Hershey (NYSE:HSY) Given New $179.00 Price Target at Sanford C. Bernstein

Key Points

• Sanford C. Bernstein has increased its price target for Hershey (NYSE: HSY) from $155 to $179, indicating a potential downside of 3.60% from its current price while maintaining a "market perform" rating.
• Recent earnings report shows Hershey exceeded expectations with $1.21 EPS compared to a consensus estimate of $0.98, and revenue rose 26.0% year-over-year to $2.61 billion.
• Insider selling activity has been noted, with substantial shares sold by both the CAO and CEO, encompassing a 24.55% and 13.88% decrease in their respective positions.

Hershey (NYSE:HSY - Free Report) had its price target hoisted by Sanford C. Bernstein from $155.00 to $179.00 in a research note published on Thursday, Marketbeat.com reports. They currently have a market perform rating on the stock.

A number of other research firms also recently commented on HSY. Morgan Stanley lifted their price target on Hershey from $173.00 to $189.00 and gave the stock an "equal weight" rating in a research note on Thursday. DA Davidson lifted their target price on Hershey from $162.00 to $163.00 and gave the stock a "neutral" rating in a research report on Monday, May 5th. Piper Sandler boosted their price target on Hershey from $120.00 to $145.00 and gave the company an "underweight" rating in a report on Wednesday, July 23rd. Mizuho raised their price objective on Hershey from $155.00 to $165.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Finally, Barclays lifted their price objective on shares of Hershey from $160.00 to $165.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. Five research analysts have rated the stock with a sell rating and sixteen have given a hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $168.37.

Hershey Stock Up 1.4%

Shares of Hershey stock traded up $2.57 on Thursday, hitting $188.70. 2,072,840 shares of the company's stock traded hands, compared to its average volume of 1,902,214. Hershey has a 52-week low of $140.13 and a 52-week high of $208.03. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 1.15. The stock has a market cap of $38.23 billion, a P/E ratio of 25.06, a PEG ratio of 4.56 and a beta of 0.27. The firm's 50-day moving average is $170.58 and its 200 day moving average is $166.21.

Hershey (NYSE:HSY - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.23. The firm had revenue of $2.61 billion for the quarter, compared to analysts' expectations of $2.50 billion. Hershey had a net margin of 13.54% and a return on equity of 37.36%. The firm's quarterly revenue was up 26.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.27 earnings per share. Equities analysts anticipate that Hershey will post 6.12 earnings per share for the current year.

Hershey Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be paid a dividend of $1.37 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $5.48 annualized dividend and a yield of 2.9%. Hershey's dividend payout ratio is currently 72.78%.

Insider Activity

In related news, CEO Michele Buck sold 19,290 shares of Hershey stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $194.00, for a total value of $3,742,260.00. Following the transaction, the chief executive officer directly owned 193,624 shares in the company, valued at $37,563,056. The trade was a 9.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Jennifer Mccalman sold 974 shares of the company's 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 sale, the chief accounting officer directly owned 2,994 shares of the company's stock, valued at approximately $470,387.34. This represents a 24.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 118,311 shares of company stock valued at $20,931,348 in the last ninety days. 0.34% of the stock is owned by company insiders.

Institutional Trading of Hershey

A number of hedge funds have recently bought and sold shares of the company. Capital International Investors lifted its position in shares of Hershey by 31.4% in the 4th quarter. Capital International Investors now owns 12,460,147 shares of the company's stock valued at $2,110,126,000 after acquiring an additional 2,980,997 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Hershey by 7.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,991,639 shares of the company's stock valued at $853,720,000 after buying an additional 356,249 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Hershey by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 3,801,145 shares of the company's stock valued at $642,139,000 after buying an additional 47,394 shares in the last quarter. Royal Bank of Canada lifted its position in shares of Hershey by 25.4% in the first quarter. Royal Bank of Canada now owns 2,753,077 shares of the company's stock worth $470,858,000 after purchasing an additional 557,056 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Hershey by 38.6% during the 4th 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. 57.96% of the stock is owned by hedge funds and other institutional investors.

About Hershey

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.