iA Global Asset Management Inc. Decreases Stock Holdings in The Hershey Company (NYSE:HSY)

iA Global Asset Management Inc. trimmed its position in shares of The Hershey Company (NYSE:HSY) by 79.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,512 shares of the company’s stock after selling 5,931 shares during the period. iA Global Asset Management Inc.’s holdings in Hershey were worth $278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Capital Advisors Ltd. LLC increased its position in shares of Hershey by 218.2% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 140 shares of the company’s stock valued at $26,000 after purchasing an additional 96 shares during the last quarter. Riverview Trust Co bought a new position in shares of Hershey during the 1st quarter valued at approximately $29,000. OFI Invest Asset Management bought a new position in shares of Hershey during the 2nd quarter valued at approximately $29,000. Quarry LP bought a new position in shares of Hershey during the 4th quarter valued at approximately $34,000. Finally, Crewe Advisors LLC bought a new position in shares of Hershey during the 1st quarter valued at approximately $35,000. 57.96% of the stock is owned by hedge funds and other institutional investors.

Hershey Trading Up 0.7 %

Shares of NYSE HSY opened at $193.06 on Friday. 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 stock has a market capitalization of $39.04 billion, a P/E ratio of 19.13, a price-to-earnings-growth ratio of 4.96 and a beta of 0.36. The Hershey Company has a 1-year low of $178.82 and a 1-year high of $219.92. The business has a fifty day moving average price of $192.13 and a 200 day moving average price of $193.17.

Hershey (NYSE:HSY) last issued its quarterly earnings data on Thursday, August 1st. The company reported $1.27 earnings per share 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 analysts’ expectations of $2.30 billion. Hershey had a return on equity of 45.36% and a net margin of 16.76%. The company’s revenue for the quarter was down 16.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.01 earnings per share. Equities research analysts expect that The Hershey Company will post 9.59 EPS for the current fiscal year.

Hershey Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors 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 2.84%. The ex-dividend date is Friday, August 16th. Hershey’s dividend payout ratio (DPR) is currently 54.31%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

HSY has been the topic of several analyst reports. Piper Sandler reissued a “neutral” rating and set a $179.00 target price on shares of Hershey in a research report on Friday, June 21st. Royal Bank of Canada cut their price objective on Hershey from $209.00 to $205.00 and set a “sector perform” rating on the stock in a research report on Friday, August 2nd. Argus downgraded Hershey from a “buy” rating to a “hold” rating in a research report on Wednesday, August 14th. Wells Fargo & Company cut their price objective on Hershey from $205.00 to $195.00 and set an “equal weight” rating on the stock in a research report on Friday, June 21st. Finally, Citigroup downgraded Hershey from a “neutral” rating to a “sell” rating and cut their price objective for the company from $195.00 to $182.00 in a research report on Tuesday, August 27th. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $202.79.

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.