Despite intense competition, Hormel's efforts to focus on differentiated items should drive results.
A large change to our $36 fair value estimate for narrow-moat Hormel is unlikely after the third-quarter earnings release, despite diminished fiscal 2018 expectations. The changes to our near-term outlook are due to volatile commodity meat prices, and so our long-term forecast for mid-single-digit sales growth and 14% operating margin on average through fiscal 2027 endures.Year to date, Hormel posted 5% sales growth against about 150 basis points of operating margin degradation, to 13%. Managem...
Hormel Foods is primarily engaged in the production of meat and food products and the marketing of those products throughout the United States and internationally. The company's segments are: Grocery Products, which consists of the processing, marketing, and sale of shelf-stable food products; Refrigerated Foods, which consists of the processing, marketing, and sale of branded and unbranded pork, beef, chicken, and turkey products; Jennie-O Turkey Store, which consists of the processing, marketing, and sale of branded and unbranded turkey products; and International and Other, which includes Hormel Foods International Corporation that manufactures, markets, and sells the company's products internationally.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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