Hershey (NYSE:HSY) Announces Quarterly Earnings Results

Hershey (NYSE:HSY) announced its quarterly earnings data on Thursday. The company reported $2.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.50 by ($0.16), reports. The firm had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.07 billion. Hershey had a net margin of 16.76% and a return on equity of 45.36%. Hershey updated its FY 2024 guidance to 9.000-9.100 EPS and its FY24 guidance to $9.00-9.10 EPS.

Hershey Trading Up 1.6 %

Shares of HSY stock opened at $175.67 on Friday. Hershey has a twelve month low of $171.67 and a twelve month high of $211.92. The company has a market capitalization 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 firm has a 50-day moving average price of $189.17 and a 200 day moving average price of $192.13. The company has a current ratio of 0.86, a quick ratio of 0.48 and a debt-to-equity ratio of 0.87.

Hershey Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Citigroup cut shares of Hershey from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $195.00 to $182.00 in a research note on Tuesday, August 27th. Royal Bank of Canada dropped their price objective on shares of Hershey from $205.00 to $183.00 and set a “sector perform” rating on the stock in a research note on Friday. Stifel Nicolaus dropped their price objective on shares of Hershey from $195.00 to $180.00 and set a “hold” rating on the stock in a research note on Friday, October 25th. Argus cut shares of Hershey from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Hershey from $188.00 to $180.00 and set a “neutral” rating on the stock in a research report on Monday, October 14th. Five analysts have rated the stock with a sell rating and fourteen have given a hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $190.56.

Insiders Place Their Bets

In other Hershey news, CAO Jennifer Mccalman sold 538 shares of the firm’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 sale, the chief accounting officer now directly owns 3,238 shares of the company’s stock, valued at $644,912.46. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hershey

Several hedge funds have recently modified their holdings of the company. Norden Group LLC purchased a new position in shares of Hershey during the 1st quarter worth about $374,000. Rehmann Capital Advisory Group lifted its holdings in shares of Hershey by 5.4% during the 1st quarter. Rehmann Capital Advisory Group now owns 1,165 shares of the company’s stock worth $227,000 after acquiring an additional 60 shares during the period. Advisory Alpha LLC purchased a new position in shares of Hershey during the 1st quarter worth about $296,000. Empirical Finance LLC lifted its holdings in shares of Hershey by 3.6% during the 1st quarter. Empirical Finance LLC now owns 5,303 shares of the company’s stock worth $1,031,000 after acquiring an additional 182 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Hershey by 54.9% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 9,715 shares of the company’s stock worth $1,889,000 after acquiring an additional 3,445 shares during the period. 57.96% of the stock is owned by institutional investors and hedge funds.

About Hershey

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.