Hershey (NYSE:HSY) Issues FY24 Earnings Guidance

Hershey (NYSE:HSY) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $9.00-9.10 for the period, compared to the consensus earnings per share estimate of $9.41. The company issued revenue guidance of ~$11.16 billion, compared to the consensus revenue estimate of $11.30 billion. Hershey also updated its FY 2024 guidance to 9.000-9.100 EPS.

Hershey Stock Down 3.3 %

Hershey stock opened at $170.90 on Thursday. Hershey has a fifty-two week low of $170.90 and a fifty-two week high of $211.92. 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 firm has a market capitalization of $34.57 billion, a price-to-earnings ratio of 19.65, a PEG ratio of 4.14 and a beta of 0.38. The company’s 50 day simple moving average is $189.89 and its 200 day simple moving average is $192.34.

Hershey Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, November 18th will be issued a $1.37 dividend. This represents a $5.48 annualized dividend and a dividend yield of 3.21%. Hershey’s dividend payout ratio (DPR) is 60.89%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. The Goldman Sachs Group initiated coverage on Hershey in a report on Monday, August 12th. They set a “sell” rating and a $185.00 target price on the stock. JPMorgan Chase & Co. decreased their price objective on Hershey from $188.00 to $180.00 and set a “neutral” rating for the company in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Hershey from $191.00 to $199.00 and gave the stock a “hold” rating in a report on Tuesday, September 10th. Bank of America reduced their price target on shares of Hershey from $200.00 to $195.00 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Finally, Redburn Atlantic began coverage on shares of Hershey in a report on Tuesday, October 22nd. They set a “sell” rating and a $165.00 price objective on the stock. Five analysts have rated the stock with a sell rating and fourteen have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $191.61.

Insider Activity

In other news, CAO Jennifer Mccalman sold 538 shares of the stock in a transaction on Monday, August 12th. The stock was 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 approximately $644,912.46. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.29% 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.