Renaissance Technologies LLC lowered its position in shares of The Hershey Company (NYSE:HSY – Get Rating) by 17.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,040,667 shares of the company’s stock after selling 630,700 shares during the period. Hershey accounts for approximately 0.9% of Renaissance Technologies LLC’s portfolio, making the stock its 4th largest position. Renaissance Technologies LLC owned 1.48% of Hershey worth $670,376,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of HSY. Baron Silver Stevens Financial Advisors LLC purchased a new stake in Hershey in the third quarter valued at $415,000. Beaird Harris Wealth Management LLC purchased a new stake in Hershey in the third quarter valued at $26,000. Zions Bancorporation N.A. lifted its position in Hershey by 121.3% in the first quarter. Zions Bancorporation N.A. now owns 135 shares of the company’s stock valued at $29,000 after acquiring an additional 74 shares during the last quarter. Ronald Blue Trust Inc. purchased a new stake in shares of Hershey in the second quarter valued at about $33,000. Finally, American National Bank raised its holdings in shares of Hershey by 359.3% in the third quarter. American National Bank now owns 248 shares of the company’s stock valued at $55,000 after buying an additional 194 shares during the last quarter. Institutional investors and hedge funds own 54.17% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on the stock. Exane BNP Paribas assumed coverage on shares of Hershey in a report on Tuesday, November 15th. They issued a “neutral” rating and a $235.00 target price for the company. UBS Group raised shares of Hershey from a “neutral” rating to a “buy” rating and upped their target price for the company from $244.00 to $269.00 in a report on Thursday, December 8th. Credit Suisse Group upped their target price on shares of Hershey from $250.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, February 3rd. StockNews.com upgraded shares of Hershey from a “hold” rating to a “buy” rating in a research note on Wednesday, February 8th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Hershey from $236.00 to $246.00 and gave the stock a “hold” rating in a research note on Tuesday, December 6th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $245.23.
Hershey Stock Performance
NYSE:HSY opened at $240.90 on Wednesday. The company has a quick ratio of 0.44, a current ratio of 0.80 and a debt-to-equity ratio of 1.01. The company has a market cap of $49.40 billion, a P/E ratio of 30.26, a P/E/G ratio of 3.34 and a beta of 0.35. The Hershey Company has a fifty-two week low of $193.09 and a fifty-two week high of $242.89. The firm’s 50 day moving average is $230.17 and its two-hundred day moving average is $228.89.
Hershey (NYSE:HSY – Get Rating) last announced its earnings results on Thursday, February 2nd. The company reported $2.02 EPS for the quarter, beating the consensus estimate of $1.77 by $0.25. The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.58 billion. Hershey had a return on equity of 57.76% and a net margin of 15.79%. The company’s revenue was up 14.0% on a year-over-year basis. During the same period last year, the business posted $1.69 EPS. Analysts expect that The Hershey Company will post 9.39 EPS for the current year.
Hershey Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Investors of record on Friday, February 17th will be issued a $1.036 dividend. This represents a $4.14 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Thursday, February 16th. Hershey’s dividend payout ratio is currently 52.01%.
Insider Activity at Hershey
In related news, Director Robert Malcolm sold 2,200 shares of the stock in a transaction dated Monday, December 12th. The stock was sold at an average price of $237.24, for a total value of $521,928.00. Following the completion of the transaction, the director now owns 12,779 shares of the company’s stock, valued at $3,031,689.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Robert Malcolm sold 2,200 shares of the firm’s stock in a transaction that occurred on Monday, December 12th. The stock was sold at an average price of $237.24, for a total value of $521,928.00. Following the sale, the director now directly owns 12,779 shares in the company, valued at approximately $3,031,689.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michele Buck sold 14,250 shares of Hershey stock in a transaction on Tuesday, February 14th. The shares were sold at an average price of $240.16, for a total value of $3,422,280.00. Following the transaction, the chief executive officer now owns 120,555 shares in the company, valued at $28,952,488.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,573 shares of company stock valued at $7,625,396. Insiders own 0.34% of the company’s stock.
Hershey Company Profile
The Hershey Co engages in the manufacture and marketing of chocolate, sweets, mints and confectionery products. The firm operates through the following geographical segments: North America and International and Other. The North America 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.