Madison Asset Management LLC Sells 56,312 Shares of Hershey Company (The) $HSY

Key Points

• Madison Asset Management cut its Hershey stake by 65.5% in the first quarter, selling 56,312 shares and leaving it with 29,602 shares valued at about $6.15 million.
• Insider selling also occurred: CFO Steven E. Voskuil sold 1,500 shares on June 18, reducing his holdings by 2.67%.
• Hershey reported better-than-expected Q1 earnings of $2.35 per share on revenue of $3.10 billion, while analysts currently rate the stock a consensus Hold with an average price target of $211.89.

Madison Asset Management LLC decreased its holdings in Hershey Company (The) (NYSE:HSY - Free Report) by 65.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,602 shares of the company's stock after selling 56,312 shares during the period. Madison Asset Management LLC's holdings in Hershey were worth $6,154,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Bard Associates Inc. purchased a new stake in shares of Hershey during the fourth quarter valued at $26,000. Reflection Asset Management purchased a new position in Hershey in the 4th quarter worth about $26,000. JPL Wealth Management LLC purchased a new position in Hershey in the 3rd quarter worth about $26,000. Laurel Wealth Advisors LLC bought a new stake in Hershey during the 4th quarter valued at about $27,000. Finally, Manchester Capital Management LLC lifted its holdings in Hershey by 123.0% during the 4th quarter. Manchester Capital Management LLC now owns 165 shares of the company's stock valued at $30,000 after buying an additional 91 shares in the last quarter. 57.96% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Steven E. Voskuil sold 1,500 shares of Hershey stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $173.43, for a total value of $260,145.00. Following the transaction, the chief financial officer directly owned 54,695 shares in the company, valued at approximately $9,485,753.85. This trade represents a 2.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.08% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Jefferies Financial Group set a $190.00 target price on shares of Hershey in a research note on Thursday, July 16th. DA Davidson upgraded Hershey to a "hold" rating in a report on Monday, July 6th. Deutsche Bank Aktiengesellschaft dropped their price objective on Hershey from $212.00 to $200.00 and set a "hold" rating on the stock in a research note on Monday, March 30th. Stifel Nicolaus reduced their price objective on Hershey from $230.00 to $215.00 and set a "hold" rating on the stock in a report on Tuesday, April 21st. Finally, Zacks Research lowered Hershey from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 7th. Seven equities research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company. According to data from MarketBeat.com, Hershey has an average rating of "Hold" and an average price target of $211.89.

Hershey Trading Down 0.7%

NYSE:HSY opened at $170.53 on Wednesday. The firm has a 50-day simple moving average of $181.42 and a 200-day simple moving average of $197.08. Hershey Company has a one year low of $161.43 and a one year high of $239.48. The firm has a market cap of $34.59 billion, a P/E ratio of 31.76, a P/E/G ratio of 1.03 and a beta of 0.11. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.77 and a current ratio of 1.24.

Hershey (NYSE:HSY - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.04 by $0.31. The firm had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $3.03 billion. Hershey had a net margin of 9.12% and a return on equity of 28.98%. The company's quarterly revenue was up 10.7% on a year-over-year basis. During the same period last year, the firm earned $2.09 earnings per share. Equities analysts anticipate that Hershey Company will post 8.42 EPS for the current fiscal year.

Hershey Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 15th were given a dividend of $1.452 per share. This represents a $5.81 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Friday, May 15th. Hershey's dividend payout ratio (DPR) is 108.19%.

Hershey Company Profile

The Hershey Company NYSE: HSY is a leading North American chocolatier and snack manufacturer headquartered in Hershey, Pennsylvania. The company develops, produces and markets a wide range of confectionery and snack products for retail, foodservice and international customers. Hershey's business spans manufacturing, branded product marketing, packaging and distribution across grocery, convenience, mass merchant and e-commerce channels.

Hershey's product portfolio centers on chocolate and sugar confectionery, including core brands such as Hershey's, Reese's, Hershey's Kisses and Twizzlers, alongside non-chocolate snacks and confectionery brands.

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