To be clear from the outset, I think that Hormel (NYSE:HRL) is a great company, but I do believe that a truly great stock idea needs a confluence of great company and an attractive price and that hasn't always been available with Hormel. A high price tag hasn't kept other investors away, though, and the shares have done pretty well over the past one and two-year periods (up about 14% and 65%) and have steadily outperformed rivals like Hillshire Brands (NYSE:HSH) and ConAgra (NYSE:CAG) while lagging Tyson (NYSE:TSN).
Hormel remains pretty expensive at nearly 12x forward EBITDA, though the company has done a very good job with Skippy so far and has...
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