Meridian Investment Counsel Inc. Purchases New Stake in The Hershey Company (NYSE:HSY)

Meridian Investment Counsel Inc. purchased a new stake in shares of The Hershey Company (NYSE:HSY) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,100 shares of the company’s stock, valued at approximately $356,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in HSY. Raymond James Financial Inc. bought a new stake in Hershey during the fourth quarter worth about $80,978,000. Principal Financial Group Inc. boosted its stake in shares of Hershey by 66.7% in the 3rd quarter. Principal Financial Group Inc. now owns 972,836 shares of the company’s stock worth $186,571,000 after buying an additional 389,404 shares during the last quarter. State Street Corp boosted its position in Hershey by 5.8% in the third quarter. State Street Corp now owns 7,029,551 shares of the company’s stock worth $1,348,127,000 after purchasing an additional 386,670 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Hershey by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,635,390 shares of the company’s stock worth $785,003,000 after buying an additional 247,675 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Hershey during the 4th quarter valued at $21,439,000. Hedge funds and other institutional investors own 57.96% of the company’s stock.

Hershey Stock Performance

Shares of HSY opened at $170.99 on Tuesday. The company’s 50 day simple moving average is $164.39 and its 200-day simple moving average is $173.48. The Hershey Company has a 12-month low of $140.13 and a 12-month high of $211.92. The company has a current ratio of 0.96, a quick ratio of 0.64 and a debt-to-equity ratio of 0.68. The firm has a market cap of $34.61 billion, a PE ratio of 15.69, a price-to-earnings-growth ratio of 5.90 and a beta of 0.32.

Hershey (NYSE:HSY) last announced its quarterly earnings data on Thursday, February 6th. The company reported $2.69 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.29. Hershey had a net margin of 19.83% and a return on equity of 44.77%. As a group, equities analysts predict that The Hershey Company will post 6.12 EPS for the current year.

Hershey Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Monday, February 17th were given a $1.37 dividend. The ex-dividend date was Friday, February 14th. This represents a $5.48 annualized dividend and a dividend yield of 3.20%. Hershey’s dividend payout ratio is presently 50.28%.

Analyst Ratings Changes

A number of research firms have weighed in on HSY. TD Cowen dropped their price target on shares of Hershey from $190.00 to $172.00 and set a “hold” rating for the company in a research report on Wednesday, January 8th. Morgan Stanley started coverage on Hershey in a report on Monday, March 24th. They set an “equal weight” rating and a $183.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on shares of Hershey from $171.00 to $151.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Wells Fargo & Company boosted their target price on Hershey from $125.00 to $132.00 and gave the company an “underweight” rating in a research report on Friday, March 14th. Finally, Bernstein Bank cut their price target on shares of Hershey from $177.00 to $146.00 and set a “market perform” rating on the stock in a report on Wednesday, February 5th. Five equities research analysts have rated the stock with a sell rating and sixteen have assigned a hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $162.50.

Insiders Place Their Bets

In related news, CAO Jennifer Mccalman sold 278 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $148.00, for a total value of $41,144.00. Following the sale, the chief accounting officer now directly owns 2,682 shares of the company’s stock, valued at approximately $396,936. This trade represents a 9.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.34% of the stock is currently owned by company insiders.

About Hershey

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.