Hormel Stock Drops 45% From Highs, Marking Best Buying Opportunity in 50 Years for Rare 'Dividend King'
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Hormel Foods has paid dividends for 382 consecutive quarters and raised its dividend for 58 straight years, making it a rare Dividend King stock.
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Hormel stock has dropped 45% from its high recently, marking its biggest pullback in 50 years and making valuations unusually inexpensive.
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Hormel gets over half its profits from its foodservice division that supplies products to convenience stores, a higher growth area.
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Hormel plans to expand offerings in convenience stores after acquiring the Planters brand, though growth did not meet expectations yet in 2023.
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With an illustrious history and growth expected in convenience stores, Hormel stock is trading at a compelling valuation, making now one of the best times to buy it in years.