Deerfield Management Company L.P. Series C Acquires Shares of 5,032 The Hershey Company (NYSE:HSY)

Deerfield Management Company L.P. Series C bought a new position in shares of The Hershey Company (NYSE:HSY) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 5,032 shares of the company’s stock, valued at approximately $925,000.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Hershey by 14.2% during the first quarter. Vanguard Group Inc. now owns 17,341,721 shares of the company’s stock worth $3,372,965,000 after purchasing an additional 2,158,912 shares in the last quarter. Confluence Investment Management LLC raised its stake in shares of Hershey by 297.9% during the 2nd quarter. Confluence Investment Management LLC now owns 717,831 shares of the company’s stock worth $131,959,000 after buying an additional 537,419 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in shares of Hershey during the 2nd quarter valued at approximately $82,123,000. Bryn Mawr Capital Management LLC grew its stake in Hershey by 3,404.3% in the 1st quarter. Bryn Mawr Capital Management LLC now owns 256,447 shares of the company’s stock valued at $49,879,000 after acquiring an additional 249,129 shares during the period. Finally, Mercer Global Advisors Inc. ADV increased its holdings in Hershey by 1,194.0% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 249,347 shares of the company’s stock worth $45,837,000 after acquiring an additional 230,077 shares in the last quarter. 57.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on HSY. Citigroup downgraded shares of Hershey from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $195.00 to $182.00 in a report on Tuesday, August 27th. Barclays decreased their price target on shares of Hershey from $204.00 to $202.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Piper Sandler reiterated a “neutral” rating and set a $179.00 price objective on shares of Hershey in a research note on Friday, June 21st. Bank of America reduced their target price on Hershey from $210.00 to $200.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Finally, Royal Bank of Canada lowered their price target on Hershey from $209.00 to $205.00 and set a “sector perform” rating on the stock in a research note on Friday, August 2nd. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $198.63.

Insiders Place Their Bets

In other news, CFO Steven E. Voskuil sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $190.83, for a total value of $286,245.00. Following the sale, the chief financial officer now directly owns 34,228 shares of the company’s stock, valued at approximately $6,531,729.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Steven E. Voskuil sold 1,500 shares of Hershey stock in a transaction that occurred on Tuesday, July 23rd. The shares were 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 owns 34,228 shares in the company, valued at approximately $6,531,729.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $107,153.46. Following the transaction, the chief accounting officer now owns 3,238 shares in the company, valued at $644,912.46. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.

Hershey Stock Down 0.3 %

Shares of NYSE HSY opened at $190.51 on Friday. The company has a market capitalization of $38.53 billion, a P/E ratio of 18.88, a P/E/G ratio of 5.67 and a beta of 0.37. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.86 and a quick ratio of 0.48. The company has a 50 day simple moving average of $196.43 and a 200-day simple moving average of $194.07. The Hershey Company has a 1 year low of $178.82 and a 1 year high of $211.92.

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 the consensus estimate of $1.44 by ($0.17). Hershey had a return on equity of 45.36% and a net margin of 16.76%. The business had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same period last year, the business earned $2.01 EPS. Hershey’s revenue was down 16.7% compared to the same quarter last year. On average, equities research analysts predict that The Hershey Company will post 9.49 earnings per share for the current year.

Hershey Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 16th were given a $1.37 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $5.48 dividend on an annualized basis and a yield of 2.88%. Hershey’s payout ratio is currently 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.