5 Dividend Aristocrats Under $60 You Can Buy in September

3. Hormel Foods Corporation (NYSE:HRL)

Share Price as of September 5: $46.3
Dividend Yield as of September 5: 2.24%

Hormel Foods Corporation (NYSE:HRL) is a Minnesota-based food processing company that specializes in the packaging and selling of different food products. In August, Stephens presented a positive outlook on the company, highlighting the underlying growth of its business. Given this, the firm raised its price target on the stock to $55 while maintaining an Equal Weight rating on the shares.

In fiscal Q3 2022, Hormel Foods Corporation (NYSE:HRL) reported revenue of $3.03 billion, showing a 5.9% year-over-year growth. The company’s cash flow from operations came in at $186 million, up 143% from the same period last year. Its free cash flow for the quarter also jumped to $125 million, from $22.7 million in the prior-year quarter.

Hormel Foods Corporation (NYSE:HRL) pays a quarterly dividend of $0.56 per share and has a yield of 2.24%, as recorded on September 5. The company maintains a 56-year track record of consistent dividend growth.

At the end of Q2 2022, 27 hedge funds in Insider Monkey’s database owned stakes in Hormel Foods Corporation (NYSE:HRL), compared with 30 a quarter earlier. These stakes are valued at over $434.5 million. With nearly 3 million shares, Renaissance Technologies was the company’s leading stakeholder in Q2.