Hershey called top 2013 pick in Food Manufacturing at JPMorgan JPMorgan calls Hershey its top pick for 2013 in Food Manufacturing and Retail given its expectations for margin expansion and confidence in the company's Brookside brand. The firm raised its price target for shares to $88 from $86 and keeps an Overweight rating on the name.
Hershey CEO says open to growing through M&A Hershey CEO John P. Bilbrey, speaking on the company's Q4 earnings call, said the company's balance sheet and cash flows remain strong, adding "we'll continue to be disciplined and open to sources of growth via M&A."
Hershey announces $500M share repurchase authorization Hershey announced that its board has approved an additional $500M stock repurchase authorization to repurchase shares of its Common Stock. Purchases under the new authorization will commence after the current program is completed. Hershey is authorized to purchase its outstanding shares in open market and privately negotiated transactions. The program has no expiration date and acquired shares of the Common Stock will be held as treasury shares. Similar to prior programs, approved share repurchase authorizations are in addition to Hershey's practice of buying back shares sufficient to offset those issued under incentive compensation plans.