Griffin Asset Management Inc. purchased a new position in Hershey Co (NYSE:HSY) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,888 shares of the company’s stock, valued at approximately $1,734,000.
Other institutional investors have also recently made changes to their positions in the company. WFG Advisors LP lifted its holdings in shares of Hershey by 25.2% in the second quarter. WFG Advisors LP now owns 998 shares of the company’s stock worth $107,000 after buying an additional 201 shares in the last quarter. Sun Life Financial INC lifted its holdings in shares of Hershey by 12,637.5% in the second quarter. Sun Life Financial INC now owns 1,019 shares of the company’s stock worth $109,000 after buying an additional 1,011 shares in the last quarter. QCI Asset Management Inc. NY lifted its holdings in shares of Hershey by 10.8% in the second quarter. QCI Asset Management Inc. NY now owns 1,024 shares of the company’s stock worth $110,000 after buying an additional 100 shares in the last quarter. Fiduciary Trust Co. purchased a new stake in shares of Hershey in the second quarter worth about $125,000. Finally, Dupont Capital Management Corp purchased a new stake in shares of Hershey in the second quarter worth about $174,000. 51.32% of the stock is currently owned by hedge funds and other institutional investors.
In other Hershey news, SVP D Michael Wege sold 1,100 shares of the stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $109.43, for a total transaction of $120,373.00. Following the transaction, the senior vice president now directly owns 27,666 shares in the company, valued at $3,027,490.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Javier H. Idrovo sold 15,132 shares of the stock in a transaction that occurred on Wednesday, October 11th. The shares were sold at an average price of $110.04, for a total transaction of $1,665,125.28. The disclosure for this sale can be found here. Insiders have sold 34,049 shares of company stock worth $3,715,013 over the last quarter. Company insiders own 0.92% of the company’s stock.
Hershey (NYSE:HSY) last issued its quarterly earnings results on Thursday, October 26th. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates 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 for 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 business’s quarterly revenue was up 1.5% on a year-over-year basis. sell-side analysts forecast that Hershey Co will post 4.8 earnings per share for the current year.
Hershey declared that its Board of Directors has approved a share repurchase plan on Thursday, October 26th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 22nd will be given a dividend of $0.656 per share. This represents a $2.62 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Tuesday, November 21st. Hershey’s payout ratio is currently 77.98%.
A number of brokerages have recently issued reports on HSY. Zacks Investment Research raised shares of Hershey from a “hold” rating to a “buy” rating and set a $122.00 price target on the stock in a report on Monday, October 2nd. Susquehanna Bancshares set a $113.00 target price on shares of Hershey and gave the company a “hold” rating in a research note on Thursday, October 26th. UBS lowered their target price 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 reaffirmed a “hold” rating and issued a $105.00 target price 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 company a “buy” rating in a research note on Friday, October 27th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $113.35.
Hershey Company Profile
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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