Summit Global Investments raised its stake in shares of Hershey Co (NYSE:HSY) by 12.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 127,674 shares of the company’s stock after acquiring an additional 13,770 shares during the quarter. Hershey makes up 2.2% of Summit Global Investments’ portfolio, making the stock its 6th largest holding. Summit Global Investments’ holdings in Hershey were worth $17,112,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of HSY. APG Asset Management N.V. lifted its holdings in shares of Hershey by 145.7% during the second quarter. APG Asset Management N.V. now owns 2,718,679 shares of the company’s stock valued at $319,972,000 after acquiring an additional 1,612,100 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Hershey by 60.0% during the second quarter. Renaissance Technologies LLC now owns 4,240,564 shares of the company’s stock valued at $568,363,000 after acquiring an additional 1,589,800 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of Hershey by 34,749.1% during the second quarter. Nuveen Asset Management LLC now owns 1,015,850 shares of the company’s stock valued at $136,154,000 after acquiring an additional 1,012,935 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Hershey by 4.8% during the second quarter. Vanguard Group Inc. now owns 11,780,343 shares of the company’s stock valued at $1,578,920,000 after acquiring an additional 537,363 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of Hershey by 236.7% during the second quarter. Robeco Institutional Asset Management B.V. now owns 689,182 shares of the company’s stock valued at $92,368,000 after acquiring an additional 484,496 shares during the period. 53.60% of the stock is owned by institutional investors.
Shares of Hershey stock traded down $2.29 during trading on Wednesday, reaching $153.37. The company’s stock had a trading volume of 976,708 shares, compared to its average volume of 1,245,415. The stock has a 50-day moving average price of $155.51 and a two-hundred day moving average price of $135.33. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 1.71. Hershey Co has a one year low of $99.15 and a one year high of $162.20. The stock has a market capitalization of $32.46 billion, a P/E ratio of 28.61, a price-to-earnings-growth ratio of 3.66 and a beta of 0.06.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 23rd were given 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 was Thursday, August 22nd. Hershey’s dividend payout ratio (DPR) is presently 57.65%.
HSY has been the subject of a number of analyst reports. BMO Capital Markets lifted their price objective on Hershey to $133.00 and gave the company a “market perform” rating in a report on Friday, July 26th. Bank of America reaffirmed a “buy” rating and issued a $165.00 price target (up from $152.00) on shares of Hershey in a report on Friday, July 26th. Evercore ISI started coverage on Hershey in a report on Tuesday, June 11th. They issued an “in-line” rating and a $145.00 price target for the company. Piper Jaffray Companies cut Hershey from a “neutral” rating to an “underweight” rating and lifted their price target for the company from $122.00 to $125.00 in a report on Wednesday, June 19th. Finally, Citigroup lifted their price target on Hershey from $140.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $141.93.
In related news, major shareholder Hershey Trust Co sold 3,100 shares of Hershey stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $158.38, for a total value of $490,978.00. Following the completion of the sale, the insider now directly owns 83,230 shares in the company, valued at $13,181,967.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michele Buck sold 1,500 shares of Hershey stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $138.57, for a total value of $207,855.00. Following the completion of the sale, the chief executive officer now owns 158,429 shares of the company’s stock, valued at $21,953,506.53. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,600 shares of company stock valued at $3,611,368. Corporate insiders own 0.41% of the company’s stock.
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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