5 Best Stocks Under $50

3. Hormel Foods Corporation (NYSE:HRL)

Share Price as of October 21: $44.97

Number of Hedge Fund Holders: 27

Hormel Foods Corporation (NYSE:HRL) is a diversified food company with a strong track record of delivering shareholder value. The company’s brands are well-known and trusted by consumers, and its products are sold around the world. The company has a strong balance sheet and a history of paying dividends. Hormel Foods Corporation (NYSE:HRL) is well-positioned to continue growing its business and delivering value to shareholders. The company is offering a forward dividend yield of 2.31%, as of October 21, and has free cash flows of $1.04 billion. Hormel Foods Corporation (NYSE:HRL) is ranked among the best stocks to buy now.

This September, Piper Sandler analyst Michael Lavery revised his price target on Hormel Foods Corporation (NYSE:HRL) to $47 from $48 and maintained a Neutral rating on the shares. On September 22, Argus analyst John Staszak adjusted his price target on Hormel Foods Corporation (NYSE:HRL) to $53 from $54 and reiterated a Buy rating on the shares.

At the end of Q2 2022, 27 hedge funds were bullish on Hormel Foods Corporation (NYSE:HRL) and held stakes worth $434.5 million in the company. Of those, Renaissance Technologies was the largest shareholder in the company and held stakes worth $140.8 million.