Covington Investment Advisors Inc. Trims Stock Position in The Hershey Company (NYSE:HSY)

Covington Investment Advisors Inc. lowered its holdings in The Hershey Company (NYSE:HSY - Free Report) by 15.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 27,651 shares of the company's stock after selling 4,940 shares during the quarter. Covington Investment Advisors Inc.'s holdings in Hershey were worth $4,683,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Daiwa Securities Group Inc. lifted its position in shares of Hershey by 11.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 18,127 shares of the company's stock worth $3,476,000 after buying an additional 1,877 shares during the last quarter. Avestar Capital LLC lifted its position in Hershey by 6.0% in the third quarter. Avestar Capital LLC now owns 1,175 shares of the company's stock valued at $225,000 after acquiring an additional 67 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Hershey by 29.1% in the third quarter. BNP Paribas Financial Markets now owns 227,715 shares of the company's stock valued at $43,671,000 after acquiring an additional 51,271 shares in the last quarter. Transamerica Financial Advisors Inc. grew its holdings in shares of Hershey by 91.8% during the third quarter. Transamerica Financial Advisors Inc. now owns 959 shares of the company's stock worth $184,000 after purchasing an additional 459 shares during the last quarter. Finally, Townsquare Capital LLC increased its position in shares of Hershey by 8.5% during the third quarter. Townsquare Capital LLC now owns 37,250 shares of the company's stock worth $7,144,000 after purchasing an additional 2,913 shares in the last quarter. Institutional investors and hedge funds own 57.96% of the company's stock.

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Hershey Price Performance

HSY stock traded down $0.75 during midday trading on Friday, hitting $169.87. 1,075,173 shares of the stock were exchanged, compared to its average volume of 1,788,113. 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 stock has a market cap of $34.38 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 5.90 and a beta of 0.32. The Hershey Company has a fifty-two week low of $140.13 and a fifty-two week high of $211.92. The stock's 50-day moving average price is $164.03 and its 200-day moving average price is $173.84.

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

Hershey Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Monday, February 17th were given a dividend of $1.37 per share. This represents a $5.48 annualized dividend and a yield of 3.23%. The ex-dividend date was Friday, February 14th. Hershey's payout ratio is 50.28%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft decreased their target price on Hershey from $184.00 to $148.00 and set a "hold" rating for the company in a research report on Thursday, January 23rd. Jefferies Financial Group lowered their target price on shares of Hershey from $150.00 to $134.00 and set an "underperform" rating on the stock in a research report on Tuesday, January 21st. Bank of America reiterated a "neutral" rating and issued a $180.00 price target on shares of Hershey in a research report on Thursday, December 12th. UBS Group lowered their price objective on shares of Hershey from $189.00 to $163.00 and set a "neutral" rating on the stock in a research report on Thursday, January 16th. Finally, Morgan Stanley started coverage on shares of Hershey in a report on Monday, March 24th. They issued an "equal weight" rating and a $183.00 target price for the company. Five analysts have rated the stock with a sell rating and sixteen have issued a hold rating to the company. According to data from MarketBeat, Hershey currently has a consensus rating of "Hold" and a consensus target price of $162.50.

Insider Transactions at Hershey

In related news, CAO Jennifer Mccalman sold 278 shares of the business's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $148.00, for a total value of $41,144.00. Following the completion of the transaction, the chief accounting officer now owns 2,682 shares of the company's stock, valued at approximately $396,936. The trade was a 9.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.34% of the company's stock.

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.