PNC Financial Services Group Inc. Sells 5,869 Shares of Hershey Company (The) $HSY

Key Points

• PNC Financial Services reduced its Hershey stake by 2.1% in the first quarter, selling 5,869 shares and leaving it with 271,206 shares valued at about $56.4 million.
• Hershey’s latest earnings beat expectations, with Q1 EPS of $2.35 versus $2.04 expected and revenue of $3.10 billion topping estimates; revenue also rose 10.7% year over year.
• Analyst sentiment remains cautious, with multiple firms cutting price targets and the stock carrying a consensus “Hold” rating, even as Hershey continues to pay a quarterly dividend of $1.452 per share.

PNC Financial Services Group Inc. lowered its position in Hershey Company (The) (NYSE:HSY - Free Report) by 2.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 271,206 shares of the company's stock after selling 5,869 shares during the period. PNC Financial Services Group Inc. owned approximately 0.13% of Hershey worth $56,381,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. PBU The Pension Fund of Early Childhood & Youth Educators acquired a new position in shares of Hershey during the 4th quarter worth $9,633,000. Prudential PLC grew its stake in Hershey by 237.3% during the fourth quarter. Prudential PLC now owns 7,988 shares of the company's stock worth $1,454,000 after buying an additional 5,620 shares during the period. Friedenthal Financial boosted its holdings in Hershey by 38,266.7% in the 4th quarter. Friedenthal Financial now owns 5,755 shares of the company's stock worth $1,047,000 after acquiring an additional 5,740 shares during the period. Jefferies Financial Group Inc. purchased a new stake in Hershey during the 4th quarter worth approximately $2,744,000. Finally, Fifth Third Bancorp lifted its holdings in Hershey by 126.4% during the 1st quarter. Fifth Third Bancorp now owns 84,215 shares of the company's stock worth $17,508,000 after buying an additional 47,017 shares during the last quarter. 57.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Steven E. Voskuil sold 1,500 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $173.43, for a total transaction of $260,145.00. Following the completion of the sale, the chief financial officer owned 54,695 shares of the company's stock, valued at $9,485,753.85. This trade represents a 2.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.08% of the stock is owned by corporate insiders.

Hershey Stock Down 0.0%

HSY stock opened at $172.31 on Friday. The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 0.99. The business's 50 day simple moving average is $180.59 and its 200 day simple moving average is $196.94. Hershey Company has a 1-year low of $161.43 and a 1-year high of $239.48. The firm has a market capitalization of $34.95 billion, a PE ratio of 32.09, a PEG ratio of 1.07 and a beta of 0.11.

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

Hershey Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 15th were paid a $1.452 dividend. This represents a $5.81 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Friday, May 15th. Hershey's payout ratio is currently 108.19%.

More Hershey News

Here are the key news stories impacting Hershey this week:

• Neutral Sentiment: Hershey is set to report quarterly earnings soon, but UBS said the Q2 print is unlikely to be a meaningful catalyst in either direction, implying limited near-term upside from the report. Hershey Q2 Print Unlikely to Be Meaningful Catalyst, UBS Says
• Neutral Sentiment: Several analysts and market commentary pieces say Hershey does not currently have a strong setup for an earnings beat, keeping expectations muted ahead of the report. Hershey (HSY) Earnings Expected to Grow: Should You Buy?
• Neutral Sentiment: Barclays reiterated a Hold rating on HSY, while Stifel cut its price target from $215 to $180 and also moved to Hold, reinforcing a cautious analyst stance. Barclays Sticks to Its Hold Rating for The Hershey Company (HSY)
• Neutral Sentiment: A recent article warned that HSY looks risky after losing ground over the past six months, with shares lagging the broader market, which may be adding to investor caution. 3 Reasons HSY is Risky and 1 Stock to Buy Instead

Wall Street Analysts Forecast Growth

HSY has been the subject of a number of recent analyst reports. Mizuho decreased their price objective on Hershey from $195.00 to $185.00 and set a "neutral" rating for the company in a report on Wednesday, May 20th. Weiss Ratings lowered Hershey from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, June 26th. UBS Group dropped their price objective on shares of Hershey from $200.00 to $190.00 and set a "neutral" rating on the stock in a report on Thursday, July 16th. Evercore set a $225.00 price target on Hershey in a research note on Thursday. Finally, Bank of America dropped their price objective on shares of Hershey from $220.00 to $200.00 and set a "neutral" rating for the company in a research report on Thursday, June 25th. 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, the stock has a consensus rating of "Hold" and an average price target of $208.28.

About Hershey

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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