Synovus Financial Corp raised its position in Hershey Co (NYSE:HSY) by 6.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,219 shares of the company’s stock after purchasing an additional 135 shares during the period. Synovus Financial Corp’s holdings in Hershey were worth $343,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently made changes to their positions in the business. American National Bank boosted its holdings in shares of Hershey by 1.4% in the 2nd quarter. American National Bank now owns 5,251 shares of the company’s stock valued at $704,000 after buying an additional 71 shares in the last quarter. Tdam USA Inc. boosted its holdings in shares of Hershey by 2.7% in the 2nd quarter. Tdam USA Inc. now owns 2,753 shares of the company’s stock valued at $369,000 after buying an additional 73 shares in the last quarter. Private Capital Group LLC boosted its holdings in shares of Hershey by 5.5% in the 2nd quarter. Private Capital Group LLC now owns 1,556 shares of the company’s stock valued at $145,000 after buying an additional 81 shares in the last quarter. Securian Asset Management Inc boosted its stake in Hershey by 0.6% during the 2nd quarter. Securian Asset Management Inc now owns 14,449 shares of the company’s stock worth $1,937,000 after purchasing an additional 82 shares during the period. Finally, Benedict Financial Advisors Inc. boosted its stake in Hershey by 0.4% during the 2nd quarter. Benedict Financial Advisors Inc. now owns 25,436 shares of the company’s stock worth $3,409,000 after purchasing an additional 92 shares during the period. 53.50% of the stock is currently owned by institutional investors.
A number of analysts recently weighed in on the stock. Sanford C. Bernstein cut shares of Hershey from an “outperform” rating to a “market perform” rating and set a $155.00 price target for the company. in a research note on Thursday, September 12th. They noted that the move was a valuation call. UBS Group set a $147.00 price target on shares of Hershey and gave the stock a “hold” rating in a research note on Friday, October 25th. Citigroup increased their price target on shares of Hershey from $140.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Royal Bank of Canada assumed coverage on shares of Hershey in a research note on Thursday, October 17th. They set a “sector perform” rating and a $158.00 price target for the company. Finally, Wells Fargo & Co increased their price target on shares of Hershey from $112.00 to $130.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 23rd. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $145.57.
Hershey (NYSE:HSY) last announced its quarterly earnings data on Thursday, October 24th. The company reported $1.61 EPS for the quarter, topping the Zacks’ consensus estimate of $1.60 by $0.01. The company had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.12 billion. Hershey had a net margin of 16.18% and a return on equity of 77.39%. Hershey’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.55 EPS. Research analysts forecast that Hershey Co will post 5.73 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.773 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.09 dividend on an annualized basis and a yield of 2.19%. Hershey’s payout ratio is currently 57.65%.
In other Hershey news, major shareholder Hershey Trust Co sold 3,100 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $158.38, for a total transaction of $490,978.00. Following the completion of the transaction, the insider now owns 83,230 shares in the company, valued at approximately $13,181,967.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michele Buck sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $155.13, for a total transaction of $232,695.00. Following the transaction, the chief executive officer now owns 155,429 shares of the company’s stock, valued at approximately $24,111,700.77. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,009 shares of company stock valued at $5,103,372. 0.41% of the stock is owned by insiders.
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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