Pictet Asset Management Holding SA Cuts Holdings in The Hershey Company (NYSE:HSY)

Pictet Asset Management Holding SA cut its holdings in The Hershey Company (NYSE:HSY) by 3.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,428 shares of the company’s stock after selling 2,587 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Hershey were worth $11,080,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Nomura Asset Management Co. Ltd. boosted its position in shares of Hershey by 1.2% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 68,287 shares of the company’s stock worth $11,564,000 after purchasing an additional 796 shares in the last quarter. Broadway Wealth Solutions Inc. purchased a new stake in Hershey during the fourth quarter worth about $320,000. Norges Bank acquired a new position in Hershey during the fourth quarter worth about $5,618,000. Blair William & Co. IL increased its holdings in Hershey by 6.4% in the fourth quarter. Blair William & Co. IL now owns 39,387 shares of the company’s stock valued at $6,670,000 after buying an additional 2,365 shares in the last quarter. Finally, NEOS Investment Management LLC lifted its position in shares of Hershey by 25.6% during the 4th quarter. NEOS Investment Management LLC now owns 6,073 shares of the company’s stock valued at $1,028,000 after acquiring an additional 1,238 shares during the period. 57.96% of the stock is currently owned by hedge funds and other institutional investors.

Hershey Trading Down 3.4 %

NYSE HSY opened at $163.90 on Thursday. The company has a market cap of $33.18 billion, a P/E ratio of 15.04, a P/E/G ratio of 5.90 and a beta of 0.32. The Hershey Company has a 12 month low of $140.13 and a 12 month high of $211.92. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.96 and a quick ratio of 0.64. The company has a 50-day moving average of $164.97 and a 200-day moving average of $173.19.

Hershey (NYSE:HSY) last issued its quarterly earnings results 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%. As a group, equities analysts predict that The Hershey Company will post 6.12 earnings per share for the current year.

Hershey Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Monday, February 17th were paid 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 yield of 3.34%. Hershey’s dividend payout ratio is presently 50.28%.

Insiders Place Their Bets

In related news, CAO Jennifer Mccalman sold 278 shares of the 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 sale, the chief accounting officer now owns 2,682 shares of the company’s stock, valued at approximately $396,936. This represents a 9.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

HSY has been the subject of several research analyst reports. Bernstein Bank dropped their price objective on Hershey from $177.00 to $146.00 and set a “market perform” rating for the company in a research note on Wednesday, February 5th. Piper Sandler downgraded Hershey from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $153.00 to $120.00 in a research note on Friday, January 31st. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Hershey from $184.00 to $148.00 and set a “hold” rating on the stock in a research note on Thursday, January 23rd. JPMorgan Chase & Co. cut their target price on shares of Hershey from $171.00 to $151.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Finally, DA Davidson lowered their price target on shares of Hershey from $164.00 to $149.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. Five analysts have rated the stock with a sell rating and sixteen have given a hold rating to the stock. Based on data from MarketBeat.com, Hershey has an average rating of “Hold” and a consensus price target of $162.50.

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.