CIBC Asset Management Inc Raises Position in Hershey Company (The) $HSY

Key Points

• CIBC Asset Management boosted its Hershey stake by 33.8% in the fourth quarter, ending with 63,587 shares valued at about $11.6 million.
• Hershey’s latest earnings beat expectations, with Q1 EPS of $2.35 versus $2.04 expected and revenue of $3.10 billion, up 10.7% year over year.
• Analysts remain cautious overall: Hershey has a consensus Hold rating with an average price target of $218.06, while the company also announced a quarterly dividend of $1.452 per share.

CIBC Asset Management Inc grew its holdings in shares of Hershey Company (The) (NYSE:HSY - Free Report) by 33.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 63,587 shares of the company's stock after purchasing an additional 16,047 shares during the quarter. CIBC Asset Management Inc's holdings in Hershey were worth $11,591,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. JPL Wealth Management LLC acquired a new position in Hershey in the third quarter worth about $26,000. Laurel Wealth Advisors LLC acquired a new position in Hershey in the fourth quarter valued at approximately $27,000. Measured Wealth Private Client Group LLC acquired a new position in Hershey in the third quarter valued at approximately $35,000. Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Hershey during the fourth quarter worth approximately $42,000. Finally, Close Asset Management Ltd boosted its position in shares of Hershey by 339.3% during the third quarter. Close Asset Management Ltd now owns 246 shares of the company's stock worth $46,000 after buying an additional 190 shares during the period. 57.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Sanford C. Bernstein reissued a "market perform" rating and set a $250.00 target price on shares of Hershey in a report on Friday, February 6th. Stephens upped their price target on Hershey from $200.00 to $260.00 and gave the company an "overweight" rating in a report on Thursday, February 12th. The Goldman Sachs Group set a $240.00 target price on shares of Hershey in a research note on Friday, May 1st. Barclays lowered their price target on shares of Hershey from $225.00 to $220.00 and set an "equal weight" rating on the stock in a report on Monday, May 4th. Finally, Wells Fargo & Company lowered their price target on shares of Hershey from $220.00 to $200.00 and set an "equal weight" rating on the stock in a report on Friday, May 1st. Seven research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. Based on data from MarketBeat, Hershey presently has a consensus rating of "Hold" and a consensus target price of $218.06.

Insider Transactions at Hershey

In other Hershey news, CFO Steven E. Voskuil sold 1,500 shares of the firm's stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $194.10, for a total value of $291,150.00. Following the transaction, the chief financial officer directly owned 57,695 shares of the company's stock, valued at approximately $11,198,599.50. This trade represents a 2.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.08% of the company's stock.

Hershey Stock Performance

NYSE HSY opened at $184.42 on Friday. The firm has a market cap of $37.41 billion, a price-to-earnings ratio of 34.34, a PEG ratio of 1.10 and a beta of 0.09. The company has a 50 day moving average of $194.51 and a 200-day moving average of $198.75. The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 0.99. Hershey Company has a 1-year low of $160.07 and a 1-year high of $239.48.

Hershey (NYSE:HSY - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.04 by $0.31. Hershey had a net margin of 9.12% and a return on equity of 28.98%. The business had revenue of $3.10 billion for the quarter, compared to analysts' expectations of $3.03 billion. During the same period in the prior year, the firm earned $2.09 earnings per share. Hershey's revenue was up 10.7% compared to the same quarter last year. On average, equities analysts forecast that Hershey Company will post 8.45 earnings per share for the current fiscal year.

Hershey Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 15th will be paid a $1.452 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a $5.81 dividend on an annualized basis and a yield of 3.1%. Hershey's dividend payout ratio (DPR) is presently 108.19%.

Hershey Profile

The Hershey Company NYSE: HSY is a leading North American chocolatier and snack manufacturer headquartered in Hershey, Pennsylvania. The company develops, produces and markets a wide range of confectionery and snack products for retail, foodservice and international customers. Hershey's business spans manufacturing, branded product marketing, packaging and distribution across grocery, convenience, mass merchant and e-commerce channels.

Hershey's product portfolio centers on chocolate and sugar confectionery, including core brands such as Hershey's, Reese's, Hershey's Kisses and Twizzlers, alongside non-chocolate snacks and confectionery brands.

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