Covington Investment Advisors Inc. Decreases Position in The Hershey Company (NYSE:HSY)

Covington Investment Advisors Inc. lowered its stake in shares of The Hershey Company (NYSE:HSY) by 2.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,341 shares of the company’s stock after selling 806 shares during the quarter. Covington Investment Advisors Inc.’s holdings in Hershey were worth $5,945,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of HSY. Raleigh Capital Management Inc. grew its position in Hershey by 20.6% during the 4th quarter. Raleigh Capital Management Inc. now owns 316 shares of the company’s stock worth $59,000 after purchasing an additional 54 shares during the last quarter. GHP Investment Advisors Inc. boosted its stake in shares of Hershey by 55.0% during the second quarter. GHP Investment Advisors Inc. now owns 155 shares of the company’s stock worth $28,000 after buying an additional 55 shares during the period. Sound Income Strategies LLC grew its holdings in shares of Hershey by 13.3% during the first quarter. Sound Income Strategies LLC now owns 486 shares of the company’s stock worth $95,000 after buying an additional 57 shares during the last quarter. Wesbanco Bank Inc. increased its position in Hershey by 3.7% in the 2nd quarter. Wesbanco Bank Inc. now owns 1,673 shares of the company’s stock valued at $308,000 after acquiring an additional 59 shares during the period. Finally, Brighton Jones LLC raised its stake in Hershey by 2.3% during the 2nd quarter. Brighton Jones LLC now owns 2,631 shares of the company’s stock valued at $484,000 after acquiring an additional 59 shares during the last quarter. 57.96% of the stock is currently owned by institutional investors and hedge funds.

Hershey Stock Up 1.5 %

HSY opened at $193.36 on Monday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.48 and a current ratio of 0.86. The company has a market cap of $39.10 billion, a price-to-earnings ratio of 19.16, a PEG ratio of 5.67 and a beta of 0.37. The Hershey Company has a one year low of $178.82 and a one year high of $211.92. The business’s fifty day moving average is $196.42 and its two-hundred day moving average is $193.98.

Hershey (NYSE:HSY) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.27 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 during the quarter, compared to analysts’ expectations of $2.30 billion. During the same quarter in the prior year, the firm earned $2.01 earnings per share. Hershey’s quarterly revenue was down 16.7% on a year-over-year basis. Analysts anticipate that The Hershey Company will post 9.49 EPS for the current fiscal year.

Hershey Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 16th were paid a dividend of $1.37 per share. The ex-dividend date was Friday, August 16th. This represents a $5.48 dividend on an annualized basis and a dividend yield of 2.83%. Hershey’s dividend payout ratio (DPR) is 54.31%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Piper Sandler reiterated a “neutral” rating and issued a $179.00 target price on shares of Hershey in a research note on Friday, June 21st. Jefferies Financial Group lowered shares of Hershey from a “hold” rating to an “underperform” rating and lowered their price objective for the company from $184.00 to $163.00 in a research report on Thursday. Sanford C. Bernstein cut their price objective on shares of Hershey from $237.00 to $230.00 and set an “outperform” rating for the company in a research report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Hershey from $191.00 to $199.00 and gave the stock a “hold” rating in a research note on Tuesday, September 10th. Finally, Citigroup lowered shares of Hershey from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $195.00 to $182.00 in a research note on Tuesday, August 27th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $198.63.

Insider Buying and Selling

In other Hershey news, CAO Jennifer Mccalman sold 538 shares of the 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 sale, the chief accounting officer now owns 3,238 shares in the company, valued at approximately $644,912.46. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other 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 value of $107,153.46. Following the sale, the chief accounting officer now directly owns 3,238 shares in the company, valued at $644,912.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Steven E. Voskuil sold 1,500 shares of Hershey 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 sale, the chief financial officer now owns 34,228 shares of the company’s stock, valued at approximately $6,531,729.24. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Hershey 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.