Cornerstone Advisors LLC Sells 2,800 Shares of Hershey Company (The) (NYSE:HSY)

Key Points

• Cornerstone Advisors LLC reduced its holdings in Hershey Company by 34.6% in the first quarter, now owning 5,300 shares valued at approximately $906,000.
• In related insider activity, CFO Steven E. Voskuil sold 5,000 shares for $900,000, marking a 7.54% decrease in their position.
• The company recently announced a quarterly dividend of $1.37 per share, translating to an annualized yield of 2.9% and a payout ratio of 72.78%.

Cornerstone Advisors LLC lessened its stake in Hershey Company (The) (NYSE:HSY - Free Report) by 34.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,300 shares of the company's stock after selling 2,800 shares during the period. Cornerstone Advisors LLC's holdings in Hershey were worth $906,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in HSY. Montag & Caldwell LLC bought a new stake in Hershey in the 4th quarter worth approximately $25,000. Putney Financial Group LLC bought a new stake in Hershey in the 4th quarter worth approximately $25,000. Mpwm Advisory Solutions LLC bought a new stake in Hershey in the 4th quarter worth approximately $28,000. Proffitt & Goodson Inc. bought a new stake in Hershey in the 1st quarter worth approximately $28,000. Finally, Tradewinds Capital Management LLC grew its position 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 acquiring an additional 101 shares during the period. Institutional investors own 57.96% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Citigroup cut their price objective on shares of Hershey from $173.00 to $165.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Sanford C. Bernstein boosted their price objective on shares of Hershey from $155.00 to $179.00 and gave the company a "market perform" rating in a research report on Thursday, July 31st. Wall Street Zen raised shares of Hershey from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Stifel Nicolaus boosted their price objective on shares of Hershey from $160.00 to $180.00 and gave the company a "hold" rating in a research report on Tuesday, July 29th. Finally, Morgan Stanley boosted their price objective on shares of Hershey from $173.00 to $189.00 and gave the company an "equal weight" rating in a research report on Thursday, July 31st. Five equities research analysts have rated the stock with a sell rating and sixteen have assigned a hold rating to the company's stock. According to MarketBeat, Hershey currently has a consensus rating of "Hold" and a consensus price target of $169.68.

Insider Transactions at Hershey

In related news, SVP James Turoff sold 1,300 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $175.00, for a total transaction of $227,500.00. Following the transaction, the senior vice president directly owned 25,321 shares in the company, valued at approximately $4,431,175. This represents a 4.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Rohit Grover sold 1,334 shares of the company's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $180.00, for a total transaction of $240,120.00. Following the transaction, the insider owned 38,068 shares in the company, valued at $6,852,240. The trade was a 3.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 118,311 shares of company stock worth $20,931,348. 0.34% of the stock is currently owned by corporate insiders.

Hershey Price Performance

HSY stock traded down $3.29 during mid-day trading on Friday, hitting $184.21. The company had a trading volume of 1,655,457 shares, compared to its average volume of 1,824,238. The company has a 50-day moving average price of $173.53 and a 200 day moving average price of $167.42. Hershey Company has a 12-month low of $140.13 and a 12-month high of $208.03. The company has a quick ratio of 0.89, a current ratio of 1.53 and a debt-to-equity ratio of 1.15. The company has a market capitalization of $37.34 billion, a price-to-earnings ratio of 24.46, a P/E/G ratio of 4.45 and a beta of 0.27.

Hershey (NYSE:HSY - Get Free Report) last posted its earnings results 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. Hershey had a net margin of 13.54% and a return on equity of 37.36%. The firm had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the previous year, the firm posted $1.27 EPS. The business's quarterly revenue was up 26.0% on a year-over-year basis. On average, research analysts anticipate that Hershey Company will post 6.12 earnings per share for the current year.

Hershey Announces Dividend

The firm also recently announced 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 is 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 72.78%.

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.