5 Blue Chip Stocks to Buy According to Billionaire Jim Simons

4. The Hershey Company (NYSE:HSY)

Renaissance Technologies Stake Value: $789 million

Percentage of Renaissance Technologies’ Portfolio: 0.93%

Number of Hedge Fund Holders: 43

The Hershey Company (NYSE:HSY) is the top U.S. confectionery maker and controls around 46% of the domestic chocolate market. Over the past 85 years, the company’s product line has evolved to include 100 brands, including Reese’s, Kit Kat, Kisses, and Ice Breakers. Hershey’s goods are offered in around 80 countries, although only a high-single-digit percentage of sales come from international markets, such as Brazil, India, and Mexico.

Recently, Cowen analyst Brian Holland initiated coverage of The Hershey Company (NYSE:HSY) with a Market Perform rating and $238 price objective. The analyst believes that the market has adequately valued the company’s “excellent execution, successful diversification, best-in-class margins, pricing power, and reduced relative overseas exposure.” In addition, Holland’s brand reinvestment “should keep margins under control,” the analyst informed investors in a research report.

At the end of Q2 2022, 43 hedge funds tracked by Insider Monkey owned The Hershey Company (NYSE:HSY). Renaissance Technologies was the stock’s leading stakeholder in Q2, owning The Hershey Company (NYSE:HSY) shares worth over $789 million.