Investment Management Corp of Ontario Increases Stake in The Hershey Company (NYSE:HSY)

Investment Management Corp of Ontario grew its stake in shares of The Hershey Company (NYSE:HSY) by 48.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,931 shares of the company’s stock after purchasing an additional 1,600 shares during the quarter. Investment Management Corp of Ontario’s holdings in Hershey were worth $946,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its holdings in Hershey by 2.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,387,715 shares of the company’s stock valued at $841,476,000 after purchasing an additional 109,336 shares during the period. Principal Financial Group Inc. increased its stake in shares of Hershey by 66.7% during the third quarter. Principal Financial Group Inc. now owns 972,836 shares of the company’s stock valued at $186,571,000 after buying an additional 389,404 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Hershey by 3.4% during the second quarter. Dimensional Fund Advisors LP now owns 787,377 shares of the company’s stock valued at $144,743,000 after acquiring an additional 25,780 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Hershey by 23.2% during the second quarter. Envestnet Asset Management Inc. now owns 783,128 shares of the company’s stock valued at $143,962,000 after acquiring an additional 147,215 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in Hershey by 31.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 586,565 shares of the company’s stock worth $112,491,000 after acquiring an additional 139,831 shares during the period. Hedge funds and other institutional investors own 57.96% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Hershey from $191.00 to $199.00 and gave the stock a “hold” rating in a report on Tuesday, September 10th. Royal Bank of Canada decreased their price target on shares of Hershey from $205.00 to $183.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Jefferies Financial Group cut their price objective on Hershey from $163.00 to $161.00 and set an “underperform” rating on the stock in a research report on Thursday, October 31st. The Goldman Sachs Group initiated coverage on Hershey in a research report on Monday, August 12th. They issued a “sell” rating and a $185.00 target price for the company. Finally, Redburn Atlantic started coverage on Hershey in a research note on Tuesday, October 22nd. They issued a “sell” rating and a $165.00 target price for the company. Five equities research analysts have rated the stock with a sell rating and fourteen have issued a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $189.33.

Hershey Stock Performance

Shares of Hershey stock opened at $174.80 on Friday. The Hershey Company has a 1 year low of $168.16 and a 1 year high of $211.92. The firm’s 50-day moving average is $181.00 and its 200 day moving average is $189.22. The stock has a market cap of $35.37 billion, a price-to-earnings ratio of 20.14, a PEG ratio of 4.30 and a beta of 0.37. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.85 and a quick ratio of 0.54.

Hershey Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, November 18th will be paid a $1.37 dividend. The ex-dividend date is Monday, November 18th. This represents a $5.48 annualized dividend and a dividend yield of 3.14%. Hershey’s dividend payout ratio is presently 63.13%.

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.