Hershey Co (NYSE: HSY) trust sells 20,000 HSY shares

Rhea-AI Filing Summary

Hershey Trust Company, as trustee for the Milton Hershey School, reported open-market sales of 20,000 shares of The Hershey Company common stock. The sales occurred on April 23–24 at weighted average prices that include $193.1494, $192.3634 and $191.6845 per share.

After these transactions, the reporting person directly holds 1,776,119 shares of common stock. It also holds 54,612,012 shares of Class B common stock, which footnotes state are convertible share-for-share into common stock at any time without an expiration date.

Insider Trade Summary 10b5-1

Net Seller: 20,000 shares ($3,838,826)

Net Sell 9 txns

Insider HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL

Role null

Sold 20,000 shs ($3.84M)

Type	Security	Shares	Price	Value
Sale	Common Stock, $1.00 par value	2,250	$190.635	$429K
Sale	Common Stock, $1.00 par value	5,311	$191.5024	$1.02M
Sale	Common Stock, $1.00 par value	2,439	$192.4471	$469K
Sale	Common Stock, $1.00 par value	573	$190.7432	$109K
Sale	Common Stock, $1.00 par value	754	$191.6845	$145K
Sale	Common Stock, $1.00 par value	7,075	$192.3634	$1.36M
Sale	Common Stock, $1.00 par value	1,598	$193.1494	$309K
holding	Class B Common Stock, $1.00 par value	--	--	--
holding	Common Stock, $1.00 par value	--	--	--

Holdings After Transaction: Common Stock, $1.00 par value — 1,783,869 shares (Direct, null); Class B Common Stock, $1.00 par value — 54,612,012 shares (Direct, null); Common Stock, $1.00 par value — 39,630 shares (Indirect, By Hershey Trust Company)

Footnotes (1)

1. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $190.3400 to $190.9085, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $191.0220 to $191.9957, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $192.0019 to $192.9792, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $193.0310 to $193.3969, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $190.2508 to $190.9970, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $191.0084 to $191.9990, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $192.0159 to $192.8864, 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. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust. 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. The conversion price is the market price of the Common Stock on the previous business day.

Key Figures

Shares sold: 20,000 shares Sale price example: $193.1494 per share Sale price example: $192.3634 per share +3 more

6 metrics

Shares sold 20,000 shares Total common stock sold in open-market transactions on April 23–24

Sale price example $193.1494 per share Weighted average price for one of the April 23 sales

Sale price example $192.3634 per share Weighted average price for one of the April 23 sales

Sale price example $190.7432 per share Weighted average price for one of the April 24 sales

Common shares held 1,776,119 shares Direct Hershey Co common stock ownership after the reported sales

Class B shares held 54,612,012 shares Class B common stock held, convertible share-for-share into common

Key Terms

open-market sale, weighted average price, Class B common stock, convertible share-for-share, +1 more

5 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

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.

Class B common stock financial

"All shares of Class B common stock, $1.00 par value convertible share-for-share into common stock"

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

convertible share-for-share financial

"Class B common stock, $1.00 par value convertible share-for-share into common stock"

greater-than-ten-percent owner regulatory

""is_ten_percent_owner": 1"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED 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)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/23/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $1.00 par value	04/23/2026		S		573	D	$190.7432(1)	1,795,546	D
Common Stock, $1.00 par value	04/23/2026		S		754	D	$191.6845(2)	1,794,792	D
Common Stock, $1.00 par value	04/23/2026		S		7,075	D	$192.3634(3)	1,787,717	D
Common Stock, $1.00 par value	04/23/2026		S		1,598	D	$193.1494(4)	1,786,119	D
Common Stock, $1.00 par value	04/24/2026		S		2,250	D	$190.635(5)	1,783,869	D
Common Stock, $1.00 par value	04/24/2026		S		5,311	D	$191.5024(6)	1,778,558	D
Common Stock, $1.00 par value	04/24/2026		S		2,439	D	$192.4471(7)	1,776,119	D
Common Stock, $1.00 par value								39,630	I	By Hershey Trust Company(8)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock, $1.00 par value	(10)							(9)	(9)	Common Stock, $1.00 par value	54,612,012		54,612,012	D

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 $190.3400 to $190.9085, 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 $191.0220 to $191.9957, 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 $192.0019 to $192.9792, 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 $193.0310 to $193.3969, 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 $190.2508 to $190.9970, 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 $191.0084 to $191.9990, 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 $192.0159 to $192.8864, 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. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.

9. 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.

10. The conversion price is the market price of the Common Stock on the previous business day.

	/s/ Joshua D. Shannon, Deputy CIO	04/27/2026
	** Signature of Reporting Person	Date
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)

FAQ

What did Hershey Trust Company report in this HSY Form 4 filing?

Hershey Trust Company, as trustee for the Milton Hershey School, reported selling 20,000 Hershey Co common shares in open-market transactions. These trades occurred over two days and are disclosed as routine Section 16 insider activity for a greater-than-ten-percent shareholder.

How many Hershey Co (HSY) shares did the trust sell and at what prices?

The trust sold a total of 20,000 Hershey Co common shares. Weighted average sale prices disclosed include $193.1494, $192.3634, $191.6845 and $190.7432 per share, with footnotes noting each value reflects multiple trades within narrow intraday price ranges.

How many Hershey Co common shares does the trust hold after these sales?

After the reported transactions, the trust directly holds 1,776,119 shares of Hershey Co common stock. This post-transaction balance comes from the Form 4 totals and shows the trust retains a substantial direct common stock position following the 20,000-share disposition.

What is the significance of the Class B common stock held in this HSY filing?

The filing shows ownership of 54,612,012 shares of Class B common stock. Footnotes state this Class B stock is convertible share-for-share into common stock at any time without an expiration date, giving the holder substantial potential common equity exposure in Hershey Co.

Who is Hershey Trust Company acting for in these HSY transactions?

Footnotes explain Hershey Trust Company is wholly owned by the Milton Hershey School Trust and serves as trustee for that trust. The reported Hershey Co share positions and sales therefore relate to holdings managed for the benefit of the Milton Hershey School Trust.

Are the HSY share prices in this Form 4 single trades or averages?

The prices reported in the Form 4 are weighted average prices. Footnotes clarify that shares were sold in multiple transactions within stated price ranges, and the reporting person offers to provide detailed per-trade pricing information to the SEC, shareholders, or Hershey Co upon request.