Connor Clark & Lunn Investment Management Ltd. Sells 29,132 Shares of Hershey Company (The) (NYSE:HSY)

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly reduced its holdings in Hershey Company by 72.5%, selling 29,132 shares during the first quarter.
• Hershey reported a quarterly earnings beat with $1.21 earnings per share, surpassing analyst expectations and reflecting a 26.0% year-over-year revenue growth.
• Hershey announced a quarterly dividend of $1.37, resulting in an annualized dividend yield of 3.1%, with a payout ratio of 72.78%.

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in Hershey Company (The) (NYSE:HSY - Free Report) by 72.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,077 shares of the company's stock after selling 29,132 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Hershey were worth $1,894,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Capital International Investors grew its position in Hershey by 31.4% in the 4th quarter. Capital International Investors now owns 12,460,147 shares of the company's stock valued at $2,110,126,000 after acquiring an additional 2,980,997 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Hershey by 7.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,991,639 shares of the company's stock valued at $853,720,000 after acquiring an additional 356,249 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Hershey by 38.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,628,047 shares of the company's stock valued at $275,710,000 after acquiring an additional 453,428 shares during the last quarter. Northern Trust Corp grew its position in Hershey by 10.8% in the 4th quarter. Northern Trust Corp now owns 1,578,957 shares of the company's stock valued at $267,396,000 after acquiring an additional 154,238 shares during the last quarter. Finally, Stifel Financial Corp lifted its holdings in shares of Hershey by 13.7% in the 4th quarter. Stifel Financial Corp now owns 1,096,767 shares of the company's stock worth $185,743,000 after buying an additional 132,019 shares during the period. Institutional investors own 57.96% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on HSY shares. UBS Group lowered their target price on Hershey from $175.00 to $170.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Wells Fargo & Company upped their target price on Hershey from $135.00 to $154.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Barclays upped their target price on Hershey from $165.00 to $190.00 and gave the stock an "equal weight" rating in a report on Friday, August 1st. Royal Bank Of Canada lowered their target price on Hershey from $178.00 to $175.00 and set a "sector perform" rating for the company in a report on Friday, May 2nd. Finally, Sanford C. Bernstein upped their price objective on Hershey from $155.00 to $179.00 and gave the stock a "market perform" rating in a research note on Thursday, July 31st. Four equities research analysts have rated the stock with a sell rating and fifteen have issued a hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $168.83.

Insiders Place Their Bets

In other news, SVP James Turoff sold 1,300 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $175.00, for a total value of $227,500.00. Following the transaction, the senior vice president directly owned 25,321 shares of the company's stock, valued at approximately $4,431,175. This represents a 4.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jennifer Mccalman sold 974 shares of the stock in a transaction dated Wednesday, May 28th. The shares were 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 directly owned 2,994 shares in the company, valued at $470,387.34. This represents a 24.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 118,311 shares of company stock valued at $20,931,348. Insiders own 0.34% of the company's stock.

Hershey Trading Down 1.3%

Shares of NYSE:HSY opened at $177.97 on Friday. The business's 50-day moving average is $175.12 and its 200 day moving average is $168.24. Hershey Company has a 1 year low of $140.13 and a 1 year high of $208.03. The firm has a market capitalization of $36.08 billion, a P/E ratio of 23.63, a P/E/G ratio of 4.35 and a beta of 0.27. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.53 and a quick ratio of 0.89.

Hershey (NYSE:HSY - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $1.21 earnings per share for the quarter, beating 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 period in the prior year, the company earned $1.27 earnings per share. On average, research analysts predict that Hershey Company will post 6.12 earnings per share for the current fiscal year.

Hershey Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be issued a $1.37 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $5.48 dividend on an annualized basis and a dividend yield of 3.1%. Hershey's dividend payout ratio is currently 72.78%.

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.

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