Intrinsic value of Hormel Foods - HRL

Previous Close

$41.05

  Intrinsic Value

$28.03

stock screener

  Rating & Target

sell

-32%

Previous close

$41.05

 
Intrinsic value

$28.03

 
Up/down potential

-32%

 
Rating

sell

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

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 21.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  9,763
  10,383
  11,029
  11,701
  12,401
  13,131
  13,892
  14,686
  15,515
  16,381
  17,286
  18,232
  19,221
  20,255
  21,337
  22,470
  23,656
  24,898
  26,199
  27,562
  28,990
  30,487
  32,057
  33,702
  35,428
  37,237
  39,135
  41,126
  43,215
  45,406
Variable operating expenses, $m
  8,425
  8,940
  9,476
  10,034
  10,616
  11,222
  11,854
  12,514
  13,203
  13,922
  14,359
  15,145
  15,966
  16,825
  17,724
  18,665
  19,650
  20,682
  21,763
  22,895
  24,081
  25,325
  26,629
  27,996
  29,429
  30,932
  32,509
  34,162
  35,897
  37,717
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
  8,425
  8,940
  9,476
  10,034
  10,616
  11,222
  11,854
  12,514
  13,203
  13,922
  14,359
  15,145
  15,966
  16,825
  17,724
  18,665
  19,650
  20,682
  21,763
  22,895
  24,081
  25,325
  26,629
  27,996
  29,429
  30,932
  32,509
  34,162
  35,897
  37,717
Operating income, $m
  1,339
  1,443
  1,553
  1,667
  1,785
  1,909
  2,038
  2,172
  2,312
  2,459
  2,927
  3,087
  3,255
  3,430
  3,613
  3,805
  4,006
  4,216
  4,436
  4,667
  4,909
  5,162
  5,428
  5,707
  5,999
  6,305
  6,627
  6,964
  7,317
  7,688
EBITDA, $m
  1,746
  1,857
  1,973
  2,093
  2,218
  2,349
  2,485
  2,627
  2,775
  2,930
  3,092
  3,261
  3,438
  3,623
  3,816
  4,019
  4,231
  4,453
  4,686
  4,930
  5,185
  5,453
  5,734
  6,028
  6,337
  6,660
  7,000
  7,356
  7,729
  8,121
Interest expense (income), $m
  13
  14
  21
  28
  36
  44
  52
  61
  70
  80
  90
  100
  111
  122
  134
  146
  159
  173
  187
  202
  218
  234
  251
  269
  288
  308
  328
  350
  373
  397
  422
Earnings before tax, $m
  1,325
  1,423
  1,525
  1,631
  1,741
  1,857
  1,977
  2,102
  2,233
  2,370
  2,827
  2,976
  3,132
  3,296
  3,467
  3,645
  3,833
  4,029
  4,234
  4,449
  4,675
  4,911
  5,159
  5,419
  5,691
  5,977
  6,276
  6,591
  6,920
  7,266
Tax expense, $m
  358
  384
  412
  440
  470
  501
  534
  568
  603
  640
  763
  804
  846
  890
  936
  984
  1,035
  1,088
  1,143
  1,201
  1,262
  1,326
  1,393
  1,463
  1,537
  1,614
  1,695
  1,779
  1,869
  1,962
Net income, $m
  967
  1,039
  1,113
  1,191
  1,271
  1,355
  1,443
  1,534
  1,630
  1,730
  2,064
  2,173
  2,287
  2,406
  2,531
  2,661
  2,798
  2,941
  3,091
  3,248
  3,413
  3,585
  3,766
  3,956
  4,154
  4,363
  4,582
  4,811
  5,052
  5,305

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  7,430
  7,902
  8,393
  8,905
  9,438
  9,993
  10,572
  11,177
  11,808
  12,467
  13,155
  13,875
  14,628
  15,415
  16,238
  17,100
  18,003
  18,948
  19,938
  20,976
  22,063
  23,202
  24,396
  25,649
  26,962
  28,339
  29,783
  31,298
  32,888
  34,555
Adjusted assets (=assets-cash), $m
  7,430
  7,902
  8,393
  8,905
  9,438
  9,993
  10,572
  11,177
  11,808
  12,467
  13,155
  13,875
  14,628
  15,415
  16,238
  17,100
  18,003
  18,948
  19,938
  20,976
  22,063
  23,202
  24,396
  25,649
  26,962
  28,339
  29,783
  31,298
  32,888
  34,555
Revenue / Adjusted assets
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
  1.314
Average production assets, $m
  2,792
  2,970
  3,154
  3,346
  3,547
  3,755
  3,973
  4,200
  4,437
  4,685
  4,944
  5,214
  5,497
  5,793
  6,102
  6,426
  6,766
  7,121
  7,493
  7,883
  8,291
  8,719
  9,168
  9,639
  10,132
  10,650
  11,193
  11,762
  12,359
  12,986
Working capital, $m
  557
  592
  629
  667
  707
  748
  792
  837
  884
  934
  985
  1,039
  1,096
  1,155
  1,216
  1,281
  1,348
  1,419
  1,493
  1,571
  1,652
  1,738
  1,827
  1,921
  2,019
  2,123
  2,231
  2,344
  2,463
  2,588
Total debt, $m
  380
  517
  661
  810
  966
  1,128
  1,297
  1,474
  1,658
  1,850
  2,051
  2,262
  2,481
  2,711
  2,952
  3,203
  3,467
  3,743
  4,032
  4,335
  4,652
  4,985
  5,334
  5,699
  6,083
  6,485
  6,907
  7,349
  7,813
  8,300
Total liabilities, $m
  2,170
  2,307
  2,451
  2,600
  2,756
  2,918
  3,087
  3,264
  3,448
  3,640
  3,841
  4,052
  4,271
  4,501
  4,742
  4,993
  5,257
  5,533
  5,822
  6,125
  6,442
  6,775
  7,124
  7,489
  7,873
  8,275
  8,697
  9,139
  9,603
  10,090
Total equity, $m
  5,261
  5,595
  5,942
  6,305
  6,682
  7,075
  7,485
  7,913
  8,360
  8,827
  9,314
  9,824
  10,356
  10,914
  11,497
  12,107
  12,746
  13,415
  14,116
  14,851
  15,620
  16,427
  17,273
  18,159
  19,089
  20,064
  21,086
  22,159
  23,285
  24,465
Total liabilities and equity, $m
  7,431
  7,902
  8,393
  8,905
  9,438
  9,993
  10,572
  11,177
  11,808
  12,467
  13,155
  13,876
  14,627
  15,415
  16,239
  17,100
  18,003
  18,948
  19,938
  20,976
  22,062
  23,202
  24,397
  25,648
  26,962
  28,339
  29,783
  31,298
  32,888
  34,555
Debt-to-equity ratio
  0.070
  0.090
  0.110
  0.130
  0.140
  0.160
  0.170
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.260
  0.270
  0.280
  0.290
  0.290
  0.300
  0.300
  0.310
  0.310
  0.320
  0.320
  0.330
  0.330
  0.340
  0.340
Adjusted equity ratio
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708
  0.708

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  967
  1,039
  1,113
  1,191
  1,271
  1,355
  1,443
  1,534
  1,630
  1,730
  2,064
  2,173
  2,287
  2,406
  2,531
  2,661
  2,798
  2,941
  3,091
  3,248
  3,413
  3,585
  3,766
  3,956
  4,154
  4,363
  4,582
  4,811
  5,052
  5,305
Depreciation, amort., depletion, $m
  408
  414
  420
  426
  433
  440
  447
  455
  463
  471
  165
  174
  183
  193
  203
  214
  226
  237
  250
  263
  276
  291
  306
  321
  338
  355
  373
  392
  412
  433
Funds from operations, $m
  1,375
  1,452
  1,533
  1,617
  1,704
  1,795
  1,890
  1,989
  2,093
  2,201
  2,229
  2,347
  2,470
  2,599
  2,734
  2,875
  3,023
  3,178
  3,341
  3,511
  3,689
  3,876
  4,072
  4,277
  4,492
  4,718
  4,955
  5,203
  5,464
  5,737
Change in working capital, $m
  34
  35
  37
  38
  40
  42
  43
  45
  47
  49
  52
  54
  56
  59
  62
  65
  68
  71
  74
  78
  81
  85
  89
  94
  98
  103
  108
  113
  119
  125
Cash from operations, $m
  1,341
  1,417
  1,496
  1,578
  1,664
  1,754
  1,847
  1,944
  2,045
  2,151
  2,177
  2,293
  2,414
  2,540
  2,672
  2,811
  2,956
  3,107
  3,266
  3,433
  3,607
  3,790
  3,982
  4,183
  4,394
  4,615
  4,847
  5,090
  5,345
  5,612
Maintenance CAPEX, $m
  -88
  -93
  -99
  -105
  -112
  -118
  -125
  -132
  -140
  -148
  -156
  -165
  -174
  -183
  -193
  -203
  -214
  -226
  -237
  -250
  -263
  -276
  -291
  -306
  -321
  -338
  -355
  -373
  -392
  -412
New CAPEX, $m
  -167
  -177
  -185
  -192
  -200
  -209
  -218
  -227
  -237
  -248
  -259
  -270
  -283
  -296
  -310
  -324
  -339
  -355
  -372
  -390
  -409
  -428
  -449
  -471
  -493
  -518
  -543
  -569
  -597
  -627
Cash from investing activities, $m
  -255
  -270
  -284
  -297
  -312
  -327
  -343
  -359
  -377
  -396
  -415
  -435
  -457
  -479
  -503
  -527
  -553
  -581
  -609
  -640
  -672
  -704
  -740
  -777
  -814
  -856
  -898
  -942
  -989
  -1,039
Free cash flow, $m
  1,087
  1,147
  1,213
  1,281
  1,352
  1,427
  1,504
  1,584
  1,668
  1,756
  1,762
  1,857
  1,957
  2,061
  2,170
  2,283
  2,402
  2,527
  2,657
  2,793
  2,936
  3,086
  3,243
  3,407
  3,579
  3,760
  3,949
  4,147
  4,355
  4,574
Issuance/(repayment) of debt, $m
  130
  138
  143
  149
  156
  162
  169
  177
  184
  192
  201
  210
  220
  230
  241
  252
  264
  276
  289
  303
  317
  333
  349
  366
  383
  402
  422
  442
  464
  487
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  130
  138
  143
  149
  156
  162
  169
  177
  184
  192
  201
  210
  220
  230
  241
  252
  264
  276
  289
  303
  317
  333
  349
  366
  383
  402
  422
  442
  464
  487
Total cash flow (excl. dividends), $m
  1,216
  1,284
  1,356
  1,430
  1,508
  1,589
  1,673
  1,761
  1,852
  1,948
  1,963
  2,068
  2,177
  2,291
  2,410
  2,535
  2,666
  2,803
  2,946
  3,096
  3,254
  3,419
  3,591
  3,773
  3,963
  4,162
  4,371
  4,590
  4,820
  5,061
Retained Cash Flow (-), $m
  -325
  -334
  -348
  -362
  -377
  -393
  -410
  -428
  -447
  -467
  -487
  -510
  -533
  -557
  -583
  -610
  -639
  -669
  -701
  -734
  -770
  -807
  -846
  -887
  -930
  -975
  -1,023
  -1,073
  -1,125
  -1,181
Prev. year cash balance distribution, $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 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
  892
  950
  1,008
  1,068
  1,131
  1,195
  1,263
  1,333
  1,406
  1,482
  1,476
  1,558
  1,644
  1,733
  1,827
  1,925
  2,027
  2,134
  2,245
  2,362
  2,484
  2,612
  2,746
  2,886
  3,033
  3,187
  3,348
  3,517
  3,694
  3,880
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
  855
  870
  877
  880
  876
  868
  853
  833
  808
  777
  701
  665
  625
  582
  536
  489
  441
  393
  346
  300
  257
  217
  180
  147
  118
  93
  72
  54
  40
  29
Current shareholders' claim on cash, %
  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 25.6
Price to Sales 2.4
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 21.5
Price to Free Cash Flow 27.5
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 $9167.519 million for the last fiscal year's total revenue generated by Hormel Foods. The default revenue input number comes from 0001 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 6.5% 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 86.5%.

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 5.4% 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 28.6%.

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 - $4935.907 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 529.534 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 $21.7 billion.

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COMPANY NEWS

▶ Hormel Foods Announces Retirement and Advancement   [Sep-17-18 12:59PM  PR Newswire]
▶ Announcing MSPBJ's first-ever Business of Manufacturing award winners   [Sep-13-18 02:00PM  American City Business Journals]
▶ 3 Low-Risk Stocks for Dividend Growth Investors   [Sep-09-18 08:17AM  Motley Fool]
▶ Like Dividends? I Bet You'll Love These 3 Stocks   [Aug-26-18 02:02PM  Motley Fool]
▶ [$$] Low Meat Prices Cut Into Hormel, Sanderson Earnings   [Aug-23-18 08:25PM  The Wall Street Journal]
▶ US Stocks See Little Change Thursday   [03:23PM  GuruFocus.com]
▶ Hormel cuts outlook as China tariffs bite pork sales   [02:23PM  American City Business Journals]
▶ [$$] Low Meat Prices Cut into Hormel, Sanderson Earnings   [02:09PM  The Wall Street Journal]
▶ Hormel Foods Q3 Earnings Preview   [Aug-22-18 02:48PM  Benzinga]
▶ 5 Companies Hit 52-Week Highs   [12:13PM  GuruFocus.com]
▶ 3 High-Yield Stocks to Hold Forever   [11:27AM  Motley Fool]
▶ Hormel selling Nebraska pork plant, marking shift from slaughter to sales   [Aug-17-18 08:21AM  American City Business Journals]
▶ Columbus Adds to its Successful Snacking Line   [Jul-31-18 08:00AM  PR Newswire]
▶ 3 Growth Stocks for Successful Investors   [Jul-17-18 10:02AM  Motley Fool]
▶ [$$] Chicken, Turkey and Tuna Have a Beef With Your Burger   [Jul-02-18 07:47PM  The Wall Street Journal]
▶ [$$] Chicken, Turkey and Tuna Have a Beef With Your Burger   [Jun-30-18 08:00AM  The Wall Street Journal]
▶ Lawsuit alleges Hormel, other companies inflated pork prices   [Jun-28-18 09:03PM  Associated Press]
▶ 10 Consumer Stocks on the Clearance Rack   [Jun-18-18 03:06PM  InvestorPlace]
▶ [$$] China retaliates against US tariffs on $50bn of imports   [Jun-14-18 10:59PM  Financial Times]
▶ Whatever Happened to Chi-Chi's Restaurants?   [Jun-12-18 09:49AM  Kiplinger]
▶ 3 Great Stocks for Your IRA   [Jun-10-18 08:18AM  Motley Fool]
▶ Spam Recall: Hormel Canned Meat May Contain Metal Fragments   [May-29-18 01:29PM  InvestorPlace]
▶ Hormel issues recall after metal reported in products   [08:09AM  American City Business Journals]
▶ Company News For May 25, 2018   [May-25-18 10:03AM  Zacks]

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