5 New Stock Picks of Billionaire David Harding

2. The Hershey Company (NYSE:HSY)

Number of Hedge Fund Holders: 40

The Hershey Company (NYSE:HSY) is an American manufacturer of chocolate and non-chocolate confectionery products and pantry items in the United States and internationally. David Harding added The Hershey Company (NYSE:HSY) to his Q1 portfolio by purchasing 16,096 shares worth $3.4 million. 

On April 28, The Hershey Company (NYSE:HSY) reported earnings for Q1 2022, posting an EPS of $2.53 and a revenue of $2.67 billion, exceeding market consensus estimates by $0.43 and $179.75 million, respectively. The company declared a $0.901 per share quarterly dividend, in line with previous. The dividend is payable on June 15, to shareholders of the company as of May 20. 

RBC Capital analyst Nik Modi on April 29 raised the price target on The Hershey Company (NYSE:HSY) to $237 from $214 and reiterated an Outperform rating on the shares. The company posted “impressive” Q1 results and lifted guidance despite a higher inflation outlook, the analyst told investors in a bullish thesis. He added that if elasticities hold up well through the year, he sees upside for The Hershey Company (NYSE:HSY) stock.

Among the hedge funds tracked by Insider Monkey, 40 funds were bullish on The Hershey Company (NYSE:HSY) at the end of March 2022, compared to 37 funds in the earlier quarter. Cliff Asness’ AQR Capital Management held a prominent position in the company, consisting of 794,475 shares worth $172.10 million.