Hershey Co. (HSY) Stock Price Down 11.1%
Shares of Hershey Co. (NYSE:HSY) dropped 11.1% during trading on Tuesday . The stock traded as low as $98.75 and last traded at $99.27, with a volume of 5,713,438 shares. The stock had previously closed at $111.67.
A number of brokerages recently commented on HSY. Bank of America Corp. began coverage on Hershey in a research report on Tuesday. They set an “underperform” rating and a $100.00 price target for the company. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and set a $99.00 price target (up from $89.00) on shares of Hershey in a research report on Friday, July 15th. Vetr lowered Hershey from a “buy” rating to a “hold” rating and set a $114.32 price objective for the company. in a report on Monday, July 25th. S&P Equity Research raised Hershey from a “hold” rating to a “buy” rating and increased their price objective for the company from $94.00 to $126.00 in a report on Tuesday, July 5th. Finally, Argus lowered Hershey from a “buy” rating to a “hold” rating and increased their price objective for the company from $97.14 to $111.95 in a report on Tuesday, July 5th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $100.12.
The company has a market cap of $21.24 billion and a PE ratio of 29.18. The company has a 50-day moving average of $110.86 and a 200-day moving average of $98.18.
Hershey (NYSE:HSY) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.78 by $0.07. The company earned $1.64 billion during the quarter, compared to analysts’ expectations of $1.61 billion. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter last year, the company earned $0.78 earnings per share. Analysts expect that Hershey Co. will post $4.26 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Thursday, August 25th will be paid a $0.618 dividend. This is an increase from Hershey’s previous quarterly dividend of $0.58. The ex-dividend date is Tuesday, August 23rd. This represents a $2.47 annualized dividend and a dividend yield of 2.48%.
In related news, COO Michele Buck sold 10,369 shares of the company’s stock in a transaction on Thursday, June 9th. The shares were sold at an average price of $96.47, for a total value of $1,000,297.43. Following the completion of the transaction, the chief operating officer now owns 165,579 shares of the company’s stock, valued at approximately $15,973,406.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kevin R. Walling sold 13,568 shares of the company’s stock in a transaction on Monday, June 13th. The stock was sold at an average price of $96.12, for a total transaction of $1,304,156.16. Following the completion of the transaction, the senior vice president now directly owns 43,783 shares of the company’s stock, valued at approximately $4,208,421.96. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Hershey stock. BlackRock Advisors LLC boosted its stake in Hershey Co. (NYSE:HSY) by 32.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 170,028 shares of the company’s stock after buying an additional 41,438 shares during the period. BlackRock Advisors LLC owned approximately 0.08% of Hershey worth $15,178,000 as of its most recent filing with the SEC.
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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