Readystate Asset Management LP Sells 266,139 Shares of Hershey Company (The) $HSY

Readystate Asset Management LP lowered its holdings in Hershey Company (The) (NYSE:HSY) by 67.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 129,513 shares of the company’s stock after selling 266,139 shares during the quarter. Hershey makes up 1.2% of Readystate Asset Management LP’s portfolio, making the stock its 15th biggest position. Readystate Asset Management LP owned 0.06% of Hershey worth $26,924,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of HSY. JPL Wealth Management LLC bought a new position in Hershey in the third quarter worth approximately $26,000. Reflection Asset Management purchased a new position in shares of Hershey in the 4th quarter valued at $26,000. Bard Associates Inc. bought a new position in shares of Hershey in the 4th quarter worth $26,000. Laurel Wealth Advisors LLC bought a new position in shares of Hershey in the 4th quarter worth $27,000. Finally, Manchester Capital Management LLC lifted its stake in shares of Hershey by 123.0% during the 4th quarter. Manchester Capital Management LLC now owns 165 shares of the company’s stock worth $30,000 after purchasing an additional 91 shares during the last quarter. 57.96% of the stock is currently owned by institutional investors.

Hershey Stock Performance

HSY opened at $183.53 on Wednesday. The firm’s 50-day moving average price is $179.94 and its 200-day moving average price is $196.93. The company has a market cap of $37.23 billion, a P/E ratio of 34.18, a price-to-earnings-growth ratio of 1.12 and a beta of 0.11. The company has a quick ratio of 0.77, a current ratio of 1.24 and a debt-to-equity ratio of 0.99. Hershey Company has a 52-week low of $161.43 and a 52-week high of $239.48.

Hershey (NYSE:HSY) last issued its quarterly earnings results on Thursday, April 30th. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.31. The business had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.03 billion. Hershey had a net margin of 9.12% and a return on equity of 28.98%. Hershey’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.09 EPS. As a group, equities analysts anticipate that Hershey Company will post 8.42 EPS for the current fiscal year.

Insider Buying and Selling at Hershey

In related news, CFO Steven E. Voskuil sold 1,500 shares of Hershey stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $170.00, for a total transaction of $255,000.00. Following the completion of the sale, the chief financial officer owned 53,195 shares of the company’s stock, valued at $9,043,150. The trade was a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on HSY shares. Stifel Nicolaus cut their target price on Hershey from $215.00 to $180.00 and set a “hold” rating on the stock in a research note on Wednesday, July 22nd. Mizuho decreased their price target on shares of Hershey from $195.00 to $185.00 and set a “neutral” rating for the company in a research report on Wednesday, May 20th. Morgan Stanley cut their price objective on shares of Hershey from $247.00 to $227.00 and set an “overweight” rating on the stock in a research report on Thursday, April 23rd. Wells Fargo & Company reduced their price objective on shares of Hershey from $220.00 to $200.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Finally, UBS Group lowered their target price on shares of Hershey from $200.00 to $190.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. Seven equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $208.28.

About Hershey

The Hershey Company (NYSE: HSY) is a leading North American chocolatier and snack manufacturer headquartered in Hershey, Pennsylvania. The company develops, produces and markets a wide range of confectionery and snack products for retail, foodservice and international customers. Hershey’s business spans manufacturing, branded product marketing, packaging and distribution across grocery, convenience, mass merchant and e-commerce channels.

Hershey’s product portfolio centers on chocolate and sugar confectionery, including core brands such as Hershey’s, Reese’s, Hershey’s Kisses and Twizzlers, alongside non-chocolate snacks and confectionery brands.