Goldman Sachs Initiates Coverage on Hormel with a Buy Rating

Hormel Foods Corporation (NYSE:HRL) is one of the Best Dividend Leaders to Buy Now.

On June 23, Goldman Sachs started coverage of Hormel with a Buy rating and set a price target of $35. The firm highlighted the company’s “strong protein demand” as a key reason for its positive view.

A close-up of a hand cutting fresh turkeys, revealing the perishable products of the company.

Goldman also pointed to Hormel’s robust packaged food lineup, featuring a variety of brands, price ranges, and options across important protein categories, as the main drivers of its optimistic stance. The firm made the following comment:

“We expect near-term supply reductions in turkey to support our Buy rating on HRL, along with its solid packaged food portfolio, including a recovery in its Planters nut business.”

Hormel Foods Corporation (NYSE:HRL) is a solid dividend company, having raised its dividends for 59 consecutive years. The company currently offers a quarterly dividend of $0.29 per share and has a dividend yield of 3.76%, as of June 23.

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