Hershey (NYSE:HSY) Announces Quarterly Earnings Results, Misses Estimates By $0.16 EPS

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

Hershey Stock Up 1.6 %

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 current ratio of 0.86, a quick ratio of 0.48 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $35.54 billion, a P/E ratio of 19.52, a PEG ratio of 4.09 and a beta of 0.38. The firm has a 50 day simple moving average of $189.17 and a 200-day simple moving average of $192.13.

Hershey Dividend Announcement

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

Insider Transactions at Hershey

In other news, CAO Jennifer Mccalman sold 538 shares of the firm’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 completion of the sale, the chief accounting officer now owns 3,238 shares of the company’s stock, valued at approximately $644,912.46. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Hershey

Hedge funds have recently added to or reduced their stakes in the business. LPL Financial LLC boosted its holdings in Hershey by 10.0% in the second quarter. LPL Financial LLC now owns 320,680 shares of the company’s stock worth $58,951,000 after purchasing an additional 29,246 shares during the period. CreativeOne Wealth LLC boosted its holdings in Hershey by 179.4% in the first quarter. CreativeOne Wealth LLC now owns 6,958 shares of the company’s stock worth $1,353,000 after purchasing an additional 4,468 shares during the period. SG Americas Securities LLC boosted its holdings in Hershey by 239.2% in the first quarter. SG Americas Securities LLC now owns 22,035 shares of the company’s stock worth $4,286,000 after purchasing an additional 15,538 shares during the period. Sei Investments Co. lifted its stake in Hershey by 2.2% in the first quarter. Sei Investments Co. now owns 54,540 shares of the company’s stock valued at $10,608,000 after buying an additional 1,168 shares during the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its stake in Hershey by 20.1% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 15,716 shares of the company’s stock valued at $2,986,000 after buying an additional 2,635 shares during the last quarter. Institutional investors and hedge funds own 57.96% of the company’s stock.

Analyst Ratings Changes

HSY has been the topic of several research reports. The Goldman Sachs Group initiated coverage on shares of Hershey in a report on Monday, August 12th. They issued a “sell” rating and a $185.00 price target on the stock. Redburn Atlantic initiated coverage on shares of Hershey in a report on Tuesday, October 22nd. They issued a “sell” rating and a $165.00 price target on the stock. Citigroup lowered shares of Hershey from a “neutral” rating to a “sell” rating and cut their price target for the company from $195.00 to $182.00 in a report on Tuesday, August 27th. JPMorgan Chase & Co. cut their price target on shares of Hershey from $188.00 to $180.00 and set a “neutral” rating on the stock in a report on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective 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. Five investment 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 currently has an average rating of “Hold” and a consensus price target of $190.56.

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.