Cannon Financial Strategists Inc. Has $309,000 Stock Position in The Hershey Company (NYSE:HSY)

Cannon Financial Strategists Inc. reduced its position in The Hershey Company (NYSE:HSY) by 5.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,660 shares of the company’s stock after selling 100 shares during the quarter. Cannon Financial Strategists Inc.’s holdings in Hershey were worth $309,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in HSY. Allspring Global Investments Holdings LLC raised its position in Hershey by 107.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 17,609 shares of the company’s stock valued at $3,377,000 after acquiring an additional 9,129 shares in the last quarter. Wealth Alliance Advisory Group LLC bought a new position in shares of Hershey during the 3rd quarter valued at $283,000. Raymond James & Associates lifted its stake in shares of Hershey by 2.1% in the 3rd quarter. Raymond James & Associates now owns 279,572 shares of the company’s stock valued at $53,616,000 after purchasing an additional 5,872 shares during the last quarter. Blue Trust Inc. boosted its holdings in Hershey by 31.4% in the third quarter. Blue Trust Inc. now owns 1,068 shares of the company’s stock worth $196,000 after purchasing an additional 255 shares in the last quarter. Finally, Eliot Finkel Investment Counsel LLC boosted its stake in shares of Hershey by 33.8% during the 3rd quarter. Eliot Finkel Investment Counsel LLC now owns 15,760 shares of the company’s stock worth $3,022,000 after acquiring an additional 3,985 shares in the last quarter. 57.96% of the stock is owned by hedge funds and other institutional investors.

Hershey Price Performance

NYSE:HSY traded up $1.78 on Friday, reaching $185.68. The stock had a trading volume of 1,052,174 shares, compared to its average volume of 1,684,108. The company has a market capitalization of $37.55 billion, a P/E ratio of 18.40, a price-to-earnings-growth ratio of 5.44 and a beta of 0.37. The stock has a fifty day moving average price of $194.01 and a 200-day moving average price of $193.12. The company has a quick ratio of 0.48, a current ratio of 0.86 and a debt-to-equity ratio of 0.87. The Hershey Company has a 1-year low of $178.82 and a 1-year high of $211.92.

Hershey (NYSE:HSY) last released its quarterly earnings results on Thursday, August 1st. The company reported $1.27 EPS for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.17). Hershey had a return on equity of 45.36% and a net margin of 16.76%. The business had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter last year, the company earned $2.01 earnings per share. The firm’s revenue was down 16.7% on a year-over-year basis. Research analysts forecast that The Hershey Company will post 9.47 EPS for the current year.

Hershey Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 16th were given a dividend of $1.37 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $5.48 annualized dividend and a yield of 2.95%. Hershey’s dividend payout ratio (DPR) is 54.31%.

Insider Buying and Selling at Hershey

In other news, CFO Steven E. Voskuil sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $190.83, for a total transaction of $286,245.00. Following the transaction, the chief financial officer now directly owns 34,228 shares in the company, valued at approximately $6,531,729.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Jennifer Mccalman sold 538 shares of the business’s 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 completion of the sale, the chief accounting officer now owns 3,238 shares in the company, valued at $644,912.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Steven E. Voskuil sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $190.83, for a total value of $286,245.00. Following the completion of the transaction, the chief financial officer now owns 34,228 shares in the company, valued at approximately $6,531,729.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on HSY. JPMorgan Chase & Co. reduced their target price on Hershey from $188.00 to $180.00 and set a “neutral” rating for the company in a report on Monday, October 14th. The Goldman Sachs Group started coverage on shares of Hershey in a report on Monday, August 12th. They set a “sell” rating and a $185.00 price objective for the company. Argus downgraded shares of Hershey from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Hershey from $191.00 to $199.00 and gave the company a “hold” rating in a report on Tuesday, September 10th. Finally, UBS Group downgraded Hershey from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $226.00 to $209.00 in a research report on Monday, October 7th. Four analysts have rated the stock with a sell rating and sixteen have issued a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $195.00.

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.