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In the latest trading session, Hershey (HSY) closed at $197.63, marking a -0.83% move from the previous day. The stock's change was less than the S&P 500's daily loss of 0.29%. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 0.31%.
The chocolate bar and candy maker's shares have seen an increase of 0.69% over the last month, not keeping up with the Consumer Staples sector's gain of 3.54% and the S&P 500's gain of 1.57%.
Investors will be eagerly watching for the performance of Hershey in its upcoming earnings disclosure. The company is expected to report EPS of $2.78, up 6.92% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $3.13 billion, reflecting a 3.39% rise from the equivalent quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $9.49 per share and revenue of $11.36 billion, indicating changes of -1.04% and +1.78%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for Hershey. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.21% downward. At present, Hershey boasts a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Hershey has a Forward P/E ratio of 21 right now. For comparison, its industry has an average Forward P/E of 19.17, which means Hershey is trading at a premium to the group.
One should further note that HSY currently holds a PEG ratio of 5.79. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Food - Confectionery industry currently had an average PEG ratio of 3.94 as of yesterday's close.
The Food - Confectionery industry is part of the Consumer Staples sector. Currently, this industry holds a Zacks Industry Rank of 209, positioning it in the bottom 18% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
Hershey (HSY) closed the latest trading day at $198.46, indicating a -0.08% change from the previous session's end. The stock's change was less than the S&P 500's daily gain of 0.75%. On the other hand, the Dow registered a gain of 0.58%, and the technology-centric Nasdaq increased by 1%.
Heading into today, shares of the chocolate bar and candy maker had lost 0.99% over the past month, lagging the Consumer Staples sector's gain of 3.54% and the S&P 500's gain of 4.03% in that time.
The investment community will be paying close attention to the earnings performance of Hershey in its upcoming release. The company is expected to report EPS of $2.78, up 6.92% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $3.13 billion, indicating a 3.39% increase compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $9.50 per share and a revenue of $11.36 billion, indicating changes of -0.94% and +1.78%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for Hershey. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.11% lower. Hershey is currently a Zacks Rank #4 (Sell).
Looking at its valuation, Hershey is holding a Forward P/E ratio of 20.91. This represents a premium compared to its industry's average Forward P/E of 19.09.
It is also worth noting that HSY currently has a PEG ratio of 5.77. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The average PEG ratio for the Food - Confectionery industry stood at 3.92 at the close of the market yesterday.
The Food - Confectionery industry is part of the Consumer Staples sector. Currently, this industry holds a Zacks Industry Rank of 234, positioning it in the bottom 8% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
engages in the manufacturing and selling of confectionery products and pantry items. Based in Hershey, Pennsylvania, the company manufactures pantry items like baking ingredients, toppings and beverages, gum and mint refreshment products, snack bites and mixes, as well as spreads.
Companies valued at $10 billion or more are generally described as “large-cap” stocks, and Hershey fits this criterion perfectly. Hershey distinguishes itself as one of the largest chocolate manufacturers in the world and exports its products to approximately 80 countries worldwide. It owns various famous brands, including Hershey's, Reese's, Kit Kat, Jolly Rancher, and Ice Breakers.
Shares of HSY are trading 7.1% below their 7.9% return over the same time frame.
Moreover, in the long term, HSY stock is up 6.5% on a YTD basis, lagging behind XLP’s nearly 15% gain. Shares of HSY have declined 6.3% over the past 52 weeks, significantly underperforming XLP’s 15.5% return over the same time frame.
Yet, since late July, HSY has been trading above its 200-day and 50-day moving average, indicating a bullish trend.
Hershey has underperformed due to skyrocketing cocoa prices, which have more than tripled in three years due to poor crop conditions in Africa, and reduced consumer spending on discretionary items. However, despite missing Q2 revenues and earnings estimates on Aug. 1, the stock 2.7% gain on a YTD basis but has lagged behind MDLZ’s 4.2% return over the past 52 weeks.
As HSY has underperformed the broader sector, analysts remain cautious about its prospects. The stock has a consensus rating of “Hold” from the 21 analysts covering the stock, and the mean price target of $202.15 suggests only a 1.8% premium to its current levels.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
The S&P 500 Index Wednesday closed up by +1.07%, the Dow Jones Industrials Index closed up by +0.31%, and the Nasdaq 100 Index closed up by +2.17%.
Stocks on Wednesday recovered from early losses and settled higher, with the Nasdaq 100 climbing to a 1-week high. Strength in chip stocks on Wednesday led to gains in technology stocks and powered the overall market higher.
Wednesday’s as-expected US consumer price report initially weighed on stocks after the Aug US core CPI was unchanged from July at +3.2% y/y, well above the Fed’s +2.0% target. The stickiness of core prices boosted T-note yields and knocked the chances of a 50 bp rate cut at next week’s FOMC meeting down to 14% from 50% after the release of last Friday’s US payroll report.
US MBA mortgage applications rose +1.4% in the week ended September 6, with the purchase mortgage sub-index up +1.8% and the refinancing mortgage sub-index up +0.9%. The average 30-year fixed rate mortgage fell -14 bp to a 19-month low of 6.29% from 6.43% in the prior week.
US Aug CPI eased to +2.5% y/y from +2.9% y/y in July, right on expectations and the smallest increase in 3-1/2 years. However, Aug CPI ex-food and energy was unchanged from July at +3.2% y/y, right on expectations.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 14% for a -50 bp rate cut at that meeting.
Overseas stock markets Wednesday settled mixed. The Euro Stoxx 50 closed up +0.35%. China's Shanghai Composite fell to a 7-month low and closed down -0.82%. Japan's Nikkei Stock 225 closed down by -1.49%.
Interest Rates
December 10-year T-notes (ZNZ24) Wednesday closed down by -4 ticks. The 10-year T-note yield rose +1.1 bp to 3.653%. Dec T-notes Wednesday fell back from a 15-month high, and the 10-year T-note yield rebounded from a 15-month low of 3.603%. T-notes retreated after the US Aug core CPI rose +3.2% y/y, right on expectations but well above the Fed’s 2.0% price target. The core CPI report knocked the chances of a 50 bp rate cut at next week’s FOMC meeting down to 14% from 50% last Friday. The recovery in stocks on Wednesday also curbed safe-haven demand for T-notes.
T-notes Wednesday initially moved higher on carryover support from a rally in European government bonds as 10-year German bunds and 10-year UK gilts climbed to 5-week highs. T-notes also found support on strong demand for the Treasury’s $39 billion auction of reopened 10-year T-notes that had a bid-to-cover ratio of 2.64, well above the 10-auction average of 2.50.
European government bond yields on Wednesday moved lower. The 10-year German bund yield fell to a 5-week low of 2.085% and finished down -1.9 bp at 2.112%. The 10-year UK gilt fell to a 5-week low of 3.742% and finished down -5.8 bp at 3.761%.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 100% for the September 12 meeting.
US Stock Movers
Wednesday’s rally in chip stocks supported gains in the broader market. ARM Holdings Plc closed up more than +9% to lead gainers in the Nasdaq 100. Also, Nvidia closed up more than +8%, and Broadcom and ASML Holding NV closed up more than +6%. In addition, KLA Corp , Lam Research , Advanced Micro Devices , Marvell Technology , Micron Technology , and Applied Materials closed up more than +4%. Finally, Intel , ON Semiconductor Corp , and Qualcomm closed up more than +3%.
Health insurance stocks with Medicare Advantage plans fell for a second day Wednesday after Leerink Partners published a report Tuesday that said those plans might have a tougher time earning high-quality “star ratings” that drive bonus payments. As a result, Humana closed down more than -5% to lead losers in the S&P 500. Also, UnitedHealth Group and CVS Health Corp closed down more than -1%.
Defensive food manufacturers retreated Wednesday on the rally in the broader equity market. As a result, Conagra Brands closed down more than -4%, and Campbell Soup closed down more than -3%. Also, Hershey , Sysco , Hormel Foods , Tyson Foods , and General Mills closed down more than -2%.
Albemarle closed up more than +13% as lithium stocks rallied after UBS said CATL curtailed lithium production at its Jiangxi operation.
Starbucks closed up more than +5% after CEO Niccol said he is open to exploring a new joint venture partnership structure in China.
AES Corp closed up more than +8% after Jeffries initiated coverage on the stock with a recommendation of buy and a price target of $20.
Viking Therapeutics closed up more than +11% after JPMorgan Chase initiated coverage on the stock with a recommendation of overweight and a price target of $80.
Viridian Therapeutics closed up more than +5% after Needham & Co. raised its price target on the stock to $48 from $30.
William-Sonoma closed up more than +2% after Jeffries upgraded the stock to buy from hold with a price target of $156.
Trump Media & Technology closed down more than -10% following last night’s Harris-Trump debate, as the odds on the betting website PredictIt of Vice President Harris winning the presidency rose to 56% Wednesday morning from 53% before the debate.
GameStop closed down more than -12% after reporting Q2 net sales of $798.3 million, weaker than the consensus of $895.5 million.
Rollins Inc closed down more than -2% on negative carryover from a -20% plunge in peer Rentokil after it issued a surprise downgrade to its full-year growth estimates.
Earnings Reports (9/12/2024)
Adobe Inc (ADBE), Caleres Inc (CAL), IBEX Holdings Ltd (IBEX), Ispire Technology Inc (ISPR), Kroger Co/The (KR), Lovesac Co/The (LOVE), NexPoint Diversified Real Esta (NXDT), Radiant Logistics Inc (RLGT), RH (RH), Signet Jewelers Ltd (SIG), Value Line Inc (VALU).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
By Jonathan Stempel
Sept 5 (Reuters) - Hershey HSY.N urged a U.S. judge to dismiss a lawsuit claiming it misled consumers about several Reese's peanut butter candies, using its request to level a broadside against what it considers baseless class action litigation over product packaging.
In a Wednesday filing in Fort Lauderdale, Florida federal court, Hershey said no reasonable consumer could believe its Halloween- and Christmas-themed candies necessarily contained the "explicit carved out artistic designs" shown on packaging.
The consumers suing Hershey expressed disappointment with the lack of details on nine Reese's products, including pumpkin-shaped candies missing eyes and crooked mouths, and a football-shaped candy whose lack of stitching left it resembling an egg.
But Hershey said the four plaintiffs ignored disclaimers that such details were only a "DECORATING SUGGESTION," and other images that lacked such details.
The company called it unreasonable to focus only on images with decorative carvings as a "supposed guarantee" of how Reese's candies actually looked.
"This lawsuit is yet another in a growing trend of baseless class actions founded on nothing but a consumer's selective, subjective, and result-driven interpretation of one isolated aspect of a product's packaging without considering its full context," Hershey said.
"Not a single plaintiff claims the product was unfit for consumption or was anything other than what consumers have come to love and expect from this iconic brand--a delicious treat," it added.
A lawyer for the plaintiffs had no immediate comment on Thursday.
Many other consumer class actions target packaging claims, such as whether products qualify as all natural or contain enough of a particular ingredient.
The Florida plaintiffs suing Hershey, Nathan Vidal, Debra Kennick, Abdjul Martin and Eduardo Granados, are seeking at least $5 million in damages.
The case is Vidal et al v Hershey Co, U.S. District Court, Southern District of Florida, No. 24-60831.
(Reporting by Jonathan Stempel in New YorkEditing by Marguerita Choy)
(( jon.stempel@thomsonreuters.com ; +1 646 223 6317; Reuters Messaging: jon.stempel.thomsonreuters.com@reuters.net ))
Keywords: HERSHEY-LAWSUIT/REESE'S (PIX)
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