Dividend King Hormel (NYSE: HRL) is a food maker with a collection of industry-leading brands. But the company has been struggling lately due to inflationary cost pressures, avian flu, a slow COVID-19 recovery in China, and a weak nut market. However, green shoots are starting to show up in its business which suggests the future could be trending in a much more positive direction.

Here are three reasons why dividend growth investors should consider buying Hormel today.

After Hormel reported fiscal first-quarter fiscal 2024 results, the stock rose sharply and held on to most of the gains. Investors liked the food maker's earnings update. But the stock price remains around 35% below its 2022 highs. It appears that there could be a lot of room for upside here. If the next few quarters show continued strength, Wall Street is probably going to become increasingly bullish on Hormel.

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Source Fool.com