The Hershey Company (NYSE:HSY) Sees Significant Decline in Short Interest

The Hershey Company (NYSE:HSY) saw a significant drop in short interest in August. As of August 31st, there was short interest totalling 6,010,000 shares, a drop of 18.1% from the August 15th total of 7,340,000 shares. Based on an average trading volume of 1,540,000 shares, the short-interest ratio is currently 3.9 days.

Hershey Stock Down 0.8 %

Shares of NYSE:HSY opened at $199.28 on Wednesday. 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 stock has a market cap of $40.30 billion, a price-to-earnings ratio of 19.75, a P/E/G ratio of 5.77 and a beta of 0.37. The company has a 50 day moving average of $195.76 and a 200-day moving average of $193.91. Hershey has a one year low of $178.82 and a one year high of $213.72.

Hershey (NYSE:HSY) last issued its earnings results 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 net margin of 16.76% and a return on equity of 45.36%. The business had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the previous year, the firm posted $2.01 EPS. The business’s revenue was down 16.7% on a year-over-year basis. On average, sell-side analysts forecast that Hershey will post 9.5 earnings per share for the current year.

Hershey Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 16th were given a $1.37 dividend. The ex-dividend date was Friday, August 16th. This represents a $5.48 dividend on an annualized basis and a dividend yield of 2.75%. Hershey’s dividend payout ratio is 54.31%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on HSY shares. Piper Sandler reissued a “neutral” rating and set a $179.00 price target on shares of Hershey in a report on Friday, June 21st. Wells Fargo & Company dropped their target price on Hershey from $205.00 to $195.00 and set an “equal weight” rating on the stock in a report on Friday, June 21st. Barclays decreased their price target on Hershey from $210.00 to $204.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 18th. Royal Bank of Canada dropped their price objective 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. Finally, Bank of America decreased their target price on Hershey from $210.00 to $200.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $203.21.

Insider Activity

In related news, CFO Steven E. Voskuil sold 1,500 shares of the stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $182.93, for a total value of $274,395.00. Following the completion of the transaction, the chief financial officer now owns 35,728 shares of the company’s stock, valued at $6,535,723.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Steven E. Voskuil sold 1,500 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $182.93, for a total value of $274,395.00. Following the sale, the chief financial officer now directly owns 35,728 shares of the company’s stock, valued at $6,535,723.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jennifer Mccalman sold 538 shares of the company’s stock in a transaction dated 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 sale, the chief accounting officer now owns 3,238 shares in the company, valued at approximately $644,912.46. The disclosure for this sale can be found here. Insiders sold 3,538 shares of company stock worth $667,793 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Hershey by 14.2% in the first quarter. Vanguard Group Inc. now owns 17,341,721 shares of the company’s stock valued at $3,372,965,000 after acquiring an additional 2,158,912 shares during the period. Norges Bank acquired a new position in shares of Hershey in the 4th quarter valued at approximately $349,448,000. Confluence Investment Management LLC increased its stake in 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 purchasing an additional 537,419 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new stake in Hershey during the 2nd quarter worth approximately $82,123,000. Finally, Bryn Mawr Capital Management LLC raised its holdings in Hershey by 3,404.3% during the 1st quarter. Bryn Mawr Capital Management LLC now owns 256,447 shares of the company’s stock worth $49,879,000 after buying an additional 249,129 shares during the period. Institutional investors and hedge funds own 57.96% 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.