Parthenon LLC Purchases Shares of 2,100 Hershey Co. (HSY)
Parthenon LLC purchased a new position in Hershey Co. (NYSE:HSY) during the second quarter, according to its most recent disclosure with the SEC. The fund purchased 2,100 shares of the company’s stock, valued at approximately $238,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Cleararc Capital Inc. increased its position in Hershey by 0.3% in the first quarter. Cleararc Capital Inc. now owns 3,512 shares of the company’s stock valued at $323,000 after buying an additional 9 shares during the period. Orrstown Financial Services Inc. boosted its stake in Hershey by 2.2% in the second quarter. Orrstown Financial Services Inc. now owns 940 shares of the company’s stock worth $107,000 after buying an additional 20 shares in the last quarter. FirstMerit Bank N A Trustee boosted its stake in Hershey by 1.3% in the first quarter. FirstMerit Bank N A Trustee now owns 3,229 shares of the company’s stock worth $297,000 after buying an additional 41 shares in the last quarter. 10 15 Associates Inc. boosted its stake in Hershey by 1.1% in the first quarter. 10 15 Associates Inc. now owns 4,205 shares of the company’s stock worth $387,000 after buying an additional 44 shares in the last quarter. Finally, Carroll Financial Associates Inc. boosted its stake in Hershey by 2.4% in the second quarter. Carroll Financial Associates Inc. now owns 2,106 shares of the company’s stock worth $239,000 after buying an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 53.11% of the company’s stock.
Shares of Hershey Co. (NYSE:HSY) traded up 0.88% on Wednesday, hitting $96.36. The company’s stock had a trading volume of 1,062,668 shares. Hershey Co. has a one year low of $82.42 and a one year high of $117.79. The stock has a 50-day moving average price of $105.25 and a 200 day moving average price of $98.85. The firm has a market cap of $20.54 billion, a price-to-earnings ratio of 28.22 and a beta of 0.20.
Hershey (NYSE:HSY) last posted its earnings results on Thursday, July 28th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.07. Hershey had a net margin of 10.14% and a return on equity of 100.78%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period in the prior year, the company posted $0.78 EPS. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities research analysts predict that Hershey Co. will post $4.26 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, August 25th were paid a $0.618 dividend. The ex-dividend date was Tuesday, August 23rd. This is a positive change from Hershey’s previous quarterly dividend of $0.58. This represents a $2.47 dividend on an annualized basis and a yield of 2.57%. Hershey’s dividend payout ratio (DPR) is currently 72.22%.
A number of research firms have commented on HSY. Vetr raised Hershey from a “hold” rating to a “strong-buy” rating and set a $112.59 price target on the stock in a report on Wednesday, August 31st. Zacks Investment Research raised Hershey from a “sell” rating to a “hold” rating in a report on Tuesday, June 14th. RBC Capital Markets reissued a “sector perform” rating and set a $105.00 price target (up from $92.00) on shares of Hershey in a report on Wednesday, July 27th. Tigress Financial cut Hershey from a “buy” rating to a “neutral” rating in a report on Monday, July 11th. Finally, Citigroup Inc. reissued a “buy” rating and set a $102.00 price target on shares of Hershey in a report on Wednesday, June 15th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Hershey presently has an average rating of “Hold” and an average target price of $100.50.
In related news, COO Michele Buck sold 13,500 shares of the firm’s stock in a transaction dated Thursday, June 30th. The shares were sold at an average price of $107.31, for a total value of $1,448,685.00. Following the transaction, the chief operating officer now directly owns 168,710 shares of the company’s stock, valued at approximately $18,104,270.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP D Michael Wege sold 1,100 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $111.41, for a total transaction of $122,551.00. Following the completion of the transaction, the senior vice president now directly owns 27,188 shares in the company, valued at $3,029,015.08. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by corporate insiders.
The Hershey Company is a producer of chocolate and non-chocolate confectionery. The Company’s principal confectionery offerings include gum and mint refreshment products; pantry items, such as baking ingredients, toppings and beverages, and snack items, such as spreads, meat snacks, bars, and snack bites and mixes.
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