SEB Asset Management AB Acquires Shares of 128,873 Hershey Company (The) $HSY

Key Points

• SEB Asset Management AB opened a new position in Hershey, buying 128,873 shares valued at about $26.8 million in the first quarter.
• Hershey reported better-than-expected quarterly results, with EPS of $2.35 versus estimates of $2.04 and revenue of $3.10 billion, up 10.7% year over year.
• Wall Street remains cautious overall: analysts have a consensus rating of “Hold” with an average price target of $212.56, while Hershey’s stock recently opened at $171.50 and pays a quarterly dividend yielding about 3.4%.

SEB Asset Management AB acquired a new position in shares of Hershey Company (The) (NYSE:HSY - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 128,873 shares of the company's stock, valued at approximately $26,791,000. SEB Asset Management AB owned 0.06% of Hershey at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Hershey by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 19,067,235 shares of the company's stock worth $3,469,855,000 after purchasing an additional 191,671 shares during the period. Capital International Investors increased its stake in Hershey by 1.9% in the 4th quarter. Capital International Investors now owns 9,106,431 shares of the company's stock valued at $1,657,189,000 after buying an additional 169,660 shares during the period. State Street Corp increased its stake in Hershey by 1.8% in the 3rd quarter. State Street Corp now owns 7,253,041 shares of the company's stock valued at $1,356,681,000 after buying an additional 128,982 shares during the period. Charles Schwab Investment Management Inc. raised its position in Hershey by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,315,653 shares of the company's stock worth $967,343,000 after buying an additional 124,464 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Hershey by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 4,831,101 shares of the company's stock worth $876,434,000 after buying an additional 104,024 shares during the last quarter. Institutional investors and hedge funds own 57.96% of the company's stock.

Insiders Place Their Bets

In other Hershey news, CFO Steven E. Voskuil sold 1,500 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $173.43, for a total value of $260,145.00. Following the completion of the transaction, the chief financial officer directly owned 54,695 shares of the company's stock, valued at approximately $9,485,753.85. This trade represents a 2.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.08% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on HSY. Jefferies Financial Group set a $190.00 target price on shares of Hershey in a research note on Thursday. BTIG Research initiated coverage on shares of Hershey in a report on Monday, April 13th. They set a "neutral" rating for the company. Deutsche Bank Aktiengesellschaft cut their price target on shares of Hershey from $212.00 to $200.00 and set a "hold" rating for the company in a report on Monday, March 30th. JPMorgan Chase & Co. reduced their price objective on shares of Hershey from $204.00 to $191.00 and set a "neutral" rating for the company in a research report on Monday, July 13th. Finally, Piper Sandler lowered their price objective on Hershey from $249.00 to $200.00 and set an "overweight" rating on the stock in a report on Thursday, July 9th. Seven equities research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $212.56.

Hershey Price Performance

Shares of NYSE HSY opened at $171.50 on Monday. The firm has a market capitalization of $34.79 billion, a P/E ratio of 31.94, a PEG ratio of 1.03 and a beta of 0.11. Hershey Company has a one year low of $161.43 and a one year high of $239.48. The company's fifty day moving average is $182.21 and its two-hundred day moving average is $197.24. 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 posted its quarterly earnings results on Thursday, April 30th. The company reported $2.35 earnings per share for the quarter, topping analysts' consensus estimates of $2.04 by $0.31. The business had revenue of $3.10 billion for the quarter, compared to analysts' expectations of $3.03 billion. Hershey had a net margin of 9.12% and a return on equity of 28.98%. The business's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.09 EPS. Analysts forecast 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 was Friday, May 15th. Hershey's dividend payout ratio is presently 108.19%.

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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