Outlook Unchanged for Hormel After On-Track 4Q Results; Shares Slightly Rich
We do not plan to make a large change to our $33 fair value estimate for narrow-moat Hormel Foods after the firm reported fourth-quarter earnings that largely met our expectations. For the fiscal year, the firm reported 2.8% sales growth that slightly outpaced our 2.0% forecast, but its 14% operating margin and $1.64 diluted earnings per share met our targets.We intend to change our fiscal 2017 estimates to reflect the sale of the Farmer John, Saag’s Specialty Meats, and PFFJ operations to Smit...
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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