Form 4: Hershey Trust Sells Shares of The Hershey Company

The Hershey Trust Company, acting as trustee for the Milton Hershey School, executed a series of common stock sales between June 8 and June 10, 2026.

Summary

• The Hershey Trust Company sold a total of 23,673 shares of The Hershey Company (HSY) common stock over three days.
• Transactions occurred between June 8, 2026, and June 10, 2026.
• Sales were executed at weighted average prices ranging from approximately $173.99 to $183.39 per share.
• Following these transactions, the reporting person retains 1,456,119 shares of common stock directly and 39,630 shares indirectly.
• The reporting person maintains ownership of 54,612,012 shares of Class B common stock, which are convertible to common stock on a one-for-one basis.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event; it is a routine divestment by a major shareholder executed through a pre-planned 10b5-1 program.

Positives

• The transactions were conducted pursuant to a pre-arranged Rule 10b5-1(c) trading plan, indicating a structured and non-discretionary approach to liquidity.

Negatives

• The sale represents a reduction in the direct equity stake held by the primary institutional shareholder.

Risks

• Continued divestment by a major shareholder could exert downward pressure on the stock price due to increased supply in the market.

Future Outlook

No specific forward-looking guidance regarding future business operations or additional divestment plans was provided in this filing.

Industry Context

StockSavvy.ai notes that institutional divestment by long-term trusts is common for liquidity purposes and does not necessarily reflect a change in the underlying fundamental outlook for the confectionery industry.

Comparison to Industry Standards

• The use of Rule 10b5-1 trading plans is a standard governance practice for large shareholders to avoid potential insider trading concerns.

Related Party Transactions

• The reporting person is the Hershey Trust Company, which is wholly owned by the Milton Hershey School Trust and serves as its trustee.

Stakeholder Impact

• Shareholders may observe minor fluctuations in trading volume due to the sale of 23,673 shares.

Next Steps

• The reporting person will continue to hold 54,612,012 shares of Class B common stock.

Key Dates

Keywords

Hershey, HSY, Insider Trading, Form 4, Equity Sale, Milton Hershey School