Hershey Co (HSY) Stake Boosted by Accident Compensation Corp
Accident Compensation Corp lifted its holdings in Hershey Co (NYSE:HSY) by 18.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,931 shares of the company’s stock after acquiring an additional 4,700 shares during the period. Accident Compensation Corp’s holdings in Hershey were worth $3,268,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Geneva Advisors LLC lifted its position in shares of Hershey by 0.4% in the second quarter. Geneva Advisors LLC now owns 4,744 shares of the company’s stock worth $509,000 after buying an additional 19 shares in the last quarter. Obermeyer Wood Investment Counsel Lllp lifted its position in shares of Hershey by 0.3% in the second quarter. Obermeyer Wood Investment Counsel Lllp now owns 6,344 shares of the company’s stock worth $681,000 after buying an additional 19 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Hershey by 0.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,545 shares of the company’s stock worth $918,000 after buying an additional 39 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Hershey by 0.4% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 10,401 shares of the company’s stock worth $1,117,000 after buying an additional 42 shares in the last quarter. Finally, Advisor Partners LLC lifted its position in shares of Hershey by 2.2% in the second quarter. Advisor Partners LLC now owns 3,026 shares of the company’s stock worth $325,000 after buying an additional 66 shares in the last quarter. 51.32% of the stock is owned by hedge funds and other institutional investors.
Shares of Hershey Co (HSY) traded up $0.64 during mid-day trading on Wednesday, reaching $113.40. The company’s stock had a trading volume of 192,690 shares, compared to its average volume of 1,030,855. Hershey Co has a fifty-two week low of $97.51 and a fifty-two week high of $116.49. The company has a debt-to-equity ratio of 2.45, a quick ratio of 0.55 and a current ratio of 0.95. The stock has a market capitalization of $23,767.56, a P/E ratio of 23.02, a PEG ratio of 3.07 and a beta of 0.39.
Hershey announced that its Board of Directors has authorized a stock repurchase program on Thursday, October 26th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 22nd will be given a dividend of $0.656 per share. The ex-dividend date of this dividend is Tuesday, November 21st. This represents a $2.62 dividend on an annualized basis and a yield of 2.31%. Hershey’s dividend payout ratio (DPR) is presently 77.98%.
In other news, SVP D Michael Wege sold 15,517 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $108.18, for a total value of $1,678,629.06. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michele Buck sold 400 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $108.00, for a total value of $43,200.00. Following the completion of the sale, the insider now owns 165,697 shares in the company, valued at $17,895,276. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,449 shares of company stock worth $3,758,213. Company insiders own 0.92% of the company’s stock.
A number of equities research analysts recently commented on the company. Zacks Investment Research upgraded Hershey from a “hold” rating to a “buy” rating and set a $122.00 target price on the stock in a research report on Monday, October 2nd. Susquehanna Bancshares set a $113.00 target price on Hershey and gave the stock a “hold” rating in a research report on Thursday, October 26th. Sanford C. Bernstein upgraded Hershey from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $109.00 to $127.00 in a research report on Thursday, August 17th. BMO Capital Markets reiterated a “hold” rating and issued a $105.00 target price on shares of Hershey in a research report on Friday, October 27th. Finally, UBS decreased their target price on Hershey from $110.00 to $106.00 and set a “neutral” rating on the stock in a research report 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 stock. The company currently has an average rating of “Hold” and an average target price of $113.35.
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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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