Clearbridge Investments LLC Reduces Stock Position in The Hershey Company (NYSE:HSY)

Clearbridge Investments LLC lessened its holdings in The Hershey Company (NYSE:HSY) by 9.3% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,540 shares of the company’s stock after selling 770 shares during the quarter. Clearbridge Investments LLC’s holdings in Hershey were worth $1,386,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. LPL Financial LLC grew its holdings in shares of Hershey by 10.0% in the second quarter. LPL Financial LLC now owns 320,680 shares of the company’s stock worth $58,951,000 after purchasing an additional 29,246 shares during the last quarter. CreativeOne Wealth LLC increased its position in shares of Hershey by 179.4% during the first quarter. CreativeOne Wealth LLC now owns 6,958 shares of the company’s stock worth $1,353,000 after acquiring an additional 4,468 shares during the period. Bridgefront Capital LLC bought a new stake in shares of Hershey during the fourth quarter valued at approximately $972,000. Oak Harvest Investment Services purchased a new stake in shares of Hershey in the first quarter valued at approximately $5,383,000. Finally, Signet Financial Management LLC grew its stake in Hershey by 59.9% in the first quarter. Signet Financial Management LLC now owns 12,960 shares of the company’s stock worth $2,521,000 after purchasing an additional 4,854 shares in the last quarter. Hedge funds and other institutional investors own 57.96% of the company’s stock.

Insider Buying and Selling

In other Hershey news, CFO Steven E. Voskuil sold 1,500 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $190.83, for a total transaction of $286,245.00. Following the sale, the chief financial officer now owns 34,228 shares in the company, valued at approximately $6,531,729.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Hershey news, CAO Jennifer Mccalman sold 538 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $199.17, for a total transaction of $107,153.46. Following the completion of the transaction, the chief accounting officer now directly owns 3,238 shares of the company’s stock, valued at approximately $644,912.46. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Steven E. Voskuil sold 1,500 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $190.83, for a total transaction of $286,245.00. Following the completion of the sale, the chief financial officer now directly owns 34,228 shares in the company, valued at $6,531,729.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

Hershey Trading Up 0.4 %

Shares of NYSE:HSY opened at $191.84 on Friday. The business’s 50-day moving average is $196.42 and its 200 day moving average is $193.82. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.86 and a quick ratio of 0.48. The Hershey Company has a 1 year low of $178.82 and a 1 year high of $211.92. The firm has a market capitalization of $38.80 billion, a P/E ratio of 19.01, a P/E/G ratio of 5.67 and a beta of 0.37.

Hershey (NYSE:HSY) last announced its quarterly earnings data on Thursday, August 1st. The company reported $1.27 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.17). The company had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $2.30 billion. Hershey had a net margin of 16.76% and a return on equity of 45.36%. The business’s revenue for the quarter was down 16.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.01 earnings per share. On average, research analysts predict that The Hershey Company will post 9.49 earnings per share for the current fiscal year.

Hershey Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 16th were given a $1.37 dividend. This represents a $5.48 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend was Friday, August 16th. Hershey’s payout ratio is 54.31%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on Hershey from $183.00 to $188.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. The Goldman Sachs Group assumed coverage on Hershey in a report on Monday, August 12th. They issued a “sell” rating and a $185.00 price objective for the company. Piper Sandler reissued a “neutral” rating and set a $179.00 target price on shares of Hershey in a research report on Friday, June 21st. Sanford C. Bernstein lowered their price target on shares of Hershey from $237.00 to $230.00 and set an “outperform” rating for the company in a research report on Wednesday, July 17th. Finally, Barclays dropped their price objective on shares of Hershey from $204.00 to $202.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 24th. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $198.63.

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.