Hormel Foods (NYSE: HRL) is not the most exciting food company in the world, with its most iconic brand most likely being SPAM. But don't sleep on this stock; it looks cheap today. And that remains true even though its dividend yield is a fairly modest, on an absolute basis, 2.45%. If history is any guide, meanwhile, the tides will eventually turn and this Dividend King should return to its old form.

Hormel is not the type of company that most investors would place in the value category today with its price-to-earnings ratio of nearly 25. In fact, this food maker rarely falls into the value camp. But that doesn't mean that it doesn't look historically cheap. The stock's 2.45% dividend yield happens to be near its highest levels in recent history.

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Source Fool.com