Jennison Associates LLC Sells 163,061 Shares of Hershey Company (The) (NYSE:HSY)

Jennison Associates LLC reduced its holdings in Hershey Company (The) (NYSE:HSY - Free Report) by 98.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,047 shares of the company's stock after selling 163,061 shares during the quarter. Jennison Associates LLC's holdings in Hershey were worth $350,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Capital International Investors lifted its holdings in Hershey by 31.4% during the 4th quarter. Capital International Investors now owns 12,460,147 shares of the company's stock worth $2,110,126,000 after buying an additional 2,980,997 shares in the last quarter. GAMMA Investing LLC increased its holdings in Hershey by 18,311.7% in the first quarter. GAMMA Investing LLC now owns 1,010,616 shares of the company's stock valued at $1,728,460,000 after purchasing an additional 1,005,127 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Hershey by 38.6% in 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 period. Value Partners Investments Inc. lifted its stake in Hershey by 1,266.3% in the first quarter. Value Partners Investments Inc. now owns 214,794 shares of the company's stock valued at $36,777,000 after buying an additional 199,073 shares during the period. Finally, Freestone Grove Partners LP bought a new position in Hershey during the fourth quarter worth about $27,902,000. 57.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

HSY has been the subject of a number of recent analyst reports. Citigroup lowered their price target on Hershey from $173.00 to $165.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Piper Sandler upped their target price on shares of Hershey from $120.00 to $145.00 and gave the company an "underweight" rating in a research note on Wednesday. Royal Bank Of Canada cut their target price on shares of Hershey from $178.00 to $175.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. Barclays boosted their target price on Hershey from $160.00 to $165.00 and gave the company an "equal weight" rating in a research note on Monday, May 5th. Finally, Wall Street Zen lowered Hershey from a "hold" rating to a "sell" rating in a research report on Sunday, July 6th. Six investment analysts have rated the stock with a sell rating and fifteen have issued a hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $160.16.

Hershey Stock Up 2.0%

HSY traded up $3.64 during trading hours on Friday, hitting $187.54. 1,943,816 shares of the company's stock were exchanged, compared to its average volume of 1,819,132. Hershey Company has a 1-year low of $140.13 and a 1-year high of $208.03. The stock's 50-day moving average is $167.36 and its two-hundred day moving average is $165.18. The stock has a market cap of $38.00 billion, a price-to-earnings ratio of 23.12, a PEG ratio of 7.05 and a beta of 0.30. The company has a quick ratio of 1.11, a current ratio of 1.59 and a debt-to-equity ratio of 1.11.

Hershey (NYSE:HSY - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $2.09 EPS for the quarter, topping the consensus estimate of $1.94 by $0.15. Hershey had a net margin of 15.32% and a return on equity of 38.70%. The business had revenue of $2.81 billion during the quarter, compared to analysts' expectations of $2.81 billion. During the same quarter in the prior year, the company posted $3.07 earnings per share. The firm's revenue was down 13.8% on a year-over-year basis. Sell-side analysts predict that Hershey Company will post 6.12 earnings per share for the current fiscal year.

Hershey Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Friday, May 16th were paid a $1.37 dividend. This represents a $5.48 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend was Friday, May 16th. Hershey's dividend payout ratio is currently 67.57%.

Insider Transactions at Hershey

In other Hershey news, CAO Jennifer Mccalman sold 974 shares of the stock in a transaction on 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 sale, the chief accounting officer owned 2,994 shares in the company, valued at $470,387.34. This trade represents a 24.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Steven E. Voskuil sold 5,000 shares of the stock in a transaction on Monday, July 21st. The shares were sold at an average price of $180.00, for a total transaction of $900,000.00. Following the completion of the sale, the chief financial officer owned 61,319 shares of the company's stock, valued at approximately $11,037,420. This represents a 7.54% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 99,021 shares of company stock valued at $17,189,088. 0.34% of the stock is owned by company insiders.

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.