Hershey Co. (HSY) Shares Down 11.1%
Shares of Hershey Co. (NYSE:HSY) traded down 11.1% on Tuesday . The stock traded as low as $98.75 and last traded at $99.27, with a volume of 5,713,438 shares changing hands. The stock had previously closed at $111.67.
Several analysts recently weighed in on the stock. Vetr upgraded shares of Hershey from a “hold” rating to a “strong-buy” rating and set a $112.59 price target on the stock in a report on Wednesday. RBC Capital Markets reissued a “sector perform” rating and set a $105.00 price objective (up previously from $92.00) on shares of Hershey in a research report on Wednesday, July 27th. Zacks Investment Research raised Hershey from a “sell” rating to a “hold” rating in a research report on Thursday, May 26th. Tigress Financial lowered Hershey from a “buy” rating to a “neutral” rating in a research report on Monday, July 11th. Finally, Citigroup Inc. reissued a “buy” rating and set a $102.00 price objective on shares of Hershey in a research report on Wednesday, June 15th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $99.90.
The stock has a market capitalization of $21.35 billion and a price-to-earnings ratio of 29.3308. The stock’s 50 day moving average price is $110.33 and its 200-day moving average price is $98.26.
Hershey (NYSE:HSY) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.07. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.61 billion. Hershey’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.78 EPS. Analysts anticipate that Hershey Co. will post $4.26 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, August 25th will be given a dividend of $0.618 per share. This is a boost from Hershey’s previous quarterly dividend of $0.58. This represents a $2.47 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date is Tuesday, August 23rd.
In related news, SVP D Michael Wege sold 1,100 shares of the firm’s stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $96.51, for a total transaction of $106,161.00. Following the sale, the senior vice president now owns 27,388 shares of the company’s stock, valued at $2,643,215.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Kevin R. Walling sold 13,568 shares of the firm’s stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $96.12, for a total value of $1,304,156.16. Following the sale, the senior vice president now directly owns 43,783 shares in the company, valued at approximately $4,208,421.96. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Hershey stock. BNP Paribas Arbitrage SA increased its position in shares of Hershey Co. (NYSE:HSY) by 117.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,221 shares of the company’s stock after buying an additional 25,550 shares during the period. BNP Paribas Arbitrage SA’s holdings in Hershey were worth $4,215,000 at the end of the most recent reporting period.
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.
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