Synovus Financial Corp Reduces Stock Position in The Hershey Company (NYSE:HSY)

Synovus Financial Corp trimmed its position in The Hershey Company (NYSE:HSY) by 13.2% during the third quarter, Holdings Channel.com reports. The firm owned 1,444 shares of the company’s stock after selling 219 shares during the period. Synovus Financial Corp’s holdings in Hershey were worth $277,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Ashton Thomas Securities LLC acquired a new stake in Hershey during the third quarter worth approximately $25,000. Capital Advisors Ltd. LLC boosted its holdings in shares of Hershey by 218.2% during the second quarter. Capital Advisors Ltd. LLC now owns 140 shares of the company’s stock worth $26,000 after purchasing an additional 96 shares during the last quarter. GHP Investment Advisors Inc. grew its position in shares of Hershey by 55.0% in the second quarter. GHP Investment Advisors Inc. now owns 155 shares of the company’s stock valued at $28,000 after purchasing an additional 55 shares during the period. Peterson Financial Group Inc. acquired a new position in Hershey in the third quarter valued at $46,000. Finally, Future Financial Wealth Managment LLC purchased a new position in Hershey during the third quarter worth about $48,000. 57.96% of the stock is owned by institutional investors and hedge funds.

Hershey Stock Performance

Hershey stock opened at $172.46 on Thursday. The Hershey Company has a 12-month low of $168.16 and a 12-month high of $211.92. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.85 and a quick ratio of 0.54. The company has a market capitalization of $34.90 billion, a price-to-earnings ratio of 19.87, a price-to-earnings-growth ratio of 4.24 and a beta of 0.37. The firm’s fifty day moving average price is $179.25 and its 200 day moving average price is $187.95.

Hershey Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, November 18th were given a dividend of $1.37 per share. This represents a $5.48 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date was Monday, November 18th. Hershey’s payout ratio is 63.13%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Mizuho lowered their price target on Hershey from $200.00 to $180.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Sanford C. Bernstein lowered shares of Hershey from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $230.00 to $205.00 in a research report on Monday, October 7th. JPMorgan Chase & Co. decreased their price target on shares of Hershey from $188.00 to $180.00 and set a “neutral” rating on the stock in a report on Monday, October 14th. Citigroup downgraded Hershey from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $195.00 to $182.00 in a report on Tuesday, August 27th. Finally, Redburn Atlantic initiated coverage on Hershey in a report on Tuesday, October 22nd. They issued a “sell” rating and a $165.00 target price on the stock. Six research analysts have rated the stock with a sell rating and thirteen have assigned a hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $185.17.

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.