Independence Bank of Kentucky Has $164,000 Holdings in The Hershey Company (NYSE:HSY)

Independence Bank of Kentucky grew its stake in The Hershey Company (NYSE:HSY) by 114.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 890 shares of the company’s stock after buying an additional 475 shares during the quarter. Independence Bank of Kentucky’s holdings in Hershey were worth $164,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Riverview Trust Co acquired a new position in shares of Hershey in the first quarter valued at approximately $29,000. OFI Invest Asset Management acquired a new position in shares of Hershey in the second quarter valued at approximately $29,000. Quarry LP acquired a new position in shares of Hershey in the fourth quarter valued at approximately $34,000. Crewe Advisors LLC acquired a new position in shares of Hershey in the first quarter valued at approximately $35,000. Finally, Park Place Capital Corp acquired a new position in shares of Hershey in the first quarter valued at approximately $36,000. Institutional investors and hedge funds own 57.96% of the company’s stock.

Insider Transactions at Hershey

In other news, CAO Jennifer Mccalman sold 538 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $199.17, for a total transaction of $107,153.46. Following the completion of the sale, the chief accounting officer now owns 3,238 shares in the company, valued at approximately $644,912.46. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Steven E. Voskuil sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $190.83, for a total transaction of $286,245.00. Following the transaction, the chief financial officer now directly owns 34,228 shares of the company’s stock, valued at $6,531,729.24. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Jennifer Mccalman sold 538 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $199.17, for a total transaction of $107,153.46. Following the transaction, the chief accounting officer now directly owns 3,238 shares in the company, valued at $644,912.46. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,538 shares of company stock worth $667,793. 0.34% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Argus cut shares of Hershey from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. Piper Sandler restated a “neutral” rating and set a $179.00 target price on shares of Hershey in a report on Friday, June 21st. Sanford C. Bernstein reduced their target price on shares of Hershey from $237.00 to $230.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Citigroup increased their target price on shares of Hershey from $188.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Hershey from $192.00 to $191.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Hershey has an average rating of “Hold” and an average target price of $203.47.

Hershey Stock Performance

Shares of HSY stock opened at $196.33 on Monday. The stock has a market cap of $39.70 billion, a P/E ratio of 19.46, a P/E/G ratio of 4.96 and a beta of 0.36. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.86 and a quick ratio of 0.64. The company has a fifty day moving average price of $191.11 and a two-hundred day moving average price of $193.27. The Hershey Company has a one year low of $178.82 and a one year high of $219.92.

Hershey (NYSE:HSY) last posted its earnings results on Thursday, August 1st. The company reported $1.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.17). The company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.30 billion. Hershey had a return on equity of 45.36% and a net margin of 16.76%. The business’s quarterly revenue was down 16.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.01 EPS. As a group, equities analysts predict that The Hershey Company will post 9.59 EPS for the current year.

Hershey Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 16th will be paid a dividend of $1.37 per share. This represents a $5.48 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend is Friday, August 16th. Hershey’s dividend payout ratio is presently 54.31%.

Hershey Company 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.