Nationwide Fund Advisors lowered its stake in shares of Hershey Co (NYSE:HSY) by 26.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 88,257 shares of the company’s stock after selling 30,972 shares during the quarter. Nationwide Fund Advisors owned approximately 0.06% of Hershey worth $9,635,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Acadian Asset Management LLC boosted its stake in shares of Hershey by 35.1% in the 2nd quarter. Acadian Asset Management LLC now owns 8,470 shares of the company’s stock valued at $909,000 after purchasing an additional 2,201 shares during the last quarter. Strs Ohio boosted its stake in shares of Hershey by 9.1% in the 2nd quarter. Strs Ohio now owns 19,956 shares of the company’s stock valued at $2,142,000 after purchasing an additional 1,666 shares during the last quarter. NGAM Advisors L.P. bought a new position in shares of Hershey in the 2nd quarter valued at about $1,082,000. CIBC Asset Management Inc boosted its stake in shares of Hershey by 4.3% in the 2nd quarter. CIBC Asset Management Inc now owns 18,793 shares of the company’s stock valued at $2,018,000 after purchasing an additional 779 shares during the last quarter. Finally, Bessemer Group Inc. boosted its stake in shares of Hershey by 19.1% in the 2nd quarter. Bessemer Group Inc. now owns 2,123 shares of the company’s stock valued at $228,000 after purchasing an additional 341 shares during the last quarter. 51.32% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently weighed in on HSY. Zacks Investment Research raised shares of Hershey from a “hold” rating to a “buy” rating and set a $122.00 price objective on the stock in a research note on Monday, October 2nd. Susquehanna Bancshares set a $113.00 price objective on shares of Hershey and gave the stock a “hold” rating in a research note on Thursday, October 26th. UBS reduced their price objective on shares of Hershey from $110.00 to $106.00 and set a “neutral” rating on the stock in a research note on Friday, October 27th. BMO Capital Markets reissued a “hold” rating and set a $105.00 price objective on shares of Hershey in a research note on Friday, October 27th. Finally, Citigroup raised their target price on shares of Hershey from $126.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, October 27th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company’s stock. Hershey presently has an average rating of “Hold” and a consensus target price of $113.35.
In other news, insider Michele Buck sold 400 shares of the business’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $108.00, for a total value of $43,200.00. Following the completion of the sale, the insider now owns 165,297 shares of the company’s stock, valued at $17,852,076. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP D Michael Wege sold 1,100 shares of the business’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $110.26, for a total transaction of $121,286.00. The disclosure for this sale can be found here. Insiders sold 34,049 shares of company stock valued at $3,715,013 over the last three months. 0.92% of the stock is owned by company insiders.
Hershey Co (NYSE:HSY) traded up $1.00 during trading hours on Thursday, hitting $113.76. 795,300 shares of the company traded hands, compared to its average volume of 1,029,853. Hershey Co has a twelve month low of $97.66 and a twelve month high of $116.49. The company has a quick ratio of 0.55, a current ratio of 0.95 and a debt-to-equity ratio of 2.45. The company has a market capitalization of $23,754.92, a PE ratio of 23.01, a PEG ratio of 3.07 and a beta of 0.39.
Hershey (NYSE:HSY) last released its earnings results on Thursday, October 26th. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.04. Hershey had a net margin of 9.52% and a return on equity of 124.06%. The business had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same period last year, the business earned $1.29 earnings per share. The firm’s revenue was up 1.5% on a year-over-year basis. research analysts predict that Hershey Co will post 4.8 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 22nd will be paid a $0.656 dividend. The ex-dividend date is Tuesday, November 21st. This represents a $2.62 annualized dividend and a dividend yield of 2.31%. Hershey’s dividend payout ratio is presently 77.98%.
Hershey announced that its Board of Directors has initiated a share buyback plan on Thursday, October 26th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
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The Hershey Company is a producer of chocolate in North America. The Company’s principal product offerings include chocolate and non-chocolate confectionery products; gum and mint refreshment products; pantry items, such as baking ingredients and beverages, and snack items, such as spreads, meat snacks, bars and snack bites and mixes.
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