Hershey Co. (HSY) Issues FY16 Earnings Guidance
Hershey Co. (NYSE:HSY) updated its FY16 earnings guidance on Friday. The company provided earnings per share guidance of $4.24-4.28 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $4.26.
A number of brokerages have weighed in on HSY. Vetr raised Hershey from a buy rating to a strong-buy rating and set a $110.00 price target on the stock in a research report on Thursday, September 8th. JPMorgan Chase & Co. reissued a neutral rating and set a $100.00 price target on shares of Hershey in a research report on Tuesday, September 6th. Credit Suisse Group AG reissued a neutral rating and set a $112.00 price target on shares of Hershey in a research report on Tuesday, August 30th. Bank of America Corp. began coverage on Hershey in a research report on Tuesday, August 30th. They issued an underperform rating and a $100.00 target price on the stock. Finally, Zacks Investment Research raised Hershey from a sell rating to a hold rating in a research report on Monday, August 1st. Three equities research 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. The company currently has a consensus rating of Hold and an average target price of $100.50.
Shares of Hershey Co. (NYSE:HSY) opened at 95.65 on Friday. Hershey Co. has a one year low of $82.42 and a one year high of $117.79. The firm has a market capitalization of $20.39 billion, a P/E ratio of 28.01 and a beta of 0.23. The firm’s 50-day moving average price is $97.63 and its 200-day moving average price is $99.15.
Hershey (NYSE:HSY) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.07. Hershey had a net margin of 10.14% and a return on equity of 100.78%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period last year, the firm earned $0.78 earnings per share. The company’s quarterly revenue was up 3.7% on a year-over-year basis. On average, equities analysts forecast that Hershey Co. will post $4.26 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, August 25th were given a $0.618 dividend. The ex-dividend date was Tuesday, August 23rd. This is an increase from Hershey’s previous quarterly dividend of $0.58. This represents a $2.47 annualized dividend and a yield of 2.58%. Hershey’s dividend payout ratio (DPR) is presently 72.22%.
In other Hershey news, SVP D Michael Wege sold 1,100 shares of the stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $111.41, for a total value of $122,551.00. Following the transaction, the senior vice president now directly owns 27,188 shares in the company, valued at $3,029,015.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.68% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Sector Pension Investment Board increased its position in Hershey by 15.1% in the second quarter. Public Sector Pension Investment Board now owns 26,665 shares of the company’s stock valued at $3,026,000 after buying an additional 3,500 shares during the last quarter. National Pension Service increased its position in Hershey by 12.1% in the second quarter. National Pension Service now owns 104,445 shares of the company’s stock valued at $11,853,000 after buying an additional 11,267 shares during the last quarter. Atlantic Trust Group LLC acquired a new position in Hershey during the second quarter valued at $1,415,000. Canada Pension Plan Investment Board increased its position in Hershey by 62.6% in the second quarter. Canada Pension Plan Investment Board now owns 77,117 shares of the company’s stock valued at $8,752,000 after buying an additional 29,698 shares during the last quarter. Finally, Tredje AP fonden increased its position in Hershey by 12.2% in the second quarter. Tredje AP fonden now owns 17,420 shares of the company’s stock valued at $1,977,000 after buying an additional 1,893 shares during the last quarter. Institutional investors and hedge funds own 53.11% of the company’s stock.
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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