Summit Global Investments Sells 2,217 Shares of The Hershey Company (NYSE:HSY)

Summit Global Investments decreased its position in shares of The Hershey Company (NYSE:HSY) by 1.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 121,804 shares of the company’s stock after selling 2,217 shares during the period. Hershey comprises approximately 1.5% of Summit Global Investments’ holdings, making the stock its 10th biggest holding. Summit Global Investments owned about 0.06% of Hershey worth $22,709,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in HSY. Vanguard Group Inc. grew its position in shares of Hershey by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 14,911,173 shares of the company’s stock valued at $2,983,427,000 after buying an additional 222,960 shares during the last quarter. Nordea Investment Management AB boosted its stake in Hershey by 143.7% during the 3rd quarter. Nordea Investment Management AB now owns 2,465,403 shares of the company’s stock valued at $496,039,000 after purchasing an additional 1,453,819 shares during the period. Northern Trust Corp boosted its stake in Hershey by 2.0% during the 3rd quarter. Northern Trust Corp now owns 1,779,549 shares of the company’s stock valued at $356,052,000 after purchasing an additional 35,393 shares during the period. FMR LLC boosted its stake in Hershey by 0.7% during the 3rd quarter. FMR LLC now owns 1,170,830 shares of the company’s stock valued at $234,260,000 after purchasing an additional 8,344 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in Hershey by 2.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 997,329 shares of the company’s stock valued at $198,085,000 after purchasing an additional 21,229 shares during the period. Hedge funds and other institutional investors own 57.96% of the company’s stock.

Hershey Stock Up 0.7 %

Shares of HSY stock traded up $1.33 during trading hours on Thursday, hitting $195.03. 1,554,308 shares of the company were exchanged, compared to its average volume of 1,964,452. The business has a 50 day moving average of $191.80 and a two-hundred day moving average of $190.68. The company has a current ratio of 0.97, a quick ratio of 0.52 and a debt-to-equity ratio of 0.92. The Hershey Company has a 52 week low of $178.82 and a 52 week high of $276.71. The company has a market capitalization of $39.78 billion, a PE ratio of 21.55, a PEG ratio of 2.98 and a beta of 0.33.

Hershey (NYSE:HSY) last announced its earnings results on Thursday, February 8th. The company reported $2.02 EPS for the quarter, topping the consensus estimate of $1.95 by $0.07. Hershey had a net margin of 16.67% and a return on equity of 51.79%. The business had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.72 billion. During the same quarter in the prior year, the company posted $2.02 earnings per share. The firm’s revenue was up .2% on a year-over-year basis. Analysts anticipate that The Hershey Company will post 9.6 earnings per share for the current fiscal year.

Hershey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, February 20th were issued a dividend of $1.37 per share. This is a boost from Hershey’s previous quarterly dividend of $1.19. The ex-dividend date of this dividend was Friday, February 16th. This represents a $5.48 annualized dividend and a yield of 2.81%. Hershey’s dividend payout ratio is presently 60.55%.

Insider Buying and Selling

In other Hershey news, CFO Steven E. Voskuil sold 1,500 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $185.83, for a total value of $278,745.00. Following the completion of the sale, the chief financial officer now owns 38,728 shares in the company, valued at $7,196,824.24. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CFO Steven E. Voskuil sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $185.83, for a total transaction of $278,745.00. Following the transaction, the chief financial officer now directly owns 38,728 shares of the company’s stock, valued at $7,196,824.24. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Jennifer Mccalman sold 453 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $198.54, for a total transaction of $89,938.62. Following the transaction, the chief accounting officer now directly owns 1,862 shares in the company, valued at $369,681.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,453 shares of company stock worth $665,534. 0.34% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on HSY shares. Morgan Stanley lowered shares of Hershey from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $191.00 to $183.00 in a research note on Monday, February 12th. Edward Jones reaffirmed a “hold” rating on shares of Hershey in a report on Friday, April 19th. JPMorgan Chase & Co. upped their price objective on shares of Hershey from $185.00 to $193.00 and gave the stock a “neutral” rating in a report on Friday, February 9th. Royal Bank of Canada reissued a “sector perform” rating and issued a $213.00 price target on shares of Hershey in a report on Friday, March 15th. Finally, BNP Paribas downgraded shares of Hershey from an “outperform” rating to a “neutral” rating and set a $208.00 price objective for the company. in a report on Tuesday, March 26th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $212.78.

About Hershey

The Hershey Company, together with its subsidiaries, engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally. The company operates through three segments: North America Confectionery, North America Salty Snacks, and International. It offers chocolate and non-chocolate confectionery products; gum and mint refreshment products, including mints, chewing gums, and bubble gums; protein bars; pantry items, such as baking ingredients, toppings, beverages, and sundae syrups; and snack items comprising spreads, bars, snack bites, mixes, popcorn, and pretzels.