Summit Global Investments Sells 2,673 Shares of The Hershey Company (NYSE:HSY)

Summit Global Investments lessened its stake in shares of The Hershey Company (NYSE:HSY) by 38.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,347 shares of the company’s stock after selling 2,673 shares during the quarter. Summit Global Investments’ holdings in Hershey were worth $834,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. GHP Investment Advisors Inc. boosted its position in Hershey by 55.0% during the 2nd quarter. GHP Investment Advisors Inc. now owns 155 shares of the company’s stock valued at $28,000 after buying an additional 55 shares during the period. Burns J W & Co. Inc. NY grew its stake in shares of Hershey by 0.8% in the third quarter. Burns J W & Co. Inc. NY now owns 7,355 shares of the company’s stock worth $1,411,000 after purchasing an additional 58 shares during the last quarter. Wesbanco Bank Inc. grew its stake in shares of Hershey by 3.7% in the second quarter. Wesbanco Bank Inc. now owns 1,673 shares of the company’s stock worth $308,000 after purchasing an additional 59 shares during the last quarter. Brighton Jones LLC increased its holdings 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 purchasing an additional 59 shares during the period. Finally, Valley Brook Capital Group Inc. raised its position in Hershey by 1.5% during the 2nd quarter. Valley Brook Capital Group Inc. now owns 4,067 shares of the company’s stock valued at $748,000 after purchasing an additional 61 shares during the last quarter. Institutional investors own 57.96% of the company’s stock.

Insider Activity

In related news, CAO Jennifer Mccalman sold 538 shares of Hershey stock in a transaction dated Monday, August 12th. The stock was 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 directly owns 3,238 shares in the company, valued at approximately $644,912.46. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Sanford C. Bernstein lowered Hershey from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $230.00 to $205.00 in a research report on Monday, October 7th. Argus downgraded shares of Hershey from a “buy” rating to a “hold” rating in a research report on Wednesday, August 14th. Bank of America dropped their target price on shares of Hershey from $200.00 to $195.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. The Goldman Sachs Group began coverage on shares of Hershey in a research report on Monday, August 12th. They set a “sell” rating and a $185.00 price target on the stock. Finally, Piper Sandler raised their price objective on shares of Hershey from $165.00 to $168.00 and gave the stock a “neutral” rating in a report on Friday. Five analysts have rated the stock with a sell rating and fourteen have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $190.56.

Hershey Stock Performance

Shares of Hershey stock opened at $175.67 on Friday. The stock has a market cap of $35.54 billion, a price-to-earnings ratio of 19.52, a PEG ratio of 4.09 and a beta of 0.38. 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 Hershey Company has a 1 year low of $171.67 and a 1 year high of $211.92. The firm’s 50-day moving average is $189.17 and its 200 day moving average is $192.13.

Hershey (NYSE:HSY) last issued its earnings results on Thursday, November 7th. The company reported $2.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.50 by ($0.16). The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.07 billion. Hershey had a return on equity of 45.36% and a net margin of 16.76%. Sell-side analysts anticipate that The Hershey Company will post 9.39 EPS for the current fiscal year.

Hershey Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, November 18th will be paid a $1.37 dividend. This represents a $5.48 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Monday, November 18th. Hershey’s dividend payout ratio is currently 60.89%.

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.