BlackRock Inc. lessened its holdings in The Hershey Company (NYSE:HSY) by 4.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,434,700 shares of the company’s stock after selling 655,251 shares during the quarter. BlackRock Inc. owned 7.01% of The Hershey worth $2,514,237,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in HSY. Mid Atlantic Financial Management Inc. ADV grew its stake in shares of The Hershey by 3.5% during the 2nd quarter. Mid Atlantic Financial Management Inc. ADV now owns 1,828 shares of the company’s stock worth $318,000 after acquiring an additional 61 shares during the period. Prestige Wealth Management Group LLC grew its stake in shares of The Hershey by 38.0% during the 1st quarter. Prestige Wealth Management Group LLC now owns 229 shares of the company’s stock worth $37,000 after acquiring an additional 63 shares during the period. Avidian Wealth Solutions LLC grew its stake in shares of The Hershey by 1.6% during the 2nd quarter. Avidian Wealth Solutions LLC now owns 3,909 shares of the company’s stock worth $681,000 after acquiring an additional 63 shares during the period. Lincoln National Corp grew its stake in shares of The Hershey by 3.3% during the 1st quarter. Lincoln National Corp now owns 2,235 shares of the company’s stock worth $354,000 after acquiring an additional 71 shares during the period. Finally, Bath Savings Trust Co grew its stake in shares of The Hershey by 0.7% during the 2nd quarter. Bath Savings Trust Co now owns 10,420 shares of the company’s stock worth $1,815,000 after acquiring an additional 74 shares during the period. Hedge funds and other institutional investors own 52.34% of the company’s stock.
Several research analysts have commented on the company. BMO Capital Markets raised their target price on The Hershey from $175.00 to $181.00 and gave the stock an “outperform” rating in a research note on Friday, July 30th. Deutsche Bank Aktiengesellschaft raised their price target on The Hershey from $166.00 to $173.00 and gave the company a “hold” rating in a report on Thursday, July 22nd. Morgan Stanley began coverage on The Hershey in a report on Tuesday. They issued a “hold” rating and a $180.00 price target on the stock. Piper Sandler raised their price target on The Hershey from $182.00 to $194.00 and gave the company an “overweight” rating in a report on Friday, July 30th. Finally, Credit Suisse Group raised their price target on The Hershey from $180.00 to $194.00 and gave the company an “outperform” rating in a report on Friday, July 30th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, The Hershey has a consensus rating of “Buy” and an average price target of $177.50.
The Hershey (NYSE:HSY) last released its quarterly earnings results on Thursday, July 29th. The company reported $1.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.42 by $0.05. The Hershey had a return on equity of 63.62% and a net margin of 16.52%. The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.85 billion. On average, research analysts anticipate that The Hershey Company will post 6.92 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 15th. Investors of record on Friday, August 20th were given a dividend of $0.901 per share. The ex-dividend date was Thursday, August 19th. This is a positive change from The Hershey’s previous quarterly dividend of $0.80. This represents a $3.60 annualized dividend and a dividend yield of 2.09%. The Hershey’s payout ratio is currently 57.23%.
In other news, SVP Kristen J. Riggs sold 1,760 shares of the business’s stock in a transaction on Tuesday, September 7th. The stock was sold at an average price of $175.42, for a total value of $308,739.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michele Buck sold 2,500 shares of the business’s stock in a transaction on Monday, June 28th. The stock was sold at an average price of $175.15, for a total value of $437,875.00. Following the completion of the transaction, the chief executive officer now owns 180,497 shares of the company’s stock, valued at approximately $31,614,049.55. The disclosure for this sale can be found here. Insiders have sold 15,079 shares of company stock valued at $2,674,010 in the last quarter. 0.32% of the stock is owned by company insiders.
About The Hershey
The Hershey Co engages in the manufacture and market of chocolate and sugar confectionery products. The firm operates through the following geographical segments: North America; and International and Other. The North America segment is responsible for the traditional chocolate and non-chocolate confectionery market position of the company, as well as its grocery and snacks market positions, in the United States and Canada.
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