  6,532
  6,661
  6,814
  6,989
  7,185
  7,403
  7,642
  7,903
  8,184
  8,488
  8,814
  9,162
  9,534
  9,930
  10,351
  10,797
  11,270
  11,771
  12,301
  12,860
  13,451
  14,075
  14,732
  15,425
  16,156
  16,925
  17,735
  18,587
  19,484
  20,427
  21,420
Revenue / Adjusted assets
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
  1.404
Average production assets, $m
  2,120
  2,160
  2,210
  2,267
  2,330
  2,401
  2,479
  2,563
  2,654
  2,753
  2,858
  2,971
  3,092
  3,220
  3,357
  3,502
  3,655
  3,818
  3,989
  4,171
  4,363
  4,565
  4,778
  5,003
  5,240
  5,489
  5,752
  6,028
  6,319
  6,625
  6,947
Working capital, $m
  969
  533
  545
  559
  575
  592
  612
  632
  655
  679
  705
  733
  763
  795
  828
  864
  902
  942
  984
  1,029
  1,076
  1,126
  1,179
  1,234
  1,293
  1,354
  1,419
  1,487
  1,559
  1,635
  1,714
Total debt, $m
  250
  288
  336
  391
  452
  520
  594
  676
  763
  858
  960
  1,069
  1,185
  1,308
  1,439
  1,579
  1,726
  1,883
  2,048
  2,222
  2,407
  2,601
  2,806
  3,023
  3,251
  3,491
  3,743
  4,009
  4,289
  4,583
  4,893
Total liabilities, $m
  2,040
  2,078
  2,126
  2,181
  2,242
  2,310
  2,384
  2,466
  2,553
  2,648
  2,750
  2,859
  2,975
  3,098
  3,229
  3,369
  3,516
  3,673
  3,838
  4,012
  4,197
  4,391
  4,596
  4,813
  5,041
  5,281
  5,533
  5,799
  6,079
  6,373
  6,683
Total equity, $m
  4,936
  4,582
  4,688
  4,808
  4,944
  5,093
  5,258
  5,437
  5,631
  5,840
  6,064
  6,303
  6,559
  6,832
  7,121
  7,428
  7,754
  8,098
  8,463
  8,848
  9,254
  9,683
  10,136
  10,613
  11,115
  11,644
  12,201
  12,788
  13,405
  14,054
  14,737
Total liabilities and equity, $m
  6,976
  6,660
  6,814
  6,989
  7,186
  7,403
  7,642
  7,903
  8,184
  8,488
  8,814
  9,162
  9,534
  9,930
  10,350
  10,797
  11,270
  11,771
  12,301
  12,860
  13,451
  14,074
  14,732
  15,426
  16,156
  16,925
  17,734
  18,587
  19,484
  20,427
  21,420
Debt-to-equity ratio
  0.051
  0.060
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.280
  0.290
  0.300
  0.310
  0.310
  0.320
  0.330
  0.330
Adjusted equity ratio
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688
  0.688

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  847
  942
  966
  994
  1,024
  1,058
  1,095
  1,136
  1,180
  1,227
  1,277
  1,486
  1,544
  1,605
  1,670
  1,739
  1,813
  1,890
  1,972
  2,059
  2,151
  2,247
  2,349
  2,457
  2,570
  2,689
  2,814
  2,946
  3,085
  3,231
  3,385
Depreciation, amort., depletion, $m
  131
  284
  286
  288
  290
  292
  295
  297
  300
  304
  307
  99
  103
  107
  112
  117
  122
  127
  133
  139
  145
  152
  159
  167
  175
  183
  192
  201
  211
  221
  232
Funds from operations, $m
  1,010
  1,226
  1,252
  1,281
  1,314
  1,350
  1,390
  1,433
  1,480
  1,530
  1,584
  1,585
  1,647
  1,712
  1,782
  1,856
  1,935
  2,018
  2,105
  2,198
  2,296
  2,400
  2,509
  2,623
  2,744
  2,872
  3,006
  3,147
  3,296
  3,452
  3,617
Change in working capital, $m
  0
  10
  12
  14
  16
  17
  19
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  55
  58
  62
  65
  68
  72
  76
  79
Cash from operations, $m
  1,010
  1,216
  1,240
  1,267
  1,298
  1,333
  1,371
  1,412
  1,457
  1,506
  1,558
  1,557
  1,617
  1,681
  1,748
  1,820
  1,897
  1,978
  2,063
  2,153
  2,249
  2,350
  2,456
  2,568
  2,686
  2,810
  2,941
  3,079
  3,224
  3,377
  3,537
Maintenance CAPEX, $m
  0
  -71
  -72
  -74
  -76
  -78
  -80
  -83
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -127
  -133
  -139
  -145
  -152
  -159
  -167
  -175
  -183
  -192
  -201
  -211
  -221
New CAPEX, $m
  -221
  -41
  -50
  -57
  -64
  -71
  -78
  -84
  -91
  -98
  -106
  -113
  -121
  -128
  -136
  -145
  -153
  -162
  -172
  -182
  -192
  -202
  -213
  -225
  -237
  -249
  -263
  -276
  -291
  -306
  -322
Cash from investing activities, $m
  -593
  -112
  -122
  -131
  -140
  -149
  -158
  -167
  -176
  -186
  -198
  -208
  -220
  -231
  -243
  -257
  -270
  -284
  -299
  -315
  -331
  -347
  -365
  -384
  -404
  -424
  -446
  -468
  -492
  -517
  -543
Free cash flow, $m
  417
  1,105
  1,118
  1,137
  1,159
  1,185
  1,213
  1,245
  1,281
  1,319
  1,361
  1,349
  1,397
  1,449
  1,505
  1,564
  1,627
  1,693
  1,764
  1,839
  1,918
  2,002
  2,090
  2,184
  2,282
  2,386
  2,496
  2,611
  2,732
  2,860
  2,995
Issuance/(repayment) of debt, $m
  0
  38
  48
  55
  61
  68
  75
  81
  88
  95
  102
  109
  116
  124
  131
  139
  148
  156
  165
  175
  184
  195
  205
  216
  228
  240
  253
  266
  280
  294
  310
Issuance/(repurchase) of shares, $m
  -73
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -43
  38
  48
  55
  61
  68
  75
  81
  88
  95
  102
  109
  116
  124
  131
  139
  148
  156
  165
  175
  184
  195
  205
  216
  228
  240
  253
  266
  280
  294
  310
Total cash flow (excl. dividends), $m
  375
  1,143
  1,166
  1,192
  1,220
  1,252
  1,288
  1,327
  1,369
  1,414
  1,463
  1,458
  1,513
  1,573
  1,636
  1,703
  1,774
  1,850
  1,929
  2,014
  2,103
  2,197
  2,296
  2,400
  2,510
  2,626
  2,748
  2,877
  3,012
  3,155
  3,304
Retained Cash Flow (-), $m
  -488
  -90
  -105
  -120
  -135
  -150
  -164
  -179
  -194
  -209
  -224
  -240
  -256
  -272
  -289
  -307
  -326
  -345
  -364
  -385
  -407
  -429
  -452
  -477
  -502
  -529
  -557
  -586
  -617
  -649
  -683
Prev. year cash balance distribution, $m
 
  444
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,496
  1,061
  1,071
  1,085
  1,103
  1,123
  1,148
  1,175
  1,205
  1,238
  1,218
  1,257
  1,300
  1,346
  1,396
  1,449
  1,505
  1,565
  1,629
  1,696
  1,768
  1,843
  1,923
  2,008
  2,097
  2,191
  2,290
  2,395
  2,505
  2,621
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,435
  971
  932
  893
  855
  815
  775
  734
  692
  649
  578
  537
  494
  452
  410
  368
  327
  288
  251
  216
  183
  153
  126
  102
  82
  64
  49
  37
  27
  20
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Hormel Foods Corporation is engaged in the production of a range of meat and food products. The Company operates through four segments: Grocery Products, which is engaged in the processing, marketing and sale of shelf-stable food products sold for the retail market and health and also consists of nutrition products, including Muscle Milk protein products.; Refrigerated Foods, which consists of the processing, marketing and sale of branded and unbranded pork, beef, chicken and turkey products for retail, foodservice and fresh product customers; Jennie-O Turkey Store (JOTS), which consists of the processing, marketing and sale of branded and unbranded turkey products for retail, foodservice and fresh product customers; and International & Other, which includes Hormel Foods International Corporation, which manufactures, markets and sells the Company products internationally.

FINANCIAL RATIOS  of  Hormel Foods (HRL)

Valuation Ratios
P/E Ratio 21.4
Price to Sales 2
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 17.9
Price to Free Cash Flow 22.9
Growth Rates
Sales Growth Rate -3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.7%
Cap. Spend. - 3 Yr. Gr. Rate 6.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 5.1%
Total Debt to Equity 5.1%
Interest Coverage 99
Management Effectiveness
Return On Assets 12.8%
Ret/ On Assets - 3 Yr. Avg. 13.1%
Return On Total Capital 17.1%
Ret/ On T. Cap. - 3 Yr. Avg. 17.7%
Return On Equity 18.1%
Return On Equity - 3 Yr. Avg. 19.1%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 21.8%
Gross Margin - 3 Yr. Avg. 21.3%
EBITDA Margin 15.5%
EBITDA Margin - 3 Yr. Avg. 14.6%
Operating Margin 14%
Oper. Margin - 3 Yr. Avg. 13.1%
Pre-Tax Margin 14%
Pre-Tax Margin - 3 Yr. Avg. 13.1%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 8.7%
Effective Tax Rate 33.8%
Eff/ Tax Rate - 3 Yr. Avg. 33.7%
Payout Ratio 40.9%

HRL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HRL stock intrinsic value calculation we used $9168 million for the last fiscal year's total revenue generated by Hormel Foods. The default revenue input number comes from 2017 income statement of Hormel Foods. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HRL stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for HRL is calculated based on our internal credit rating of Hormel Foods, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Hormel Foods.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HRL stock the variable cost ratio is equal to 86.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HRL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.2% for Hormel Foods.

Corporate tax rate of 27% is the nominal tax rate for Hormel Foods. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HRL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HRL are equal to 23.1%.

Life of production assets of 31.3 years is the average useful life of capital assets used in Hormel Foods operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HRL is equal to 5.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4936 million for Hormel Foods - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 530.091 million for Hormel Foods is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Hormel Foods at the current share price and the inputted number of shares is $18.2 billion.

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COMPANY NEWS

▶ Even Food Star Hormel Needs More Deals   [Jan-19-18 09:54AM  Bloomberg]
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▶ Hormel Foods Earns Relative Strength Rating Upgrade   [Dec-05-17 03:00AM  Investor's Business Daily]
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▶ Campbell: There's a Fly in This Soup   [10:26AM  Barrons.com]
▶ Hormel beats Street 4Q forecasts   [06:45AM  Associated Press]
▶ /C O R R E C T I O N -- Hormel Foods Corporation/   [Nov-20-17 06:41PM  PR Newswire]
▶ Hormel Foods raises dividend   [04:35PM  MarketWatch]
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▶ [$$] Hormel to Buy Premium Deli-Meat Producer for $850 Million   [Oct-31-17 11:08AM  The Wall Street Journal]
▶ Hormel buys 'millennial-focused' meat brand Columbus for $850 million   [08:04AM  American City Business Journals]
▶ How Safe Is Hormel Foods Dividend?   [Oct-17-17 07:30PM  Motley Fool]
▶ Yahoo Finance Live: Midday Movers   [Oct-06-17 02:07PM  Yahoo Finance Video]
▶ Hormel Foods Corp (HRL) Is an Undervalued Bargain   [Oct-05-17 12:11PM  InvestorPlace]
▶ Top Gainers in the Consumer Sector: September 2529   [Oct-03-17 12:40PM  Market Realist]
▶ Hormel Foods Continues to Disappoint   [Oct-02-17 09:09AM  Market Realist]
▶ Company News For Sep 28, 2017   [Sep-28-17 09:52AM  Zacks]
▶ 3 Stocks for the World of 2030   [06:37AM  Motley Fool]
Financial statements of HRL
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