Hershey Company (The) (NYSE:HSY) Shares Sold by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia reduced its holdings in Hershey Company by 13.3%, selling 2,624 shares, bringing its total to 17,158 shares valued at approximately $2.93 million.
• Several hedge funds have increased their positions in Hershey, with Capital International Investors raising its stake by 31.4% and UBS AM increasing by 38.6% in the fourth quarter.
• Hershey announced a quarterly dividend of $1.37 per share, with an annualized dividend yield of 2.9%, which will be payable on September 15th for stockholders of record on August 15th.

Bank of Nova Scotia cut its stake in shares of Hershey Company (The) (NYSE:HSY - Free Report) by 13.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 17,158 shares of the company's stock after selling 2,624 shares during the quarter. Bank of Nova Scotia's holdings in Hershey were worth $2,935,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Trust Co. of Vermont lifted its position in shares of Hershey by 2.4% during the 1st quarter. Trust Co. of Vermont now owns 2,691 shares of the company's stock worth $460,000 after buying an additional 62 shares during the last quarter. Ignite Planners LLC boosted its holdings in shares of Hershey by 5.2% in the 1st quarter. Ignite Planners LLC now owns 1,278 shares of the company's stock valued at $214,000 after buying an additional 63 shares in the last quarter. Klein Pavlis & Peasley Financial Inc. boosted its holdings in shares of Hershey by 0.9% in the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 7,248 shares of the company's stock valued at $1,229,000 after buying an additional 66 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Hershey by 0.9% in the 1st quarter. Allworth Financial LP now owns 7,189 shares of the company's stock valued at $1,179,000 after buying an additional 67 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC boosted its holdings in shares of Hershey by 2.6% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 2,768 shares of the company's stock valued at $473,000 after buying an additional 69 shares in the last quarter. 57.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Royal Bank Of Canada lowered their target price on shares of Hershey from $178.00 to $175.00 and set a "sector perform" rating for the company in a report on Friday, May 2nd. Wells Fargo & Company boosted their price objective on Hershey from $135.00 to $154.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Mizuho boosted their price objective 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 boosted their price objective on Hershey from $145.00 to $160.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Finally, UBS Group reduced their price objective on Hershey from $175.00 to $170.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Five research analysts have rated the stock with a sell rating and sixteen have given a hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $169.68.

Hershey Stock Performance

Shares of Hershey stock traded down $3.29 during trading hours on Friday, hitting $184.21. 1,655,457 shares of the company were exchanged, compared to its average volume of 1,824,238. Hershey Company has a 1 year low of $140.13 and a 1 year high of $208.03. 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 business has a 50-day moving average of $173.53 and a 200-day moving average of $167.31. The stock has a market capitalization of $37.34 billion, a price-to-earnings ratio of 24.46, a P/E/G ratio of 4.52 and a beta of 0.27.

Hershey (NYSE:HSY - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $1.21 EPS for the quarter, topping the consensus estimate of $0.98 by $0.23. The business had revenue of $2.61 billion during the quarter, compared to analysts' expectations of $2.50 billion. Hershey had a return on equity of 37.36% and a net margin of 13.54%. The company's quarterly revenue was up 26.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.27 earnings per share. As a group, analysts expect that Hershey Company will post 6.12 EPS for the current fiscal year.

Hershey Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 15th will be given a $1.37 dividend. The ex-dividend date is Friday, August 15th. This represents a $5.48 annualized dividend and a yield of 3.0%. Hershey's dividend payout ratio is presently 72.78%.

Insider Transactions at Hershey

In other Hershey news, SVP James Turoff sold 1,300 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $175.00, for a total value 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. This represents a 4.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jennifer Mccalman sold 974 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $157.11, for a total value of $153,025.14. Following the completion of the transaction, the chief accounting officer owned 2,994 shares of the company's stock, valued at $470,387.34. The trade was a 24.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 118,311 shares of company stock valued at $20,931,348 in the last three months. Insiders own 0.34% of the company's stock.

Hershey 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.