• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    Hormel Foods Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits

    3/26/25 4:35:38 PM ET
    $HRL
    Meat/Poultry/Fish
    Consumer Staples
    Get the next $HRL alert in real time by email
    hrl-20250325
    0000048465false00000484652025-03-252025-03-25

    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION

    Washington, D. C. 20549

    FORM 8-K

    CURRENT REPORT

    Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

    Date of Report (Date of earliest event reported) March 25, 2025

    HORMEL FOODS CORPORATION
    (Exact name of registrant as specified in its charter)
    Delaware1-240241-0319970
    (State or Other Jurisdiction of
    Incorporation)
    (Commission File
    Number)
    (IRS Employer Identification Number)

    1 Hormel Place, Austin, Minnesota
    55912-3680
    (Address of principal executive offices)(Zip Code)
     
    (507) 437-5611
    Registrant’s telephone number, including area code
    Not Applicable
    (Former name or former address, if changed since last report)
     
    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
     
    ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
    ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
    ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
    ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
    Securities registered pursuant to Section 12(b) of the Act:
    Title of each classTrading SymbolName of each exchange on which registered
    Common Stock $0.01465 par valueHRLNew York Stock Exchange

    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 

    Emerging growth company  ☐

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



    Section 1 – REGISTRANT’S BUSINESS AND OPERATIONS

    Item 1.01 Entry into a Material Definitive Agreement

    On March 25, 2025, Hormel Foods Corporation (the Company) entered into an unsecured revolving credit agreement with Wells Fargo Bank, National Association as Administrative Agent, Swingline Lender and Issuing Lender, U.S. Bank National Association, JPMorgan Chase Bank, N.A. and BofA Securities, Inc. as Syndication Agents and the lenders party thereto (the Revolving Credit Agreement). In connection with entering the Revolving Credit Agreement, the Company terminated its existing credit facility that was entered into on May 6, 2021.

    The Revolving Credit Agreement provides for an unsecured revolving credit facility with an aggregate principal commitment amount at any time outstanding of up to $750,000,000 with an uncommitted increase option of an additional $375,000,000 upon the satisfaction of certain conditions. Extensions of credit under the facility may be applied by the Company to refinance existing indebtedness and for working capital and other general corporate purposes, including acquisition funding, and may be made in the form of revolving loans, swingline loans and letters of credit. Subject to the terms set forth in the Revolving Credit Agreement, the Company may borrow, prepay and re-borrow amounts under the facility at any time prior to the termination of the facility.

    The lenders will receive a facility fee of between 0.050-0.090% that accrues on the daily amount of the revolving commitment held by each lender, and such facility fee is adjusted based upon the Company’s debt rating issued by S&P and Moody’s. Interest on funds borrowed under the Revolving Credit Agreement will be charged, depending on the applicable currency, at either a RFR rate (with borrowings in U.S. Dollars at the Term Secured Overnight Financing Rate) or a eurocurrency rate for certain foreign currencies or a base rate with respect to U.S. Dollars to be selected by the Company at the time of borrowing plus an applicable margin of between 0.575-1.160% for eurocurrency rate loans and 0.0-0.160% for base rate loans, depending on the Company’s debt rating issued by S&P and Moody’s.

    The Revolving Credit Agreement contains customary representations and warranties, covenants and events of default, including, without limitation, a financial covenant that prevents the Company from permitting its minimum consolidated interest coverage ratio to be less than 3.50 to 1.00 as of the end of any fiscal quarter.

    The lending commitments under the Revolving Credit Agreement are scheduled to expire on March 25, 2030, at which time the Company will be required to pay in full all obligations then outstanding.

    This description of the Revolving Credit Agreement is qualified in its entirety by reference to the full text of the Revolving Credit Agreement, a complete copy of which is attached hereto as Exhibit 10.1 and is hereby incorporated by reference in response to this Item 1.01.


    Section 2 – FINANCIAL INFORMATION

    Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

    The disclosure set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
    2




    Section 9 – FINANCIAL STATEMENTS AND EXHIBITS

    Item 9.01 Financial Statements and Exhibits

    (d)    Exhibits

    10.1
    U.S. $750,000,000 Credit Agreement, dated as of March 25, 2025, among the Company, Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and Issuing Lender, and the lenders identified on the signature pages thereof.
    104The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.
     
    3


    SIGNATURES



    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


    HORMEL FOODS CORPORATION
    (Registrant)
    Dated: March 26, 2025By:/s/ FLORENCE MAKOPE
    FLORENCE MAKOPE
    Vice President and Treasurer

    4
    Get the next $HRL alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $HRL

    DatePrice TargetRatingAnalyst
    6/23/2025$35.00Buy
    Goldman
    5/27/2025$30.00Underperform → Neutral
    BNP Paribas Exane
    4/15/2025$35.00Underperform → Neutral
    BofA Securities
    10/21/2024$28.00Underperform
    Exane BNP Paribas
    10/3/2024$31.00Equal-Weight
    Stephens
    8/13/2024$33.00 → $37.00Neutral → Buy
    Citigroup
    5/31/2024$28.00 → $29.00Underweight → Neutral
    JP Morgan
    2/1/2024$31.00Neutral
    Citigroup
    More analyst ratings

    $HRL
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • GROUP VICE PRESIDENT Lykken Steven J bought $159,246 worth of shares (4,904 units at $32.47) and covered exercise/tax liability with 943 shares, decreasing direct ownership by 3% to 29,759 units (SEC Form 4)

      4 - HORMEL FOODS CORP /DE/ (0000048465) (Issuer)

      12/10/24 5:36:55 PM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • VICE PRESIDENT AND CONTROLLER Kuehneman Paul R bought $4,391 worth of shares (108 units at $40.66), increasing direct ownership by 1% to 8,477 units (SEC Form 4)

      4 - HORMEL FOODS CORP /DE/ (0000048465) (Issuer)

      10/29/24 9:40:50 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • SENIOR VICE PRESIDENT Losness-Larson Katherine M bought $25,000 worth of shares (830 units at $30.12), exercised 6,200 shares at a strike of $26.38 and covered exercise/tax liability with 5,651 shares, increasing direct ownership by 9% to 15,905 units (SEC Form 4)

      4 - HORMEL FOODS CORP /DE/ (0000048465) (Issuer)

      6/28/24 10:13:14 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples

    $HRL
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Goldman initiated coverage on Hormel Foods with a new price target

      Goldman initiated coverage of Hormel Foods with a rating of Buy and set a new price target of $35.00

      6/23/25 8:06:50 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • Hormel Foods upgraded by BNP Paribas Exane with a new price target

      BNP Paribas Exane upgraded Hormel Foods from Underperform to Neutral and set a new price target of $30.00

      5/27/25 9:05:59 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • Hormel Foods upgraded by BofA Securities with a new price target

      BofA Securities upgraded Hormel Foods from Underperform to Neutral and set a new price target of $35.00

      4/15/25 8:55:59 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples

    $HRL
    Leadership Updates

    Live Leadership Updates

    See more
    • Hormel Foods Announces Retirement of Scott Aakre, Group Vice President and Chief Marketing Officer for Retail, Following a Distinguished 35-year career

      Aakre extends his service to the company by joining Hormel Foods board of directors AUSTIN, Minn., May 15, 2025 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, announced that Scott Aakre, group vice president and chief marketing officer for Retail, will retire at the end of the company's fiscal 2025 after 35 years of distinguished service. His responsibilities will be transitioned internally. The company also announced that Aakre, who serves on The Hormel Foundation board, was appointed to the Hormel Foods board of directors, effective May 15, 2025, enabling the company to continue benefiting from his expertise.

      5/15/25 4:05:00 PM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • Hormel Foods Appoints Jeff Ettinger to Board of Directors

      AUSTIN, Minn., March 20, 2025 /PRNewswire/ -- Hormel Foods Corporation (NYSE:HRL), a Fortune 500 global branded food company, announced today that Jeffrey M. Ettinger, chairman of The Hormel Foundation, has been re-appointed to the Hormel Foods Board of Directors, effective March 21, 2025. The Hormel Foundation, an unaffiliated non-profit organization with a charitable mission, beneficially owns approximately 46% of Hormel Foods outstanding common stock. Ettinger previously served on the Hormel Foods Board of Directors and spent nearly three decades with the company, retiring in 2016 after a successful tenure as president and chief executive officer.

      3/20/25 4:30:00 PM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • Hormel Foods Announces Retirement of Mark Ourada, Group Vice President, Foodservice, after 37 years of exemplary service and leadership

      AUSTIN, Minn., Jan. 30, 2025 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, announced the upcoming retirement of Mark Ourada, group vice president, Foodservice, following 37 years of dedicated service and leadership. Throughout his nearly four-decade-long career with the company, Ourada has played an active role in the successful development and evolution of the $3.8 billion Foodservice business segment. He was also instrumental in the PLANTERS® brand integration and helped the company drive focus and growth in the convenience store channel.

      1/30/25 6:30:00 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples

    $HRL
    Financials

    Live finance-specific insights

    See more
    • Hormel Foods Announces Key Leadership Appointments in Retail Business Unit

      Paul Peil promoted to the role of Vice President of Marketing for Fresh and Ready MeatsChristie Crouch joins company as Vice President of Marketing for Snacking and Entertaining AUSTIN, Minn., July 23, 2025 /PRNewswire/ -- Hormel Foods Corporation (NYSE:HRL), a Fortune 500 global branded food company, today announced two leadership appointments in its Retail business segment. Paul Peil, a 35-year veteran with the company, has been promoted to the role of vice president of marketing for Fresh and Ready Meats. Christie Crouch, a seasoned marketing executive with a strong track record in the food industry, joins the company as vice president of marketing for Snacking and Entertaining.

      7/23/25 6:30:00 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • Hormel Foods Seeking Nominations for 2025 Class of 10 Under 20 Food Heroes

      Program Spotlights and Supports Young Leaders Addressing Food Insecurity and Driving Sustainable Food Solutions AUSTIN, Minn., July 15, 2025 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, is now accepting nominations for the 2025 class of 10 Under 20 Food Heroes. The impact-driven program, now in its fourth year, recognizes the efforts of young people across the United States who are contributing to a more sustainable food system — a system that produces and shares food in ways that uplift people and communities while nurturing the planet.

      7/15/25 8:00:00 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • Hormel Foods Named One of 60 Best Companies to Sell For - 24 Years Running

      Selling Power recognizes the company's culture of success and dynamic team of sales professionals AUSTIN, Minn., July 14, 2025 /PRNewswire/ -- For the 24th time, Hormel Foods Corporation (NYSE:HRL), a Fortune 500 global branded food company, has made the Selling Power magazine's 60 Best Companies to Sell For 2025 list. The list recognizes 60 of the most deserving sales organizations in the United States.  "Being named one of the top companies to sell for in the nation is a tremendous honor," said PJ Connor, group vice president of Retail Sales at Hormel Foods. "Once again, thi

      7/14/25 8:00:00 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples

    $HRL
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G/A filed by Hormel Foods Corporation (Amendment)

      SC 13G/A - HORMEL FOODS CORP /DE/ (0000048465) (Subject)

      2/9/23 11:22:19 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • SEC Form SC 13G/A filed by Hormel Foods Corporation (Amendment)

      SC 13G/A - HORMEL FOODS CORP /DE/ (0000048465) (Subject)

      1/24/23 10:28:59 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • SEC Form SC 13G/A filed by Hormel Foods Corporation (Amendment)

      SC 13G/A - HORMEL FOODS CORP /DE/ (0000048465) (Subject)

      2/10/22 8:17:06 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples

    $HRL
    SEC Filings

    See more
    • Hormel Foods Corporation filed SEC Form 8-K: Leadership Update

      8-K - HORMEL FOODS CORP /DE/ (0000048465) (Filer)

      6/23/25 6:40:37 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • SEC Form 10-Q filed by Hormel Foods Corporation

      10-Q - HORMEL FOODS CORP /DE/ (0000048465) (Filer)

      5/29/25 1:21:17 PM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • SEC Form 11-K filed by Hormel Foods Corporation

      11-K - HORMEL FOODS CORP /DE/ (0000048465) (Filer)

      5/22/25 4:39:33 PM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples

    $HRL
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Hormel Foods Announces Key Leadership Appointments in Retail Business Unit

      Paul Peil promoted to the role of Vice President of Marketing for Fresh and Ready MeatsChristie Crouch joins company as Vice President of Marketing for Snacking and Entertaining AUSTIN, Minn., July 23, 2025 /PRNewswire/ -- Hormel Foods Corporation (NYSE:HRL), a Fortune 500 global branded food company, today announced two leadership appointments in its Retail business segment. Paul Peil, a 35-year veteran with the company, has been promoted to the role of vice president of marketing for Fresh and Ready Meats. Christie Crouch, a seasoned marketing executive with a strong track record in the food industry, joins the company as vice president of marketing for Snacking and Entertaining.

      7/23/25 6:30:00 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • Hormel Foods Seeking Nominations for 2025 Class of 10 Under 20 Food Heroes

      Program Spotlights and Supports Young Leaders Addressing Food Insecurity and Driving Sustainable Food Solutions AUSTIN, Minn., July 15, 2025 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, is now accepting nominations for the 2025 class of 10 Under 20 Food Heroes. The impact-driven program, now in its fourth year, recognizes the efforts of young people across the United States who are contributing to a more sustainable food system — a system that produces and shares food in ways that uplift people and communities while nurturing the planet.

      7/15/25 8:00:00 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • Hormel Foods Named One of 60 Best Companies to Sell For - 24 Years Running

      Selling Power recognizes the company's culture of success and dynamic team of sales professionals AUSTIN, Minn., July 14, 2025 /PRNewswire/ -- For the 24th time, Hormel Foods Corporation (NYSE:HRL), a Fortune 500 global branded food company, has made the Selling Power magazine's 60 Best Companies to Sell For 2025 list. The list recognizes 60 of the most deserving sales organizations in the United States.  "Being named one of the top companies to sell for in the nation is a tremendous honor," said PJ Connor, group vice president of Retail Sales at Hormel Foods. "Once again, thi

      7/14/25 8:00:00 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples

    $HRL
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • GROUP VICE PRESIDENT Myers Kevin L was granted 482 shares, increasing direct ownership by 1% to 46,833 units (SEC Form 4)

      4 - HORMEL FOODS CORP /DE/ (0000048465) (Issuer)

      6/12/25 11:34:57 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • GROUP VICE PRESIDENT Neufeldt Swen was granted 4,816 shares, increasing direct ownership by 12% to 45,337 units (SEC Form 4)

      4 - HORMEL FOODS CORP /DE/ (0000048465) (Issuer)

      6/12/25 11:32:20 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples
    • Group Vice President Weber David F was granted 643 shares, increasing direct ownership by 4% to 17,748 units (SEC Form 4)

      4 - HORMEL FOODS CORP /DE/ (0000048465) (Issuer)

      6/12/25 11:30:21 AM ET
      $HRL
      Meat/Poultry/Fish
      Consumer Staples