First Allied Advisory Services Inc. Trims Stake in Hershey Co (HSY)
First Allied Advisory Services Inc. trimmed its stake in shares of Hershey Co (NYSE:HSY) by 8.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,135 shares of the company’s stock after selling 1,380 shares during the period. First Allied Advisory Services Inc.’s holdings in Hershey were worth $1,541,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the company. Alyeska Investment Group L.P. acquired a new position in Hershey in the third quarter valued at approximately $21,007,000. Scharf Investments LLC acquired a new position in Hershey in the third quarter valued at approximately $54,465,000. Accident Compensation Corp lifted its holdings in Hershey by 18.6% in the third quarter. Accident Compensation Corp now owns 29,931 shares of the company’s stock valued at $3,268,000 after buying an additional 4,700 shares during the period. Asset Management One Co. Ltd. lifted its holdings in Hershey by 1.0% in the third quarter. Asset Management One Co. Ltd. now owns 231,392 shares of the company’s stock valued at $25,233,000 after buying an additional 2,381 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Hershey by 16.3% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 50,064 shares of the company’s stock valued at $5,465,000 after buying an additional 7,000 shares during the period. Institutional investors own 51.32% of the company’s stock.
Hershey Co (HSY) opened at $113.20 on Friday. The firm has a market cap of $23,847.62, a price-to-earnings ratio of 23.10, a P/E/G ratio of 3.08 and a beta of 0.39. Hershey Co has a 12-month low of $98.12 and a 12-month high of $116.49. The company has a debt-to-equity ratio of 2.45, a current ratio of 0.95 and a quick ratio of 0.55.
Hershey (NYSE:HSY) last announced 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. The firm had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Hershey had a net margin of 9.52% and a return on equity of 124.06%. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.29 earnings per share. equities analysts forecast that Hershey Co will post 4.8 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 22nd will be paid a $0.656 dividend. This represents a $2.62 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Tuesday, November 21st. Hershey’s dividend payout ratio is currently 77.98%.
Hershey announced that its board has initiated a share repurchase program on Thursday, October 26th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
Several equities analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Hershey from a “hold” rating to a “buy” rating and set a $122.00 price objective 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 for the company 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 upped 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 investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $113.35.
In other Hershey news, VP Javier H. Idrovo sold 15,132 shares of the stock in a transaction on Wednesday, October 11th. The shares were sold at an average price of $110.04, for a total value of $1,665,125.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP D Michael Wege sold 1,100 shares of the stock in a transaction 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 completion of the sale, the senior vice president now owns 27,666 shares of the company’s stock, valued at approximately $3,027,490.38. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,049 shares of company stock valued at $3,715,013. Corporate insiders own 0.92% of the company’s stock.
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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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