Vanguard Trims Hormel Foods Stake to 7.8% as of Dec 29, 2023

TL;DR

**Vanguard slightly cut its HRL stake to 7.8%, likely just rebalancing.**

AI Summary

The Vanguard Group, a major investment firm, filed an amendment (SC 13G/A) on February 13, 2024, disclosing its beneficial ownership of 40,737,429 shares of Hormel Foods Corp (HRL) common stock as of December 29, 2023. This represents 7.8% of Hormel's outstanding shares, a slight decrease from its previous reported ownership. This matters to investors because Vanguard is a significant institutional holder, and changes in its stake can signal shifts in its investment strategy or outlook on Hormel's future performance.

Why It Matters

This filing indicates a minor reduction in Vanguard's passive ownership of Hormel Foods, which could suggest a rebalancing of their index funds rather than a strong bearish signal.

Risk Assessment

Risk Level: low — The change in ownership is minor and from a passive institutional investor, indicating low risk to the stock's fundamental outlook.

Analyst Insight

Investors should view this as a routine disclosure from a passive institutional investor. While a slight reduction, it's unlikely to signal a fundamental shift in Hormel's prospects and is more indicative of portfolio rebalancing. No immediate action is warranted based solely on this filing.

Key Numbers

• 40,737,429 — Shares Beneficially Owned (The total number of Hormel Foods common stock shares Vanguard reported owning.)
• 7.8% — Percentage of Class (The percentage of Hormel Foods' common stock that Vanguard beneficially owns, indicating its significant but passive stake.)
• December 29, 2023 — Reporting Date (The specific date as of which Vanguard's ownership stake is being reported in this filing.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and institutional investor
• Hormel Foods Corp (company) — issuer of the securities
• 40,737,429 shares (dollar_amount) — beneficially owned by Vanguard
• 7.8% (dollar_amount) — percentage of Hormel's common stock owned by Vanguard
• December 29, 2023 (date) — date of the event requiring the filing

Forward-Looking Statements

• Vanguard will maintain a significant, passive stake in Hormel Foods, consistent with its index-tracking investment strategy. (The Vanguard Group) — high confidence, target: Next 12 months

FAQ

Filing Documents

• tv01135-hormelfoodscorp.htm (SC 13G/A) — 11KB
• 0001104659-24-021137.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: Hormel Foods Corp

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: 1 Hormel Place Austin, MN 55912-3680

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 440452100

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration

View Full Filing

View this SC 13G/A filing on SEC EDGAR