Hershey (NYSE:HSY) Announces Quarterly Earnings Results

Hershey (NYSE:HSY) posted its quarterly earnings results on Friday. The company reported $3.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.74 by $0.33, RTT News reports. Hershey had a net margin of 16.67% and a return on equity of 51.79%. The business had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.11 billion. During the same period in the prior year, the firm earned $2.96 earnings per share. The firm’s revenue was up 8.9% compared to the same quarter last year. Hershey updated its FY 2024 guidance to 9.590-9.590 EPS.

Hershey Stock Performance

HSY traded up $2.04 during trading on Friday, reaching $197.92. 3,396,043 shares of the company’s stock were exchanged, compared to its average volume of 1,711,441. Hershey has a fifty-two week low of $178.82 and a fifty-two week high of $275.89. The company has a market capitalization of $40.37 billion, a P/E ratio of 21.87, a PEG ratio of 3.01 and a beta of 0.33. The company has a quick ratio of 0.52, a current ratio of 0.97 and a debt-to-equity ratio of 0.92. The business has a 50 day moving average price of $191.85 and a 200 day moving average price of $190.72.

Hershey Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 17th will be given a $1.37 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $5.48 annualized dividend and a yield of 2.77%. Hershey’s dividend payout ratio (DPR) is currently 60.55%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on HSY shares. Sanford C. Bernstein upgraded shares of Hershey from a “market perform” rating to an “outperform” rating and set a $235.00 price target on the stock in a report on Monday, January 29th. Stifel Nicolaus lifted their price target on Hershey from $195.00 to $205.00 and gave the company a “hold” rating in a report on Thursday, January 25th. Morgan Stanley downgraded Hershey from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $191.00 to $183.00 in a report on Monday, February 12th. Barclays boosted their target price on shares of Hershey from $200.00 to $210.00 and gave the stock an “equal weight” rating in a research report on Monday, February 12th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $213.00 price objective on shares of Hershey in a research note on Friday, March 15th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Hershey currently has a consensus rating of “Hold” and an average price target of $212.78.

Insider Transactions at Hershey

In related news, CFO Steven E. Voskuil sold 1,500 shares of the stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $185.83, for a total value of $278,745.00. Following the completion of the transaction, the chief financial officer now owns 38,728 shares of the company’s stock, valued at $7,196,824.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.34% of the stock is owned by insiders.

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.