Hormel Foods: additional argument for keeping in your portfolio

Show Me the Money! 16 June, 2020, by Vladimir Rojankovski, Grand Capital Chief Analyst
Hormel Foods (HRL) performed well in the index correction episode of the end of last week, losing only 2.4% (two point four per cent) in its lowest point against the 6%+ (six percent plus) index correction. That said, HRL remains a defensive stock with a Beta coefficient of -0.02 (minus zero point zero two).
As meat processing plants across the U.S. continue to be the epicenters of local coronavirus outbreaks, Hormel Foods said on June 10 that the its preventive measures are very successful at its facilities. The initiative, called "Keep COVID Out," is said to have limited the number of infected people at the company's plant in Austin, Minnesota to 50, with a workforce of about 1,800 (eighteen hundred), which is about 2.7% (two point seven per cent).
This figure represents a huge difference from the reality of other US meat processing companies. In a recent example, the coronavirus infected 22%, or 555 (five hundred fifty five) people, of Tyson Foods (TSN) workers in Storm Lake, Iowa. This is positive news for HRL and provides additional arguments for keeping its stock in your portfolio.