Hershey Trust (HSY) trims stake with 20,000-share open-market sale
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Hershey Trust Company, as trustee for Milton Hershey School, reported open‑market sales of 20,000 shares of The Hershey Company common stock. The sales occurred on June 25–26, 2026 at weighted average prices generally between $176.68 and $181.91 per share across multiple trades.
After these transactions, the reporting person continues to hold more than 1.3 million shares of Hershey common stock directly, plus 54,612,012 shares of Class B common stock that are convertible share‑for‑share into common stock without an expiration date. The filing also notes indirect ownership of 39,630 common shares held by Hershey Trust Company.
Positive
- None.
Negative
- None.
Insights
Trust associated with Milton Hershey School recorded routine net sales while retaining a very large equity stake.
The reporting entity, Hershey Trust Company as trustee for Milton Hershey School, executed open‑market sales totaling 20,000 Hershey common shares across multiple trades around $177–$181. These are straightforward S‑code sales with no indication of options exercises, gifts, or restructuring.
Post‑transaction, the trust still holds a substantial position: more than 1.3 million common shares directly, plus 54,612,012 Class B common shares convertible into common stock with no expiration. Relative to this large base, the 20,000‑share reduction appears modest, so this filing looks like routine portfolio activity rather than a thesis‑changing move.
Insider Trade Summary 10b5-1
Net Seller: 20,000 shares ($3,561,015)
Net Sell
12 txns
Insider
HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL
Role
null
Sold
20,000 shs ($3.56M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock, $1.00 par value | 46 | $176.7616 | $8K |
| Sale | Common Stock, $1.00 par value | 4,001 | $177.5556 | $710K |
| Sale | Common Stock, $1.00 par value | 3,154 | $178.5485 | $563K |
| Sale | Common Stock, $1.00 par value | 2,799 | $179.1581 | $501K |
| Sale | Common Stock, $1.00 par value | 2,991 | $176.7479 | $529K |
| Sale | Common Stock, $1.00 par value | 4,614 | $177.5388 | $819K |
| Sale | Common Stock, $1.00 par value | 897 | $178.2875 | $160K |
| Sale | Common Stock, $1.00 par value | 635 | $179.2802 | $114K |
| Sale | Common Stock, $1.00 par value | 259 | $180.6373 | $47K |
| Sale | Common Stock, $1.00 par value | 604 | $181.3069 | $110K |
| 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 — 1,356,073 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)
- The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $176.6800 to $176.9900, 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 $177.0000 to $177.9900, 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 $178.0000 to $178.9900, 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 $179.0200 to $179.9600, 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 $180.0500 to $180.9800, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $181.0200 to $181.9100, 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 $176.6842 to $176.8250, 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 $177.0100 to $177.9900, 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 $178.0000 to $178.9900, 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 $179.0000 to $179.7100, 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
Common shares sold: 20,000 shares
Price range (low): $176.68/share
Price range (high): $181.91/share
+3 more
6 metrics
Common shares sold
20,000 shares
Open-market sales on June 25–26, 2026
Price range (low)
$176.68/share
Weighted average sale price range from footnotes
Price range (high)
$181.91/share
Weighted average sale price range from footnotes
Class B shares held
54,612,012 shares
Convertible share-for-share into common stock, no expiration
Indirect common shares
39,630 shares
Common stock held indirectly by Hershey Trust Company
Net share direction
20,000-share net sell
transactionSummary netBuySellShares and netBuySellDirection
Key Terms
open-market sale, weighted average price, Class B common stock, convertible share-for-share, +2 more
6 terms
open-market sale financial
"transaction_action: "open-market sale" for S-code common stock transactions"
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.
no expiration date financial
"There is no expiration date."
conversion price financial
"The conversion price is the market price of the Common Stock on the previous business day."
The conversion price is the fixed price at which a convertible security, like a bond or preferred stock, can be exchanged for shares of common stock. It acts like a set rate that determines how many shares an investor can receive if they choose to convert their investment. This helps investors understand the value and potential benefits of converting their securities into company shares.
FAQ
Who is the reporting person in this Hershey Co (HSY) Form 4 filing?
The Form 4 is filed by Hershey Trust Company, acting as trustee in trust for Milton Hershey School. A footnote explains that Hershey Trust Company is wholly owned by the Milton Hershey School Trust and serves as its trustee, reflecting institutional ownership.
What is the significance of Hershey Co’s Class B common stock in this filing?
The filing shows ownership of 54,612,012 Class B common shares, each convertible share‑for‑share into Hershey common stock. A footnote states there is no expiration date on this conversion right and no payment required beyond the fact of conversion, underscoring long‑term flexibility.