Mackenzie Financial Corp Purchases 2,639 Shares of Hershey Company (The) (NYSE:HSY)

Key Points

• Mackenzie Financial Corp increased its position in Hershey Company by 3.6% during the 1st quarter, now holding 76,915 shares valued at approximately $13.15 million.
• Hershey's quarterly earnings surpassed analysts' expectations, reporting an EPS of $1.21 compared to a consensus estimate of $0.98 and revenues of $2.61 billion.
• The company announced a quarterly dividend of $1.37 per share, with a dividend yield of 2.9% and a payout ratio of 67.57% as of its recent filing.

Mackenzie Financial Corp raised its position in shares of Hershey Company (The) (NYSE:HSY - Free Report) by 3.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,915 shares of the company's stock after acquiring an additional 2,639 shares during the period. Mackenzie Financial Corp's holdings in Hershey were worth $13,155,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Trust Co. of Vermont grew its stake in shares of Hershey by 2.4% in the 1st quarter. Trust Co. of Vermont now owns 2,691 shares of the company's stock worth $460,000 after buying an additional 62 shares in the last quarter. Ignite Planners LLC lifted its holdings in shares of Hershey by 5.2% in the 1st quarter. Ignite Planners LLC now owns 1,278 shares of the company's stock valued at $214,000 after acquiring an additional 63 shares during the last quarter. Allworth Financial LP grew its position in Hershey by 0.9% in the first quarter. Allworth Financial LP now owns 7,189 shares of the company's stock worth $1,179,000 after acquiring an additional 67 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its stake in Hershey by 2.6% during the first quarter. Fifth Third Wealth Advisors LLC now owns 2,768 shares of the company's stock worth $473,000 after acquiring an additional 69 shares during the last quarter. Finally, Joel Isaacson & Co. LLC lifted its stake in shares of Hershey by 3.0% in the 1st quarter. Joel Isaacson & Co. LLC now owns 2,407 shares of the company's stock valued at $412,000 after purchasing an additional 69 shares during the last quarter. 57.96% of the stock is currently owned by institutional investors.

Hershey Stock Performance

HSY stock opened at $186.05 on Friday. Hershey Company has a 1-year low of $140.13 and a 1-year high of $208.03. The business has a 50-day moving average price of $169.92 and a 200 day moving average price of $165.88. The company has a market capitalization of $37.69 billion, a P/E ratio of 24.71, a PEG ratio of 4.56 and a beta of 0.30. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.53 and a quick ratio of 1.11.

Hershey (NYSE:HSY - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.21 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the previous year, the business posted $1.27 EPS. The company's quarterly revenue was up 26.0% compared to the same quarter last year. As a group, equities research analysts forecast that Hershey Company will post 6.12 EPS for the current fiscal year.

Hershey Dividend Announcement

The business also recently declared 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 2.9%. Hershey's dividend payout ratio (DPR) is currently 67.57%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on HSY. Piper Sandler boosted their target price on Hershey from $145.00 to $160.00 and gave the company an "underweight" rating in a research report on Thursday. 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. Stifel Nicolaus raised their target price on shares of Hershey from $160.00 to $180.00 and gave the stock a "hold" rating in a report on Tuesday. Wells Fargo & Company upped their price target on shares of Hershey from $135.00 to $154.00 and gave the company an "underweight" rating in a report on Thursday. Finally, Barclays increased their price objective on shares of Hershey from $160.00 to $165.00 and gave the stock an "equal weight" rating in a research report on Monday, May 5th. Six analysts have rated the stock with a sell rating and fifteen have issued a hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $167.05.

Insiders Place Their Bets

In related news, CEO Michele Buck sold 31,210 shares of the company's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $160.80, for a total transaction of $5,018,568.00. Following the completion of the sale, the chief executive officer directly owned 193,624 shares in the company, valued at $31,134,739.20. This represents a 13.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP James Turoff sold 1,300 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $175.00, for a total value of $227,500.00. Following the sale, the senior vice president directly owned 25,321 shares in the company, valued at approximately $4,431,175. The trade was a 4.88% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 118,311 shares of company stock worth $20,931,348. Insiders own 0.34% of the company's stock.

Hershey 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.

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