Hershey (NYSE:HSY) Releases FY 2024 Earnings Guidance

Hershey (NYSE:HSY) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of -9.590 for the period, compared to the consensus earnings per share estimate of 9.580. The company issued revenue guidance of $11.4 billion-$11.4 billion, compared to the consensus revenue estimate of $11.4 billion. Hershey also updated its FY24 guidance to $9.49-9.59 EPS.

Hershey Price Performance

Shares of Hershey stock opened at $197.48 on Thursday. Hershey has a twelve month low of $178.82 and a twelve month high of $235.80. The stock has a market capitalization of $39.94 billion, a P/E ratio of 19.57, a PEG ratio of 4.83 and a beta of 0.36. The company has a current ratio of 0.97, a quick ratio of 0.64 and a debt-to-equity ratio of 0.92. The business’s fifty day moving average price is $189.84 and its 200 day moving average price is $192.61.

Hershey (NYSE:HSY) last issued its earnings results on Friday, May 3rd. The company reported $3.07 earnings per share for the quarter, beating analysts’ consensus estimates of $2.74 by $0.33. Hershey had a return on equity of 50.15% and a net margin of 18.13%. The firm had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.11 billion. During the same quarter last year, the firm earned $2.96 earnings per share. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. As a group, research analysts anticipate that Hershey will post 9.56 earnings per share for the current year.

Hershey Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 16th will be given a dividend of $1.37 per share. This represents a $5.48 dividend on an annualized basis and a dividend yield of 2.77%. Hershey’s payout ratio is 54.31%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Piper Sandler reaffirmed a neutral rating and issued a $179.00 price target on shares of Hershey in a report on Friday, June 21st. Deutsche Bank Aktiengesellschaft cut their target price on shares of Hershey from $197.00 to $192.00 and set a hold rating on the stock in a research note on Tuesday, July 23rd. Barclays reduced their price target on shares of Hershey from $210.00 to $204.00 and set an equal weight rating on the stock in a research report on Tuesday, June 18th. Edward Jones reaffirmed a hold rating on shares of Hershey in a research report on Friday, April 19th. Finally, Citigroup reduced their price target on shares of Hershey from $204.00 to $188.00 and set a neutral rating on the stock in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $204.89.

Insider Activity at Hershey

In related news, CFO Steven E. Voskuil sold 1,500 shares of Hershey stock in a transaction on Monday, June 24th. The shares were sold at an average price of $182.93, for a total value of $274,395.00. Following the completion of the sale, the chief financial officer now owns 35,728 shares of the company’s stock, valued at approximately $6,535,723.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders sold 4,500 shares of company stock valued at $867,450. Insiders own 0.34% of the company’s stock.

Hershey Company 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.