Gofen & Glossberg LLC IL lessened its stake in Hershey Co (NYSE:HSY) by 37.2% in the third quarter, HoldingsChannel.com reports. The fund owned 14,834 shares of the company’s stock after selling 8,797 shares during the quarter. Gofen & Glossberg LLC IL’s holdings in Hershey were worth $1,513,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in HSY. FMR LLC boosted its holdings in Hershey by 42.5% in the 2nd quarter. FMR LLC now owns 5,089,056 shares of the company’s stock worth $473,587,000 after acquiring an additional 1,518,053 shares during the period. Bank of Montreal Can purchased a new position in Hershey in the 2nd quarter worth approximately $48,331,000. Mawer Investment Management Ltd. purchased a new position in Hershey in the 2nd quarter worth approximately $41,355,000. Morgan Stanley boosted its holdings in Hershey by 52.7% in the 2nd quarter. Morgan Stanley now owns 1,073,758 shares of the company’s stock worth $99,924,000 after acquiring an additional 370,478 shares during the period. Finally, Millennium Management LLC boosted its holdings in Hershey by 420.4% in the 1st quarter. Millennium Management LLC now owns 341,787 shares of the company’s stock worth $33,823,000 after acquiring an additional 276,105 shares during the period. Hedge funds and other institutional investors own 52.70% of the company’s stock.
Shares of HSY opened at $103.41 on Friday. Hershey Co has a 52-week low of $89.10 and a 52-week high of $115.82. The company has a market capitalization of $21.34 billion, a price-to-earnings ratio of 21.72, a price-to-earnings-growth ratio of 2.17 and a beta of 0.32. The company has a current ratio of 0.94, a quick ratio of 0.58 and a debt-to-equity ratio of 3.05.
Hershey (NYSE:HSY) last announced its earnings results on Thursday, July 26th. The company reported $1.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.04. Hershey had a return on equity of 108.82% and a net margin of 13.40%. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same period in the prior year, the company posted $1.09 EPS. Hershey’s quarterly revenue was up 5.3% on a year-over-year basis. Sell-side analysts expect that Hershey Co will post 5.36 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 14th. Shareholders of record on Friday, August 24th were given a $0.722 dividend. This represents a $2.89 dividend on an annualized basis and a dividend yield of 2.79%. This is a positive change from Hershey’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Thursday, August 23rd. Hershey’s dividend payout ratio is presently 60.71%.
A number of equities analysts have weighed in on the company. Morgan Stanley upped their price target on Hershey from $93.00 to $98.00 and gave the stock an “underweight” rating in a report on Friday, July 27th. Piper Jaffray Companies upped their price target on Hershey from $97.00 to $100.00 and gave the stock a “hold” rating in a report on Friday, July 27th. Zacks Investment Research upgraded Hershey from a “hold” rating to a “buy” rating and set a $106.00 price target for the company in a report on Wednesday, June 27th. Credit Suisse Group set a $85.00 price target on Hershey and gave the stock a “sell” rating in a report on Wednesday, August 29th. Finally, ValuEngine upgraded Hershey from a “sell” rating to a “hold” rating in a report on Wednesday, August 15th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $103.39.
In related news, insider Michele Buck sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, July 20th. The stock was sold at an average price of $92.26, for a total transaction of $138,390.00. Following the sale, the insider now directly owns 175,394 shares of the company’s stock, valued at approximately $16,181,850.44. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Patricia A. Little sold 17,589 shares of the company’s stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $103.00, for a total value of $1,811,667.00. Following the sale, the chief financial officer now directly owns 37,086 shares in the company, valued at $3,819,858. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 74,546 shares of company stock worth $7,668,954. 0.87% of the stock is currently owned by corporate insiders.
Hershey Company Profile
The Hershey Company, together with its subsidiaries, manufactures and sells confectionery products. The company operates through two segments, North America; and International and Other. It offers chocolate and non-chocolate confectionery products; gum and mint refreshment products comprising mints, chewing gums, and bubble gums; pantry items, such as baking ingredients, toppings, beverages, and sundae syrups; and snack items, including spreads, meat snacks, bars and snack bites, mixes, popcorn and protein bars, and cookies.
Further Reading: Closed-End Mutual Funds
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