Hershey Co (HSY) Shares Sold by Synovus Financial Corp
Synovus Financial Corp lowered its position in shares of Hershey Co (NYSE:HSY) by 10.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,832 shares of the company’s stock after selling 211 shares during the quarter. Synovus Financial Corp’s holdings in Hershey were worth $210,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. boosted its position in Hershey by 8.4% during the fourth quarter. BlackRock Inc. now owns 13,764,673 shares of the company’s stock valued at $1,475,299,000 after acquiring an additional 1,070,632 shares during the last quarter. Vanguard Group Inc boosted its position in Hershey by 1.1% during the third quarter. Vanguard Group Inc now owns 10,862,696 shares of the company’s stock valued at $1,107,995,000 after acquiring an additional 116,765 shares during the last quarter. FMR LLC boosted its position in Hershey by 9.8% during the fourth quarter. FMR LLC now owns 6,142,122 shares of the company’s stock valued at $658,314,000 after acquiring an additional 550,341 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in Hershey by 10,179.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,456,662 shares of the company’s stock valued at $32,000 after acquiring an additional 3,423,036 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its position in Hershey by 17.5% during the first quarter. Janus Henderson Group PLC now owns 2,224,400 shares of the company’s stock valued at $255,428,000 after acquiring an additional 331,806 shares during the last quarter. 53.63% of the stock is currently owned by institutional investors and hedge funds.
HSY stock opened at $131.96 on Friday. The stock has a market cap of $27.31 billion, a PE ratio of 24.62, a P/E/G ratio of 2.87 and a beta of 0.18. The company has a current ratio of 0.92, a quick ratio of 0.59 and a debt-to-equity ratio of 2.27. Hershey Co has a 1 year low of $89.29 and a 1 year high of $132.00.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 24th will be issued a $0.722 dividend. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $2.89 dividend on an annualized basis and a dividend yield of 2.19%. Hershey’s dividend payout ratio is presently 53.92%.
In related news, major shareholder Hershey Trust Co Trustee In Tr sold 617,613 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $128.09, for a total value of $79,110,049.17. Following the sale, the insider now owns 1,199,988 shares in the company, valued at approximately $153,706,462.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Steven E. Voskuil bought 1,000 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was acquired at an average price of $129.14 per share, for a total transaction of $129,140.00. Following the acquisition, the chief financial officer now directly owns 1,000 shares in the company, valued at $129,140. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 3,100 shares of company stock worth $401,990 and sold 3,585,119 shares worth $451,408,885. Corporate insiders own 0.41% of the company’s stock.
A number of analysts have commented on the stock. Zacks Investment Research cut shares of Hershey from a “buy” rating to a “hold” rating in a research report on Friday, May 17th. Credit Suisse Group increased their price objective on shares of Hershey from $123.00 to $130.00 and gave the stock a “positive” rating in a research report on Thursday. UBS Group set a $100.00 price objective on shares of Hershey and gave the stock a “sell” rating in a research report on Friday, April 26th. Barclays increased their price objective on shares of Hershey from $103.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Friday, April 26th. Finally, BMO Capital Markets increased their price objective on shares of Hershey from $93.00 to $108.00 and gave the stock a “market perform” rating in a research report on Friday, April 26th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $113.91.
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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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