Hershey (NYSE:HSY) Issues FY 2024 Earnings Guidance

Hershey (NYSE:HSY) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided EPS guidance of 9.590-9.590 for the period, compared to the consensus EPS estimate of 9.570. The company issued revenue guidance of $11.4 billion-$11.5 billion, compared to the consensus revenue estimate of $11.5 billion.

Hershey Price Performance

NYSE HSY traded up $2.04 during trading on Friday, hitting $197.92. 3,394,457 shares of the stock traded hands, compared to its average volume of 1,991,283. The company has a market capitalization of $40.37 billion, a P/E ratio of 21.87, a price-to-earnings-growth ratio of 2.97 and a beta of 0.33. The firm has a 50-day simple moving average of $191.85 and a 200-day simple moving average of $190.72. The company has a quick ratio of 0.52, a current ratio of 0.97 and a debt-to-equity ratio of 0.92. Hershey has a 12-month low of $178.82 and a 12-month high of $275.89.

Hershey (NYSE:HSY) last released its quarterly earnings results on Friday, May 3rd. The company reported $3.07 earnings per share for the quarter, beating the consensus estimate of $2.72 by $0.35. The business had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.11 billion. Hershey had a return on equity of 51.79% and a net margin of 16.67%. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.96 EPS. As a group, analysts predict that Hershey will post 9.6 EPS for the current year.

Hershey Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 17th will be paid a $1.37 dividend. This represents a $5.48 annualized dividend and a dividend yield of 2.77%. Hershey’s payout ratio is 60.55%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on HSY. Stifel Nicolaus raised their price objective on Hershey from $195.00 to $205.00 and gave the company a hold rating in a research note on Thursday, January 25th. Piper Sandler decreased their price target on Hershey from $200.00 to $179.00 and set a neutral rating for the company in a research note on Monday, April 15th. Wells Fargo & Company decreased their price target on Hershey from $205.00 to $200.00 and set an equal weight rating for the company in a research note on Wednesday, April 17th. Citigroup decreased their price target on Hershey from $213.00 to $199.00 and set a neutral rating for the company in a research note on Thursday, April 11th. Finally, Royal Bank of Canada reissued a sector perform rating and set a $213.00 price target on shares of Hershey in a research note on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Hershey has a consensus rating of Hold and an average target price of $212.78.

Insider Activity

In other news, CFO Steven E. Voskuil sold 1,500 shares of Hershey stock in a transaction on Monday, March 25th. The stock was sold at an average price of $197.90, for a total value of $296,850.00. Following the transaction, the chief financial officer now directly owns 40,228 shares in the company, valued at approximately $7,961,121.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.34% 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.