Cannon Financial Strategists Inc. Takes $324,000 Position in The Hershey Company (NYSE:HSY)

Cannon Financial Strategists Inc. bought a new position in shares of The Hershey Company (NYSE:HSY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,760 shares of the company’s stock, valued at approximately $324,000.

Other hedge funds have also added to or reduced their stakes in the company. Raleigh Capital Management Inc. raised its holdings in shares of Hershey by 20.6% in the 4th quarter. Raleigh Capital Management Inc. now owns 316 shares of the company’s stock worth $59,000 after purchasing an additional 54 shares during the period. GHP Investment Advisors Inc. increased its position in Hershey by 55.0% in the second quarter. GHP Investment Advisors Inc. now owns 155 shares of the company’s stock worth $28,000 after buying an additional 55 shares during the last quarter. Sound Income Strategies LLC raised its stake in shares of Hershey by 13.3% in the first quarter. Sound Income Strategies LLC now owns 486 shares of the company’s stock valued at $95,000 after buying an additional 57 shares during the period. Wesbanco Bank Inc. lifted its position in shares of Hershey by 3.7% during the 2nd quarter. Wesbanco Bank Inc. now owns 1,673 shares of the company’s stock valued at $308,000 after buying an additional 59 shares during the last quarter. Finally, Brighton Jones LLC grew its stake in shares of Hershey by 2.3% during the 2nd quarter. Brighton Jones LLC now owns 2,631 shares of the company’s stock worth $484,000 after acquiring an additional 59 shares during the period. 57.96% of the stock is currently owned by institutional investors.

Hershey Stock Up 0.1 %

Shares of NYSE:HSY opened at $191.89 on Wednesday. The stock’s 50-day moving average price is $196.46 and its 200-day moving average price is $193.94. The Hershey Company has a 12-month low of $178.82 and a 12-month high of $211.92. The stock has a market capitalization of $38.81 billion, a P/E ratio of 19.02, a price-to-earnings-growth ratio of 5.67 and a beta of 0.37. The company has a current ratio of 0.86, a quick ratio of 0.48 and a debt-to-equity ratio of 0.87.

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

Hershey Announces Dividend

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

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HSY. Piper Sandler restated a “neutral” rating and issued a $179.00 price objective on shares of Hershey in a research note on Friday, June 21st. Argus lowered shares of Hershey from a “buy” rating to a “hold” rating in a research report on Wednesday, August 14th. Sanford C. Bernstein cut their price objective on shares of Hershey from $237.00 to $230.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. The Goldman Sachs Group started coverage on shares of Hershey in a report on Monday, August 12th. They set a “sell” rating and a $185.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their target price on Hershey from $183.00 to $188.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Hershey presently has an average rating of “Hold” and a consensus target price of $198.63.

Hershey Profile

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.