Jennison Associates LLC Decreases Holdings in The Hershey Company (NYSE:HSY)

Jennison Associates LLC decreased its holdings in The Hershey Company (NYSE:HSY) by 2.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 165,108 shares of the company’s stock after selling 3,712 shares during the period. Jennison Associates LLC’s holdings in Hershey were worth $27,961,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC grew its stake in shares of Hershey by 30,461.7% during the third quarter. International Assets Investment Management LLC now owns 573,643 shares of the company’s stock valued at $1,100,130,000 after buying an additional 571,766 shares during the last quarter. Principal Financial Group Inc. grew its position in Hershey by 66.7% during the 3rd quarter. Principal Financial Group Inc. now owns 972,836 shares of the company’s stock worth $186,571,000 after acquiring an additional 389,404 shares during the last quarter. State Street Corp increased its stake in Hershey by 5.8% in the 3rd quarter. State Street Corp now owns 7,029,551 shares of the company’s stock worth $1,348,127,000 after purchasing an additional 386,670 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Hershey by 31.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 586,565 shares of the company’s stock valued at $112,491,000 after purchasing an additional 139,831 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Hershey by 2.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,387,715 shares of the company’s stock valued at $841,476,000 after purchasing an additional 109,336 shares during the period. Institutional investors own 57.96% of the company’s stock.

Hershey Price Performance

Shares of NYSE HSY opened at $144.78 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.54 and a current ratio of 0.85. The company has a 50 day simple moving average of $166.37 and a two-hundred day simple moving average of $181.55. The Hershey Company has a fifty-two week low of $143.95 and a fifty-two week high of $211.92. The company has a market capitalization of $29.30 billion, a price-to-earnings ratio of 16.68, a P/E/G ratio of 4.30 and a beta of 0.38.

Hershey Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, November 18th were issued a $1.37 dividend. This represents a $5.48 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend was Monday, November 18th. Hershey’s dividend payout ratio (DPR) is 63.13%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on HSY. Redburn Atlantic assumed coverage on shares of Hershey in a research note on Tuesday, October 22nd. They issued a “sell” rating and a $165.00 target price on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Hershey from $184.00 to $148.00 and set a “hold” rating on the stock in a research report on Thursday, January 23rd. Wells Fargo & Company dropped their target price on shares of Hershey from $150.00 to $140.00 and set an “underweight” rating for the company in a report on Friday, January 17th. Stifel Nicolaus reduced their price target on Hershey from $180.00 to $170.00 and set a “hold” rating on the stock in a report on Friday, January 24th. Finally, Piper Sandler cut Hershey from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $153.00 to $120.00 in a report on Friday, January 31st. Seven research analysts have rated the stock with a sell rating and thirteen have issued a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $169.79.

Insiders Place Their Bets

In related news, CAO Jennifer Mccalman sold 278 shares of the company’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 transaction, the chief accounting officer now owns 2,682 shares in the company, valued at $396,936. The trade was a 9.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.29% of the company’s stock.

About Hershey

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.