Sun Sep 15 16:08:53 UTC 2024: ## Hershey’s Stock Sees Mixed Activity as Zions Bancorp Reduces Stake

**New York, NY** – The Hershey Company (NYSE:HSY) stock witnessed a mixed bag of activity in the second quarter as several hedge funds adjusted their holdings. Notably, Zions Bancorporation N.A. decreased its stake in the confectionery giant by 37.8%, selling 957 shares, leaving them with 1,578 shares valued at $290,000.

However, other funds showed bullish sentiment. Raleigh Capital Management Inc. increased its stake by 20.6%, GHP Investment Advisors Inc. by 55.0%, and Sound Income Strategies LLC by 13.3%. Wesbanco Bank Inc. and Integrated Advisors Network LLC also added to their holdings. Institutional investors collectively own 57.96% of Hershey’s stock.

Despite the mixed activity, several brokerages have weighed in on Hershey’s future prospects. Sanford C. Bernstein cut their target price but maintained an “outperform” rating, while Bank of America lowered their price objective and assigned a “neutral” rating. Citigroup downgraded the stock to a “sell” rating and lowered their target price, while Piper Sandler and JPMorgan Chase & Co. maintained a “neutral” rating.

Overall, analysts hold a “Hold” consensus rating for Hershey, with a target price of $203.21. The company’s recent earnings report revealed a miss on earnings per share, with a 16.7% drop in revenue compared to the same quarter last year.

Hershey’s stock opened at $200.83 on Friday, with a market capitalization of $40.63 billion. The company also announced a quarterly dividend of $1.37 per share, payable on September 16th.

Insider trading activity saw both the Chief Accounting Officer and the Chief Financial Officer selling shares in recent months. However, corporate insiders still own 0.34% of the company’s stock.

The Hershey Company remains a significant player in the confectionery and pantry items market, operating through three segments: North America Confectionery, North America Salty Snacks, and International.

For more insights on Hershey’s stock performance and hedge fund holdings, visit HoldingsChannel.com.

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