Hershey price target raised to $89 from $83 at Citigroup Citigroup expects Hershey to report strong Q4 results on January 31 and sees significant upside potential to 2013 consensus estimates. The firm raised its 2013 earnings estimate by 4c to $3.60 and upped its price target for shares to $89. Citi reiterates a Buy rating on the stock.
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.