K.J. Harrison & Partners Inc reduced its stake in shares of Hershey Co. (NYSE:HSY) by 60.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,000 shares of the company’s stock after selling 7,500 shares during the period. K.J. Harrison & Partners Inc’s holdings in Hershey were worth $567,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the stock. Orrstown Financial Services Inc. raised its stake in shares of Hershey by 2.2% in the second quarter. Orrstown Financial Services Inc. now owns 940 shares of the company’s stock valued at $107,000 after buying an additional 20 shares during the last quarter. Boys Arnold & Co. Inc. purchased a new position in Hershey during the second quarter valued at $212,000. Trust Co. of Virginia VA purchased a new position in Hershey during the second quarter valued at $212,000. Nadler Financial Group Inc. purchased a new position in Hershey during the second quarter valued at $222,000. Finally, Mechanics Bank Trust Department purchased a new position in Hershey during the second quarter valued at $227,000. 53.11% of the stock is currently owned by institutional investors.
Shares of Hershey Co. (NYSE:HSY) traded down 0.32% during midday trading on Friday, hitting $95.85. The stock had a trading volume of 3,847,842 shares. The stock has a 50-day moving average price of $104.42 and a 200-day moving average price of $98.86. Hershey Co. has a 12-month low of $82.42 and a 12-month high of $117.79. The stock has a market cap of $20.43 billion, a P/E ratio of 28.07 and a beta of 0.20.
Hershey (NYSE:HSY) last announced its earnings results on Thursday, July 28th. The company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.07. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Hershey had a return on equity of 100.78% and a net margin of 10.14%. Hershey’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.78 EPS. Equities analysts forecast that Hershey Co. will post $4.26 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, August 25th were issued a dividend of $0.618 per share. This represents a $2.47 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend was Tuesday, August 23rd. This is a boost from Hershey’s previous quarterly dividend of $0.58. Hershey’s dividend payout ratio is 72.22%.
Several research firms have recently weighed in on HSY. Deutsche Bank AG decreased their target price on Hershey from $105.00 to $91.00 and set a “hold” rating on the stock in a research report on Tuesday, July 26th. Argus downgraded Hershey from a “buy” rating to a “hold” rating and raised their target price for the company from $97.14 to $111.95 in a research report on Tuesday, July 5th. They noted that the move was a valuation call. Zacks Investment Research downgraded Hershey from a “hold” rating to a “sell” rating in a research report on Wednesday, July 13th. Vetr downgraded Hershey from a “buy” rating to a “hold” rating and set a $114.32 target price on the stock. in a research report on Thursday, July 7th. Finally, RBC Capital Markets restated a “sector perform” rating and issued a $105.00 target price (up previously from $92.00) on shares of Hershey in a research report on Wednesday, July 27th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Hershey has a consensus rating of “Hold” and a consensus target price of $100.50.
In other Hershey news, SVP D Michael Wege sold 1,100 shares of the stock in a transaction on Monday, August 15th. The stock was sold at an average price of $111.41, for a total transaction of $122,551.00. Following the sale, the senior vice president now owns 27,188 shares in the company, valued at approximately $3,029,015.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Michele Buck sold 13,500 shares of the stock in a transaction on Thursday, June 30th. The shares were sold at an average price of $107.31, for a total value of $1,448,685.00. Following the sale, the chief operating officer now owns 168,710 shares in the company, valued at approximately $18,104,270.10. The disclosure for this sale can be found here. Company insiders own 0.68% of the company’s stock.
Hershey Company Profile
The Hershey Company is a producer of chocolate and non-chocolate confectionery. The Company’s principal confectionery offerings include gum and mint refreshment products; pantry items, such as baking ingredients, toppings and beverages, and snack items, such as spreads, meat snacks, bars, and snack bites and mixes.
Want to see what other hedge funds are holding HSY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hershey Co. (NYSE:HSY).
Receive News & Ratings for Hershey Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hershey Co. and related companies with MarketBeat.com's FREE daily email newsletter.