Assenagon Asset Management S.A. Trims Stock Holdings in Hershey Company (The) $HSY

Key Points

• Assenagon Asset Management S.A. significantly reduced its holdings in Hershey Company by 60.0% in Q2, now owning 17,786 shares valued at $2.95 million.
• Hershey's stock experienced a decline of 2.9%, with current trading around $185.34 and having a 12-month range between $140.13 and $208.03.
• The company reported earnings per share of $1.21 for the last quarter, exceeding estimates, and has a recent quarterly dividend of $1.37 per share, representing a 3.0% yield.

Assenagon Asset Management S.A. decreased its position in Hershey Company (The) (NYSE:HSY - Free Report) by 60.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,786 shares of the company's stock after selling 26,707 shares during the period. Assenagon Asset Management S.A.'s holdings in Hershey were worth $2,952,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Proffitt & Goodson Inc. purchased a new position in shares of Hershey during the 1st quarter valued at about $28,000. Tradewinds Capital Management LLC raised its stake in shares of Hershey by 129.5% during the 1st quarter. Tradewinds Capital Management LLC now owns 179 shares of the company's stock valued at $31,000 after buying an additional 101 shares during the last quarter. Fort Vancouver Investment Management LLC purchased a new position in shares of Hershey during the 1st quarter valued at about $34,000. MorganRosel Wealth Management LLC purchased a new position in shares of Hershey during the 1st quarter valued at about $35,000. Finally, Wood Tarver Financial Group LLC purchased a new position in shares of Hershey during the 4th quarter valued at about $36,000. Hedge funds and other institutional investors own 57.96% of the company's stock.

Hershey Stock Down 2.9%

Hershey stock opened at $185.34 on Friday. Hershey Company has a twelve month low of $140.13 and a twelve month high of $208.03. The stock's fifty day simple moving average is $184.52 and its 200-day simple moving average is $172.46. The company has a current ratio of 1.53, a quick ratio of 0.89 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $37.57 billion, a P/E ratio of 24.61, a P/E/G ratio of 4.61 and a beta of 0.27.

Hershey (NYSE:HSY - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.23. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.50 billion. Hershey had a return on equity of 37.36% and a net margin of 13.54%.The company's revenue was up 26.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.27 earnings per share. Hershey has set its FY 2025 guidance at 5.809-5.997 EPS. As a group, equities analysts expect that Hershey Company will post 6.12 earnings per share for the current fiscal year.

Hershey Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 15th were paid a dividend of $1.37 per share. The ex-dividend date was Friday, August 15th. This represents a $5.48 dividend on an annualized basis and a dividend yield of 3.0%. Hershey's payout ratio is presently 72.78%.

Insider Activity

In related news, SVP James Turoff sold 1,300 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $175.00, for a total transaction of $227,500.00. Following the completion of the transaction, the senior vice president owned 25,321 shares in the company, valued at approximately $4,431,175. The trade was a 4.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Steven E. Voskuil sold 5,000 shares of the business's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $180.00, for a total transaction of $900,000.00. Following the transaction, the chief financial officer owned 61,319 shares of the company's stock, valued at approximately $11,037,420. The trade was a 7.54% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 87,627 shares of company stock worth $16,043,435. 0.34% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

HSY has been the subject of a number of recent research reports. Stifel Nicolaus lifted their price objective on Hershey from $160.00 to $180.00 and gave the company a "hold" rating in a research note on Tuesday, July 29th. Mizuho lifted their price target on Hershey from $155.00 to $165.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Piper Sandler lifted their price target on Hershey from $160.00 to $167.00 and gave the company an "underweight" rating in a research note on Tuesday, September 9th. Sanford C. Bernstein lifted their price target on Hershey from $155.00 to $179.00 and gave the company a "market perform" rating in a research note on Thursday, July 31st. Finally, Morgan Stanley lifted their price target on Hershey from $173.00 to $189.00 and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Two research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus target price of $174.05.

Hershey Company Profile

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.

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