Parthenon LLC Purchases Shares of 2,100 Hershey Co. (HSY)
Parthenon LLC purchased a new position in shares of Hershey Co. (NYSE:HSY) during the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 2,100 shares of the company’s stock, valued at approximately $238,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp increased its stake in Hershey by 1.2% in the first quarter. State Street Corp now owns 6,333,795 shares of the company’s stock worth $583,282,000 after buying an additional 75,976 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Hershey by 1.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,186,582 shares of the company’s stock worth $385,542,000 after buying an additional 76,996 shares during the last quarter. BlackRock Fund Advisors increased its stake in Hershey by 7.8% in the first quarter. BlackRock Fund Advisors now owns 3,197,652 shares of the company’s stock worth $294,472,000 after buying an additional 231,618 shares during the last quarter. Renaissance Technologies LLC increased its stake in Hershey by 12.5% in the first quarter. Renaissance Technologies LLC now owns 2,493,937 shares of the company’s stock worth $229,667,000 after buying an additional 277,637 shares during the last quarter. Finally, BlackRock Group LTD increased its stake in Hershey by 14.6% in the first quarter. BlackRock Group LTD now owns 1,646,852 shares of the company’s stock worth $151,658,000 after buying an additional 210,412 shares during the last quarter. 53.11% of the stock is currently owned by hedge funds and other institutional investors.
Hershey Co. (NYSE:HSY) traded up 0.88% during midday trading on Wednesday, hitting $96.36. 1,062,668 shares of the stock traded hands. The company’s 50-day moving average is $105.25 and its 200-day moving average is $98.85. Hershey Co. has a one year low of $82.42 and a one year high of $117.79. The company has a market cap of $20.54 billion, a PE ratio of 28.22 and a beta of 0.20.
Hershey (NYSE:HSY) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.07. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.61 billion. Hershey had a net margin of 10.14% and a return on equity of 100.78%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.78 earnings per share. Equities research analysts expect that Hershey Co. will post $4.26 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, August 25th were paid a dividend of $0.618 per share. This is an increase from Hershey’s previous quarterly dividend of $0.58. The ex-dividend date was Tuesday, August 23rd. This represents a $2.47 annualized dividend and a dividend yield of 2.57%. Hershey’s dividend payout ratio is presently 72.22%.
HSY has been the subject of a number of recent research reports. Goldman Sachs Group Inc. reiterated a “neutral” rating and issued a $89.00 price objective on shares of Hershey in a report on Saturday, July 2nd. Zacks Investment Research upgraded shares of Hershey from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Royal Bank Of Canada cut their price target on shares of Hershey from $105.00 to $92.00 and set a “sector perform” rating for the company in a report on Wednesday, July 27th. Bank of America Corp. began coverage on shares of Hershey in a report on Tuesday, August 30th. They set an “underperform” rating and a $100.00 price target for the company. Finally, RBC Capital Markets restated a “sector perform” rating and set a $105.00 price target (up previously from $92.00) on shares of Hershey in a report on Wednesday, July 27th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently 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 company’s stock in a transaction that occurred on Thursday, June 30th. The shares were sold at an average price of $107.31, for a total transaction of $1,448,685.00. Following the transaction, the chief operating officer now owns 168,710 shares of the company’s stock, valued at $18,104,270.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP D Michael Wege sold 1,100 shares of the company’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $111.41, for a total transaction of $122,551.00. Following the transaction, the senior vice president now directly owns 27,188 shares in the company, valued at approximately $3,029,015.08. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.
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.
Want to see what other hedge funds are holding HSY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hershey Co. (NYSE:HSY).
Receive News & Ratings for Hershey Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hershey Co. and related companies with Analyst Ratings Network's FREE daily email newsletter.