Assenagon Asset Management S.A. Cuts Position in The Hershey Company (NYSE:HSY)

Assenagon Asset Management S.A. lessened its holdings in The Hershey Company (NYSE:HSY) by 51.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,335 shares of the company’s stock after selling 52,362 shares during the period. Assenagon Asset Management S.A.’s holdings in Hershey were worth $9,461,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC boosted its holdings in Hershey by 62.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 49,407 shares of the company’s stock worth $9,610,000 after buying an additional 18,968 shares during the last quarter. Vicus Capital acquired a new position in shares of Hershey during the 1st quarter worth approximately $264,000. Founders Financial Securities LLC acquired a new position in shares of Hershey during the 1st quarter worth approximately $467,000. Aviance Capital Partners LLC acquired a new position in shares of Hershey during the 1st quarter worth approximately $243,000. Finally, Diversified Trust Co boosted its holdings in shares of Hershey by 332.3% during the 1st quarter. Diversified Trust Co now owns 7,838 shares of the company’s stock worth $1,524,000 after purchasing an additional 6,025 shares during the last quarter. Hedge funds and other institutional investors own 57.96% of the company’s stock.

Hershey Stock Down 0.5 %

Hershey stock opened at $181.26 on Monday. The Hershey Company has a twelve month low of $178.82 and a twelve month high of $211.92. The stock’s fifty day simple moving average is $192.50 and its 200-day simple moving average is $192.71. The company has a current ratio of 0.86, a quick ratio of 0.48 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $36.66 billion, a P/E ratio of 17.96, a P/E/G ratio of 4.22 and a beta of 0.37.

Hershey (NYSE:HSY) last posted 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). Hershey had a return on equity of 45.36% and a net margin of 16.76%. The company had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $2.30 billion. During the same period in the prior year, the company posted $2.01 EPS. The firm’s revenue was down 16.7% compared to the same quarter last year. As a group, equities analysts expect that The Hershey Company will post 9.45 earnings per share for the current fiscal year.

Hershey Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 16th were paid a dividend of $1.37 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $5.48 dividend on an annualized basis and a dividend yield of 3.02%. Hershey’s payout ratio is currently 54.31%.

Analyst Ratings Changes

Several brokerages have recently weighed in on HSY. Jefferies Financial Group cut Hershey from a “hold” rating to an “underperform” rating and lowered their target price for the stock from $184.00 to $163.00 in a report on Thursday, September 26th. Bank of America lowered their target price on Hershey from $200.00 to $195.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Piper Sandler lowered their target price on Hershey from $179.00 to $165.00 and set a “neutral” rating on the stock in a report on Wednesday, October 23rd. UBS Group lowered shares of Hershey from a “buy” rating to a “neutral” rating and reduced their price target for the company from $226.00 to $209.00 in a research report on Monday, October 7th. Finally, Argus lowered shares of Hershey from a “buy” rating to a “hold” rating in a research report on Wednesday, August 14th. Five investment analysts have rated the stock with a sell rating and fifteen have given a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $191.11.

Insider Buying and Selling

In related news, CAO Jennifer Mccalman sold 538 shares of the business’s stock in a transaction on 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 transaction, the chief accounting officer now owns 3,238 shares in the company, valued at approximately $644,912.46. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.34% of the company’s stock.

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.