Meridian Wealth Management LLC Buys Shares of 1,742 The Hershey Company (NYSE:HSY)

Meridian Wealth Management LLC purchased a new position in shares of The Hershey Company (NYSE:HSY) in the 3rd quarter, Holdings Channel reports. The institutional investor purchased 1,742 shares of the company’s stock, valued at approximately $334,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. International Assets Investment Management LLC increased its position in Hershey by 30,461.7% during the third quarter. International Assets Investment Management LLC now owns 573,643 shares of the company’s stock worth $1,100,130,000 after buying an additional 571,766 shares in the last quarter. Confluence Investment Management LLC boosted its stake in shares of Hershey by 297.9% during the second quarter. Confluence Investment Management LLC now owns 717,831 shares of the company’s stock valued at $131,959,000 after acquiring an additional 537,419 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in Hershey during the 2nd quarter worth about $82,123,000. Principal Financial Group Inc. raised its stake in Hershey by 66.7% in the 3rd quarter. Principal Financial Group Inc. now owns 972,836 shares of the company’s stock valued at $186,571,000 after purchasing an additional 389,404 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in Hershey by 1,194.0% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 249,347 shares of the company’s stock valued at $45,837,000 after purchasing an additional 230,077 shares in the last quarter. 57.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

HSY has been the subject of a number of recent research reports. Sanford C. Bernstein downgraded shares of Hershey from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $230.00 to $205.00 in a report on Monday, October 7th. UBS Group downgraded Hershey from a “buy” rating to a “neutral” rating and cut their price target for the company from $226.00 to $209.00 in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft raised their price objective on Hershey from $191.00 to $199.00 and gave the stock a “hold” rating in a report on Tuesday, September 10th. Bank of America dropped their target price on Hershey from $200.00 to $195.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Finally, The Goldman Sachs Group initiated coverage on Hershey in a research note on Monday, August 12th. They issued a “sell” rating and a $185.00 price target on the stock. Five research analysts have rated the stock with a sell rating and fourteen have given a hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $189.33.

Hershey Stock Up 0.4 %

Shares of Hershey stock opened at $175.49 on Tuesday. The company has a fifty day moving average price of $184.00 and a 200 day moving average price of $190.73. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 0.76. The Hershey Company has a twelve month low of $168.16 and a twelve month high of $211.92. The stock has a market cap of $35.51 billion, a price-to-earnings ratio of 20.22, a price-to-earnings-growth ratio of 4.19 and a beta of 0.38.

Hershey Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, November 18th will be issued a dividend of $1.37 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $5.48 annualized dividend and a dividend yield of 3.12%. Hershey’s payout ratio is currently 63.13%.

Hershey Company Profile

The Hershey Company, together with its subsidiaries, engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally. The company operates through three segments: North America Confectionery, North America Salty Snacks, and International. It offers chocolate and non-chocolate confectionery products; gum and mint refreshment products, including mints, chewing gums, and bubble gums; protein bars; pantry items, such as baking ingredients, toppings, beverages, and sundae syrups; and snack items comprising spreads, bars, snack bites, mixes, popcorn, and pretzels.