Convergence Investment Partners LLC lowered its stake in shares of Hershey Co (NYSE:HSY) by 12.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,176 shares of the company’s stock after selling 1,814 shares during the period. Convergence Investment Partners LLC’s holdings in Hershey were worth $1,766,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in HSY. JPMorgan Chase & Co. raised its stake in shares of Hershey by 365.2% during the 1st quarter. JPMorgan Chase & Co. now owns 953,783 shares of the company’s stock worth $109,523,000 after purchasing an additional 748,757 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of Hershey by 236.7% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 689,182 shares of the company’s stock worth $92,368,000 after purchasing an additional 484,496 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Hershey by 75.8% during the 1st quarter. Bank of Montreal Can now owns 915,365 shares of the company’s stock worth $105,111,000 after purchasing an additional 394,684 shares in the last quarter. BlackRock Inc. raised its stake in shares of Hershey by 2.8% during the 1st quarter. BlackRock Inc. now owns 14,146,007 shares of the company’s stock worth $1,624,385,000 after purchasing an additional 381,334 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of Hershey by 17.5% during the 1st quarter. Janus Henderson Group PLC now owns 2,224,400 shares of the company’s stock worth $255,428,000 after purchasing an additional 331,806 shares in the last quarter. Institutional investors own 53.72% of the company’s stock.
HSY traded up $1.26 during trading hours on Friday, reaching $152.95. The company’s stock had a trading volume of 8,862 shares, compared to its average volume of 1,207,847. Hershey Co has a 52 week low of $95.81 and a 52 week high of $153.90. The company’s 50-day simple moving average is $141.02. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 1.71. The firm has a market cap of $31.90 billion, a price-to-earnings ratio of 28.58, a PEG ratio of 3.32 and a beta of 0.11.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 23rd will be issued a $0.773 dividend. This represents a $3.09 dividend on an annualized basis and a yield of 2.02%. This is a positive change from Hershey’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Thursday, August 22nd. Hershey’s dividend payout ratio is currently 53.92%.
In other Hershey news, major shareholder Hershey Trust Co sold 10,000 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $152.82, for a total value of $1,528,200.00. Following the transaction, the insider now directly owns 92,330 shares of the company’s stock, valued at approximately $14,109,870.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michele Buck sold 6,000 shares of the company’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $129.14, for a total value of $774,840.00. Following the completion of the transaction, the chief executive officer now directly owns 163,429 shares in the company, valued at $21,105,221.06. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 3,100 shares of company stock worth $401,990 and sold 3,325,954 shares worth $421,458,369. Corporate insiders own 0.41% of the company’s stock.
A number of brokerages have recently issued reports on HSY. Bank of America reiterated a “buy” rating and set a $165.00 price objective (up previously from $152.00) on shares of Hershey in a research note on Friday, July 26th. Citigroup upped their price objective on Hershey from $140.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. UBS Group upgraded Hershey from a “sell” rating to a “neutral” rating and increased their price target for the company from $100.00 to $145.00 in a research note on Monday, July 22nd. Piper Jaffray Companies cut Hershey from a “neutral” rating to an “underweight” rating and increased their price target for the company from $122.00 to $125.00 in a research note on Wednesday, June 19th. Finally, Credit Suisse Group increased their price target on Hershey from $130.00 to $155.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. Hershey currently has an average rating of “Hold” and an average price target of $138.71.
Hershey Company Profile
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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