Hershey (NYSE:HSY) has been assigned a $124.00 price target by research analysts at Sanford C. Bernstein in a report issued on Tuesday. The brokerage presently has a “buy” rating on the stock. Sanford C. Bernstein’s price target would indicate a potential upside of 8.52% from the company’s previous close.
Other equities analysts also recently issued research reports about the company. Berenberg Bank upgraded Hershey from a “sell” rating to a “hold” rating and set a $90.00 price objective on the stock in a research note on Monday. Susquehanna Bancshares set a $113.00 price objective on Hershey and gave the company a “hold” rating in a research note on Monday. Citigroup upped their price objective on Hershey from $126.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, October 27th. Zacks Investment Research downgraded Hershey from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $105.00 price objective on shares of Hershey in a research note on Friday, October 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $113.15.
Hershey (HSY) opened at $114.26 on Tuesday. Hershey has a 12 month low of $100.62 and a 12 month high of $116.49. The company has a quick ratio of 0.55, a current ratio of 0.95 and a debt-to-equity ratio of 2.45. The company has a market capitalization of $24,045.64, a P/E ratio of 23.29, a P/E/G ratio of 3.10 and a beta of 0.39.
Hershey announced that its board has initiated a stock repurchase program on Thursday, October 26th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In other Hershey news, SVP D Michael Wege sold 1,100 shares of the stock in a transaction on Monday, October 16th. The stock was sold at an average price of $110.26, for a total transaction of $121,286.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michele Buck sold 400 shares of the stock in a transaction on Monday, November 27th. The stock was sold at an average price of $108.00, for a total value of $43,200.00. Following the sale, the insider now owns 164,497 shares in the company, valued at approximately $17,765,676. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,949 shares of company stock worth $3,594,640. Company insiders own 0.92% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC increased its holdings in shares of Hershey by 5.8% in the third quarter. Parametric Portfolio Associates LLC now owns 450,350 shares of the company’s stock worth $49,165,000 after purchasing an additional 24,726 shares during the period. Steward Partners Investment Advisory LLC bought a new position in shares of Hershey in the third quarter worth $442,000. Americafirst Capital Management LLC bought a new position in shares of Hershey in the third quarter worth $698,000. IFM Investors Pty Ltd bought a new position in shares of Hershey in the third quarter worth $481,000. Finally, Fieldpoint Private Securities LLC bought a new position in shares of Hershey in the third quarter worth $568,000. 51.24% of the stock is currently owned by hedge funds and other institutional investors.
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About Hershey
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.
