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  4. [Form 4] HERSHEY CO Insider Trading Activity

Hershey Trust Company sells 30,000 Hershey shares

The Class B shares are convertible share-for-share into common stock at any time, without payment other than for conversion, and have no expiration date.

Available on EDGAR Accepted by SEC EDGAR
Filing Impact
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Filing Sentiment

Sentiment and the balance of points

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Form Type
4

Rhea-AI Filing Summary

Hershey Trust Company, trustee for the Milton Hershey School Trust, reported sales of 30,000 shares of The Hershey Company (HSY) from November 2 through November 4, 2026, under a Rule 10b5-1 plan. Reported weighted-average sale prices ranged from $165.7933 to $175.1572 per share. A November 2 position entry also lists 54,612,012 directly held Class B shares and 39,630 common shares held indirectly by Hershey Trust Company.

Insider HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL
Role 10% Owner
Sold 30,000 shs ($5.12M)
Type Security Shares Price Value
Sale Common Stock, $1.00 par value F12 119 $170.9246 $20K
Sale Common Stock, $1.00 par value F13 1,220 $171.4904 $209K
Sale Common Stock, $1.00 par value F14 158 $172.61 $27K
Sale Common Stock, $1.00 par value F15 300 $173.6129 $52K
Sale Common Stock, $1.00 par value F16 6,575 $174.5297 $1.15M
Sale Common Stock, $1.00 par value F17 1,628 $175.1572 $285K
Sale Common Stock, $1.00 par value F7 148 $165.7933 $25K
Sale Common Stock, $1.00 par value F8 1,128 $166.582 $188K
Sale Common Stock, $1.00 par value F9 7,486 $167.5732 $1.25M
Sale Common Stock, $1.00 par value F10 1,025 $168.2597 $172K
Sale Common Stock, $1.00 par value F11 213 $169.4342 $36K
Sale Common Stock, $1.00 par value F1 66 $166.8525 $11K
Sale Common Stock, $1.00 par value F2 795 $167.3711 $133K
Sale Common Stock, $1.00 par value F3 644 $168.3112 $108K
Sale Common Stock, $1.00 par value F4 1,853 $169.546 $314K
Sale Common Stock, $1.00 par value F5 3,318 $170.5931 $566K
Sale Common Stock, $1.00 par value F6 3,324 $171.2193 $569K
Holding Class B Common Stock, $1.00 par value F20, F19 -- -- --
Holding Common Stock, $1.00 par value F18 -- -- --
Holdings After Transaction: Common Stock, $1.00 par value — 436,119 shares (Direct); Class B Common Stock, $1.00 par value — 54,612,012 contracts (Direct); Common Stock, $1.00 par value — 39,630 shares (Indirect, By Hershey Trust Company)
Footnotes (20)
  1. F1. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $166.8226 to $166.8900, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  2. F2. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $167.0469 to $167.7629, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  3. F3. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $168.0281 to $168.9286, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  4. F4. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $169.0453 to $169.9840, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  5. F5. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $170.0034 to $170.9992, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  6. F6. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $171.0000 to $171.3500, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  7. F7. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $165.7900 to $165.7950, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  8. F8. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $166.0500 to $166.9926, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  9. F9. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $167.0400 to $167.9906, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  10. F10. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $168.0165 to $168.7417, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  11. F11. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $169.3791 to $169.4700, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  12. F12. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $170.9100 to $170.9942, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  13. F13. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $171.0400 to $171.8500, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  14. F14. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $172.2400 to $172.9800, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  15. F15. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $173.0900 to $173.8899, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  16. F16. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $174.0028 to $174.9891, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  17. F17. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $175.0200 to $175.2784, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
  18. F18. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.
  19. F19. All shares of Class B common stock, $1.00 par value convertible share-for-share into common stock, $1.00 par value, at any time, and without payment other than for the fact of conversion. There is no expiration date.
  20. F20. The conversion price is the market price of the Common Stock on the previous business day.
Common shares sold 30,000 shares Sales from November 2 through November 4, 2026
Reported sale transactions 17 transactions Reported sales from November 2 through November 4, 2026
Weighted-average sale prices $165.7933 to $175.1572 per share Reported sales from November 2 through November 4, 2026
Direct Class B common stock holding 54,612,012 shares Position entry dated November 2, 2026
Indirect common stock holding 39,630 shares Held indirectly by Hershey Trust Company; position entry dated November 2, 2026
weighted average price financial
"The Price reported in Column 4 is a weighted average price"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
Rule 10b5-1 plan regulatory
"The transactions were made under a Rule 10b5-1 plan"
A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.
convertible share-for-share financial
"convertible share-for-share into common stock"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many HSY shares did Hershey Trust Company sell, and at what prices?
Hershey Trust Company reported sales of 30,000 common shares from November 2 through November 4, 2026. The reported weighted-average prices ranged from $165.7933 to $175.1572 per share, and the transactions were made under a Rule 10b5-1 plan.

Are HSY Class B shares convertible into common stock?
Yes. The Class B shares are convertible share-for-share into common stock at any time, without payment other than for the fact of conversion, and there is no expiration date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →
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SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL
(Last)(First)(Middle)
1 EAST CHOCOLATE AVENUE
SUITE 400
(Street)
HERSHEY PENNSYLVANIA 17033
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
HERSHEY CO [ HSY ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
11/02/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock, $1.00 par value11/02/2026S66D$166.8525(1)466,053D
Common Stock, $1.00 par value11/02/2026S795D$167.3711(2)465,258D
Common Stock, $1.00 par value11/02/2026S644D$168.3112(3)464,614D
Common Stock, $1.00 par value11/02/2026S1,853D$169.546(4)462,761D
Common Stock, $1.00 par value11/02/2026S3,318D$170.5931(5)459,443D
Common Stock, $1.00 par value11/02/2026S3,324D$171.2193(6)456,119D
Common Stock, $1.00 par value11/03/2026S148D$165.7933(7)455,971D
Common Stock, $1.00 par value11/03/2026S1,128D$166.582(8)454,843D
Common Stock, $1.00 par value11/03/2026S7,486D$167.5732(9)447,357D
Common Stock, $1.00 par value11/03/2026S1,025D$168.2597(10)446,332D
Common Stock, $1.00 par value11/03/2026S213D$169.4342(11)446,119D
Common Stock, $1.00 par value11/04/2026S119D$170.9246(12)446,000D
Common Stock, $1.00 par value11/04/2026S1,220D$171.4904(13)444,780D
Common Stock, $1.00 par value11/04/2026S158D$172.61(14)444,622D
Common Stock, $1.00 par value11/04/2026S300D$173.6129(15)444,322D
Common Stock, $1.00 par value11/04/2026S6,575D$174.5297(16)437,747D
Common Stock, $1.00 par value11/04/2026S1,628D$175.1572(17)436,119D
Common Stock, $1.00 par value39,630IBy Hershey Trust Company(18)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Class B Common Stock, $1.00 par value(20) (19) (19)Common Stock, $1.00 par value54,612,01254,612,012D
Explanation of Responses:
1. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $166.8226 to $166.8900, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
2. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $167.0469 to $167.7629, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
3. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $168.0281 to $168.9286, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
4. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $169.0453 to $169.9840, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
5. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $170.0034 to $170.9992, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
6. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $171.0000 to $171.3500, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
7. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $165.7900 to $165.7950, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
8. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $166.0500 to $166.9926, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
9. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $167.0400 to $167.9906, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
10. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $168.0165 to $168.7417, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
11. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $169.3791 to $169.4700, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
12. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $170.9100 to $170.9942, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
13. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $171.0400 to $171.8500, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
14. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $172.2400 to $172.9800, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
15. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $173.0900 to $173.8899, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
16. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $174.0028 to $174.9891, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
17. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $175.0200 to $175.2784, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of The Hershey Company, or to The Hershey Company, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.
18. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.
19. All shares of Class B common stock, $1.00 par value convertible share-for-share into common stock, $1.00 par value, at any time, and without payment other than for the fact of conversion. There is no expiration date.
20. The conversion price is the market price of the Common Stock on the previous business day.
/s/ Muzzamil Mussani, VP, Investment Operations and Portfolio Analytics11/04/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

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