1832 Asset Management L.P. Sells 2,826 Shares of The Hershey Company (NYSE:HSY)

1832 Asset Management L.P. decreased its stake in The Hershey Company (NYSE:HSY) by 16.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,922 shares of the company’s stock after selling 2,826 shares during the period. 1832 Asset Management L.P.’s holdings in Hershey were worth $2,559,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Capital Advisors Ltd. LLC grew its position in Hershey by 218.2% in the second quarter. Capital Advisors Ltd. LLC now owns 140 shares of the company’s stock worth $26,000 after acquiring an additional 96 shares in the last quarter. Riverview Trust Co bought a new position in shares of Hershey during the 1st quarter valued at about $29,000. GHP Investment Advisors Inc. raised its holdings in shares of 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 in the last quarter. OFI Invest Asset Management purchased a new stake in Hershey in the second quarter worth approximately $29,000. Finally, Crewe Advisors LLC bought a new position in Hershey during the first quarter valued at approximately $35,000. Hedge funds and other institutional investors own 57.96% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Citigroup downgraded Hershey from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $195.00 to $182.00 in a research report on Tuesday, August 27th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Hershey from $191.00 to $199.00 and gave the company a “hold” rating in a research report on Tuesday, September 10th. Bank of America lowered their price objective on shares of Hershey from $210.00 to $200.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. JPMorgan Chase & Co. upped their target price on Hershey from $183.00 to $188.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Argus cut Hershey from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $200.61.

Hershey Price Performance

NYSE HSY opened at $191.00 on Thursday. 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 capitalization of $38.63 billion, a price-to-earnings ratio of 18.93, a PEG ratio of 5.67 and a beta of 0.37. The stock has a 50-day moving average of $196.49 and a 200 day moving average of $194.09. The Hershey Company has a one year low of $178.82 and a one year high of $211.92.

Hershey (NYSE:HSY) last released its quarterly earnings data on Thursday, August 1st. The company reported $1.27 earnings per share 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 company had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $2.30 billion. During the same period in the previous year, the firm earned $2.01 earnings per share. The firm’s revenue for the quarter was down 16.7% on a year-over-year basis. On average, sell-side analysts forecast that The Hershey Company will post 9.49 EPS for the current year.

Hershey Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 16th were issued a $1.37 dividend. This represents a $5.48 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend was Friday, August 16th. Hershey’s payout ratio is currently 54.31%.

Insider Activity at Hershey

In other Hershey news, CFO Steven E. Voskuil sold 1,500 shares of the firm’s 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 transaction, the chief financial officer now directly owns 34,228 shares of the company’s stock, valued at $6,531,729.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Steven E. Voskuil sold 1,500 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $190.83, for a total value of $286,245.00. Following the transaction, the chief financial officer now owns 34,228 shares in the company, valued at approximately $6,531,729.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jennifer Mccalman sold 538 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 3,238 shares of the company’s stock, valued at $644,912.46. The disclosure for this sale can be found here. 0.34% of the stock is owned by company insiders.

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.