5 Best Vegan Stocks To Buy

03. Hormel Foods Corporation (NYSE:HRL)

Number of Hedge Fund Holders as of Q2, 2022: 27

Hormel Foods Corporation (NYSE:HRL) is a Minnesota-based food processing company that sells various food products to its consumers. In 2019, Minnesota-based pork giant Hormel Foods Corporation (NYSE: HRL) launched its vegan food products dubbed Happy Little Plants. Its flagship product is soy-based vegan ground beef with 20 grams of protein per serving. Now the vegan food brand has a wide variety of plant-based offerings, including soy-based pepperoni topping and pea-protein-based Italian-style pizza topping.

On September 1, the company reported its fiscal Q3 2022 results, delivering its seventh consecutive quarterly record sales. Its revenue stood at $3.03 billion, up 6% from the same period last year. The company’s cash flow from operations also showed a 143% year-over-year growth at $186 million. In addition to this, the company had $850.3 million in cash and cash equivalents, compared with $613.5 million at the end of October 2021.

Hormel Foods Corporation (NYSE:HRL) is a dividend king, raising its dividends consecutively for the past 56 years. It currently pays a quarterly dividend of $0.26 per share and has a yield of 2.32%, as recorded on October 17. On September 22, Argus analyst John Staszak lowered his price target on Hormel Foods Corporation (NYSE:HRL) to $53 from $54 but kept a Buy rating on the shares. In a research note, the analyst informs investors that the company is reporting record revenues, which assist in reducing inflation’s impact. According to Staszak, the company also offers a clean balance sheet and a long track record of increasing its dividend.

At the close of Q2 2022, 27 hedge funds held stakes in Hormel Foods Corporation (NYSE:HRL) worth $434.5 million. As of June 30, Renaissance Technologies owns over 2.9 million shares of Hormel Foods Corporation (NYSE:HRL) and is the largest investor in the company.