KHC - Hormel: You Are Two-Thirds Of The Way There
2024-06-04 23:02:19 ET
Summary
- Hormel Foods Corporation's stock dropped sharply after the latest results.
- There were definitely some new negatives there.
- But the longer journey from Bubblicious valuations is what is driving the stock, and that is about two-thirds of the way through.
While we have not been buyers of Hormel Foods Corporation ( HRL ) in any of our past reviews of this business, we have usually called the directional moves right on this one. In our most recent coverage a couple of months ago, we suggested that an exit for the bulls would be perfect. Lofty valuation, the stock being back at its 200-day moving average, and an expectation of a slowdown in the dividend growth story were our reasons at the time. Those that exited at that time would not have been disappointed....
Hormel: You Are Two-Thirds Of The Way There