Corebridge Financial Inc. Sells 2,053 Shares of The Hershey Company (NYSE:HSY)

Corebridge Financial Inc. lowered its stake in shares of The Hershey Company (NYSE:HSY - Free Report) by 5.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 35,200 shares of the company's stock after selling 2,053 shares during the quarter. Corebridge Financial Inc.'s holdings in Hershey were worth $5,961,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its holdings in shares of Hershey by 66.7% in the third quarter. Principal Financial Group Inc. now owns 972,836 shares of the company's stock valued at $186,571,000 after purchasing an additional 389,404 shares in the last quarter. Woodstock Corp boosted its position in Hershey by 34.8% in the 4th quarter. Woodstock Corp now owns 6,896 shares of the company's stock valued at $1,168,000 after buying an additional 1,780 shares during the last quarter. Elevate Capital Advisors LLC acquired a new stake in shares of Hershey in the 4th quarter valued at $1,939,000. Ethos Financial Group LLC raised its position in shares of Hershey by 59.8% during the fourth quarter. Ethos Financial Group LLC now owns 3,962 shares of the company's stock worth $671,000 after acquiring an additional 1,483 shares during the last quarter. Finally, HighTower Advisors LLC lifted its stake in shares of Hershey by 61.9% during the third quarter. HighTower Advisors LLC now owns 120,159 shares of the company's stock valued at $23,052,000 after acquiring an additional 45,936 shares during the period. Institutional investors own 57.96% of the company's stock.

Hershey Stock Up 1.7 %

HSY stock traded up $2.83 during mid-day trading on Thursday, hitting $166.78. 3,022,005 shares of the company were exchanged, compared to its average volume of 1,787,820. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.64 and a current ratio of 0.96. The Hershey Company has a 1-year low of $140.13 and a 1-year high of $211.92. The firm's 50 day simple moving average is $165.30 and its 200 day simple moving average is $173.14. The firm has a market cap of $33.76 billion, a P/E ratio of 15.30, a P/E/G ratio of 5.90 and a beta of 0.32.

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Hershey (NYSE:HSY - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The company reported $2.69 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.29. Hershey had a net margin of 19.83% and a return on equity of 44.77%. On average, sell-side analysts predict that The Hershey Company will post 6.12 EPS for the current fiscal year.

Hershey Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, February 17th were given a dividend of $1.37 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $5.48 annualized dividend and a dividend yield of 3.29%. Hershey's dividend payout ratio is currently 50.28%.

Analysts Set New Price Targets

HSY has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft lowered their price objective on Hershey from $184.00 to $148.00 and set a "hold" rating for the company in a research report on Thursday, January 23rd. DA Davidson lowered their price target on shares of Hershey from $164.00 to $149.00 and set a "neutral" rating for the company in a research report on Monday, February 10th. Morgan Stanley began coverage on shares of Hershey in a report on Monday, March 24th. They issued an "equal weight" rating and a $183.00 price objective on the stock. Piper Sandler lowered shares of Hershey from a "neutral" rating to an "underweight" rating and lowered their target price for the stock from $153.00 to $120.00 in a report on Friday, January 31st. Finally, Wells Fargo & Company upped their target price on shares of Hershey from $125.00 to $132.00 and gave the company an "underweight" rating in a research report on Friday, March 14th. Five investment analysts have rated the stock with a sell rating and sixteen have assigned a hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $162.50.

Insider Activity at Hershey

In other news, CAO Jennifer Mccalman sold 278 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $148.00, for a total transaction of $41,144.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,682 shares of the company's stock, valued at $396,936. This trade represents a 9.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is owned by insiders.

Hershey 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.