Gofen & Glossberg LLC IL lessened its position in shares of Hershey Co (NYSE:HSY) by 37.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. 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 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in HSY. FMR LLC raised its stake in shares of Hershey by 42.5% during the 2nd quarter. FMR LLC now owns 5,089,056 shares of the company’s stock worth $473,587,000 after buying an additional 1,518,053 shares during the last quarter. Bank of Montreal Can acquired a new position in Hershey in the 2nd quarter valued at about $48,331,000. Mawer Investment Management Ltd. acquired a new position in Hershey in the 2nd quarter valued at about $41,355,000. Morgan Stanley raised its stake in Hershey by 52.7% in the 2nd quarter. Morgan Stanley now owns 1,073,758 shares of the company’s stock valued at $99,924,000 after purchasing an additional 370,478 shares during the last quarter. Finally, Millennium Management LLC raised its stake in Hershey by 420.4% in the 1st quarter. Millennium Management LLC now owns 341,787 shares of the company’s stock valued at $33,823,000 after purchasing an additional 276,105 shares during the last quarter. 52.70% of the stock is owned by institutional investors and hedge funds.
In other news, SVP Kevin R. Walling sold 30,835 shares of the company’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $101.18, for a total transaction of $3,119,885.30. Following the completion of the transaction, the senior vice president now owns 57,611 shares of the company’s stock, valued at approximately $5,829,080.98. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Patricia A. Little sold 21,622 shares of the company’s stock in a transaction dated Monday, October 8th. The shares were sold at an average price of $106.00, for a total transaction of $2,291,932.00. Following the transaction, the chief financial officer now directly owns 58,708 shares of the company’s stock, valued at approximately $6,223,048. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,546 shares of company stock valued at $7,668,954. Corporate insiders own 0.87% of the company’s stock.
Hershey (NYSE:HSY) last posted its quarterly earnings data on Thursday, July 26th. The company reported $1.14 EPS for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.04. Hershey had a net margin of 13.40% and a return on equity of 108.82%. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter in the prior year, the company posted $1.09 EPS. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, analysts expect that Hershey Co will post 5.36 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Friday, August 24th were paid a dividend of $0.722 per share. The ex-dividend date was Thursday, August 23rd. This represents a $2.89 dividend on an annualized basis and a dividend yield of 2.79%. This is an increase from Hershey’s previous quarterly dividend of $0.66. Hershey’s dividend payout ratio is currently 60.71%.
Several research analysts recently weighed in on HSY shares. Zacks Investment Research raised shares of Hershey from a “hold” rating to a “buy” rating and set a $106.00 target price for the company in a research note on Wednesday, June 27th. Consumer Edge downgraded shares of Hershey from an “overweight” rating to an “equal weight” rating in a research note on Monday, July 9th. Stifel Nicolaus boosted their target price on shares of Hershey from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Friday, July 27th. Piper Jaffray Companies boosted their target price on shares of Hershey from $97.00 to $100.00 and gave the company a “hold” rating in a research note on Friday, July 27th. Finally, Credit Suisse Group boosted their target price on shares of Hershey from $80.00 to $85.00 and gave the company a “sell” rating in a research note on Friday, July 27th. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $103.39.
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.
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