First Manhattan CO. LLC. Cuts Position in Hershey Company (The) $HSY

Key Points

• First Manhattan Co. LLC has reduced its position in Hershey Company by 85.8%, selling 12,168 shares and retaining only 2,012 shares valued at $344,000.
• Hershey reported earnings of $1.21 per share, exceeding estimates, with revenue up 26.0% year-over-year, totaling $2.61 billion.
• The company declared a quarterly dividend of $1.37 per share, with an annual yield of 3.0% and a payout ratio of 72.78%.

First Manhattan CO. LLC. lessened its holdings in Hershey Company (The) (NYSE:HSY - Free Report) by 85.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,012 shares of the company's stock after selling 12,168 shares during the quarter. First Manhattan CO. LLC.'s holdings in Hershey were worth $344,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Hershey by 7.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,991,639 shares of the company's stock valued at $853,720,000 after buying an additional 356,249 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of Hershey by 25.4% during the first quarter. Royal Bank of Canada now owns 2,753,077 shares of the company's stock valued at $470,858,000 after buying an additional 557,056 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Hershey by 38.6% during the fourth 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 buying an additional 453,428 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Hershey by 0.8% during the first quarter. Northern Trust Corp now owns 1,590,903 shares of the company's stock valued at $272,092,000 after buying an additional 11,946 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Hershey by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,020,569 shares of the company's stock valued at $174,536,000 after buying an additional 17,311 shares during the last quarter. Hedge funds and other institutional investors own 57.96% of the company's stock.

Hershey Stock Down 0.5%

HSY opened at $184.87 on Thursday. The company has a current ratio of 1.53, a quick ratio of 0.89 and a debt-to-equity ratio of 1.15. Hershey Company has a 1-year low of $140.13 and a 1-year high of $208.03. The company has a market capitalization of $37.48 billion, a PE ratio of 24.55, a PEG ratio of 4.45 and a beta of 0.27. The firm's 50 day simple moving average is $178.27 and its two-hundred day simple moving average is $170.86.

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

Hershey Dividend Announcement

The firm also recently declared 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 (DPR) is presently 72.78%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on HSY shares. Stifel Nicolaus increased their price target on shares of Hershey from $160.00 to $180.00 and gave the company a "hold" rating in a report on Tuesday, July 29th. Mizuho increased their price objective on shares of Hershey from $155.00 to $165.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Bank of America increased their price objective on shares of Hershey from $175.00 to $208.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Barclays increased their price objective on shares of Hershey from $165.00 to $190.00 and gave the company an "equal weight" rating in a research report on Friday, August 1st. Finally, Wells Fargo & Company increased their price objective on shares of Hershey from $135.00 to $154.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Fourteen equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, Hershey presently has an average rating of "Reduce" and a consensus price target of $170.83.

Insider Buying and Selling at Hershey

In other Hershey news, CFO Steven E. Voskuil sold 5,000 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $180.00, for a total value of $900,000.00. Following the transaction, the chief financial officer directly owned 61,319 shares in the company, valued at approximately $11,037,420. This trade represents a 7.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michele Buck sold 19,290 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $180.00, for a total transaction of $3,472,200.00. Following the completion of the sale, the chief executive officer directly owned 193,624 shares of the company's stock, valued at approximately $34,852,320. This trade represents a 9.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 86,127 shares of company stock valued at $15,759,755 over the last three months. Insiders own 0.28% of the company's stock.

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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