Desjardins Global Asset Management Inc. Sells 135,842 Shares of The Hershey Company (NYSE:HSY)

Desjardins Global Asset Management Inc. reduced its position in shares of The Hershey Company (NYSE:HSY) by 89.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 15,919 shares of the company’s stock after selling 135,842 shares during the quarter. Desjardins Global Asset Management Inc.’s holdings in Hershey were worth $2,968,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Norges Bank bought a new stake in Hershey in the 4th quarter valued at $411,828,000. Nordea Investment Management AB boosted its holdings in Hershey by 143.7% in the 3rd quarter. Nordea Investment Management AB now owns 2,465,403 shares of the company’s stock valued at $496,039,000 after purchasing an additional 1,453,819 shares during the period. Wellington Management Group LLP boosted its holdings in Hershey by 2,693.0% in the 1st quarter. Wellington Management Group LLP now owns 1,094,755 shares of the company’s stock valued at $237,156,000 after purchasing an additional 1,055,559 shares during the period. Morgan Stanley boosted its holdings in Hershey by 57.2% in the 4th quarter. Morgan Stanley now owns 2,648,666 shares of the company’s stock valued at $613,352,000 after purchasing an additional 964,019 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Hershey by 36.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,426 shares of the company’s stock valued at $319,202,000 after purchasing an additional 369,940 shares during the period. 57.96% of the stock is owned by institutional investors.

Insider Activity

In other news, CFO Steven E. Voskuil sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $188.97, for a total value of $283,455.00. Following the transaction, the chief financial officer now owns 29,816 shares of the company’s stock, valued at approximately $5,634,329.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Steven E. Voskuil sold 1,500 shares of Hershey stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $188.97, for a total transaction of $283,455.00. Following the transaction, the chief financial officer now owns 29,816 shares of the company’s stock, valued at approximately $5,634,329.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Charles R. Raup sold 2,065 shares of Hershey stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $191.85, for a total transaction of $396,170.25. Following the transaction, the insider now directly owns 14,770 shares in the company, valued at approximately $2,833,624.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,518 shares of company stock valued at $1,066,414. 0.29% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Morgan Stanley downgraded shares of Hershey from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $191.00 to $183.00 in a report on Monday, February 12th. Stifel Nicolaus increased their price target on shares of Hershey from $195.00 to $205.00 and gave the company a “hold” rating in a report on Thursday, January 25th. Citigroup dropped their price objective on shares of Hershey from $213.00 to $199.00 and set a “neutral” rating for the company in a research note on Thursday, April 11th. Barclays increased their price objective on shares of Hershey from $200.00 to $210.00 and gave the company an “equal weight” rating in a research note on Monday, February 12th. Finally, Piper Sandler dropped their price objective on shares of Hershey from $200.00 to $179.00 and set a “neutral” rating for the company in a research note on Monday. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $223.81.

Hershey Price Performance

NYSE:HSY traded up $1.33 during mid-day trading on Tuesday, reaching $183.90. 1,036,371 shares of the company were exchanged, compared to its average volume of 1,986,625. The Hershey Company has a 12 month low of $178.82 and a 12 month high of $276.88. The company has a fifty day moving average of $193.33 and a 200 day moving average of $191.29. The company has a quick ratio of 0.52, a current ratio of 0.97 and a debt-to-equity ratio of 0.92. The stock has a market cap of $37.51 billion, a PE ratio of 20.17, a PEG ratio of 2.85 and a beta of 0.34.

Hershey (NYSE:HSY) last issued its quarterly earnings data on Thursday, February 8th. The company reported $2.02 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.07. Hershey had a net margin of 16.67% and a return on equity of 51.79%. The firm had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.72 billion. During the same quarter in the prior year, the firm earned $2.02 EPS. The company’s revenue was up .2% on a year-over-year basis. On average, research analysts anticipate that The Hershey Company will post 9.6 EPS for the current fiscal year.

Hershey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, February 20th were paid a $1.37 dividend. This represents a $5.48 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend was Friday, February 16th. This is a positive change from Hershey’s previous quarterly dividend of $1.19. Hershey’s dividend payout ratio (DPR) is 60.55%.

About Hershey

The Hershey Company, together with its subsidiaries, engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally. The company operates through three segments: North America Confectionery, North America Salty Snacks, and International. It offers chocolate and non-chocolate confectionery products; gum and mint refreshment products, including mints, chewing gums, and bubble gums; protein bars; pantry items, such as baking ingredients, toppings, beverages, and sundae syrups; and snack items comprising spreads, bars, snack bites, mixes, popcorn, and pretzels.