CIBC World Markets Inc. Buys New Stake in Hershey Co (HSY)
CIBC World Markets Inc. bought a new position in shares of Hershey Co (NYSE:HSY) during the 4th quarter, HoldingsChannel reports. The firm bought 2,179 shares of the company’s stock, valued at approximately $247,000.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Janus Henderson Group PLC grew its position in Hershey by 15.4% during the third quarter. Janus Henderson Group PLC now owns 4,368,862 shares of the company’s stock worth $476,949,000 after buying an additional 582,715 shares during the period. APG Asset Management N.V. grew its position in shares of Hershey by 45.4% in the fourth quarter. APG Asset Management N.V. now owns 1,885,679 shares of the company’s stock valued at $178,251,000 after purchasing an additional 588,500 shares during the last quarter. Marathon Asset Management LLP grew its position in shares of Hershey by 39.2% in the fourth quarter. Marathon Asset Management LLP now owns 1,694,259 shares of the company’s stock valued at $192,322,000 after purchasing an additional 477,539 shares during the last quarter. First Eagle Investment Management LLC grew its position in shares of Hershey by 106.0% in the third quarter. First Eagle Investment Management LLC now owns 1,115,299 shares of the company’s stock valued at $121,757,000 after purchasing an additional 573,799 shares during the last quarter. Finally, Evercore Trust Company N.A. acquired a new stake in shares of Hershey in the third quarter valued at approximately $105,956,000. Institutional investors own 51.97% of the company’s stock.
Hershey Co (HSY) opened at $99.67 on Friday. The company has a debt-to-equity ratio of 2.21, a quick ratio of 0.60 and a current ratio of 0.96. The stock has a market cap of $21,430.00, a P/E ratio of 28.72, a P/E/G ratio of 2.10 and a beta of 0.26. Hershey Co has a one year low of $97.62 and a one year high of $116.49.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Friday, February 23rd will be paid a dividend of $0.656 per share. This represents a $2.62 annualized dividend and a dividend yield of 2.63%. The ex-dividend date is Thursday, February 22nd. Hershey’s payout ratio is 75.50%.
Hershey declared that its board has authorized a share buyback program on Thursday, October 26th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Several analysts have recently commented on the stock. Argus lowered their price target on shares of Hershey from $125.00 to $120.00 and set a “buy” rating on the stock in a research report on Tuesday, February 6th. Barclays lowered their price target on shares of Hershey from $110.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Friday, February 2nd. Morgan Stanley lowered their price target on shares of Hershey from $105.00 to $100.00 and set an “underweight” rating on the stock in a research report on Friday, February 2nd. Credit Suisse Group lowered shares of Hershey from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $129.00 to $115.00 in a research report on Friday, February 2nd. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $120.00 price target on shares of Hershey in a research report on Tuesday, January 30th. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. Hershey currently has an average rating of “Hold” and a consensus price target of $111.43.
In other Hershey news, CEO Michele Buck sold 400 shares of the stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $111.55, for a total transaction of $44,620.00. Following the transaction, the chief executive officer now owns 163,697 shares of the company’s stock, valued at $18,260,400.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $1,678,629.06. The disclosure for this sale can be found here. Insiders have sold 16,717 shares of company stock worth $1,812,429 in the last three months. Insiders own 0.92% of the company’s stock.
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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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