Hershey Foods' (HSY) Jet Spotted in Buffett's Backyard - Analyst

June 24, 2021 9:55 AM EDT
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Price: $179.26 +1.33%

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Hershey Foods (NYSE: HSY) ticked higher as Gordon Haskett analyst Don Bilson highlighted that on June 12 there was a trip that Hershey's jet made to Omaha, which is of course Warren Buffett territory.

Bilson notes this is not a trip made by Hershey Foods in at least a year.

During the trip, the company's Challenger 604 stayed in Omaha for a couple of days, which, according to Bilson "is certainly enough time for anyone who made that trip to pay the Big Guy a visit."

Warren Buffett's Berkshire Hathaway is seen as a natural buyer for Hershey Foods, especially considering its Hershey Trust ownership structure - which controls 41% of the shares.

"Besides being an unapologetic junk food fan, Buffett has owned See’s Candies for 49 years," Bilson adds. "He also participated in the 2008 purchase of Wrigley that was spearheaded by Mars and we have long thought that he was the perfect buyer for HSY. More than that, he may be the only realistic buyer who would win approval from the Hershey Trust."

In 2016, Oreo and Cadbury owner Mondelez (NASDAQ: MDLZ) unsuccessfully tried to buy Hershey.

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