Milton Hershey School trust sells 20,000 Hershey (HSY) shares, keeps big stake
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Hershey Trust Company, as trustee for the Milton Hershey School Trust, reported open‑market sales of 20,000 shares of The Hershey Company common stock. The sales were executed on May 14 and May 15, 2026 at weighted average prices generally between the high $180s and mid $190s per share.
After these transactions, the trust directly held 1,626,119 shares of Hershey common stock. It also reported direct ownership of 54,612,012 shares of Class B common stock, which is convertible share‑for‑share into Hershey common stock without an expiration date and without additional payment beyond the act of conversion.
The filing also shows 39,630 common shares held indirectly by Hershey Trust Company. The sales were broken into multiple small trades, each reported using weighted average prices across narrow intraday price ranges, which the trust offers to break out further upon request.
Positive
- None.
Negative
- None.
Insights
Trustee entity sells 20,000 HSY shares while retaining a very large position.
The reporting person, Hershey Trust Company as trustee for the Milton Hershey School Trust, executed open‑market sales totaling 20,000 Hershey common shares over two days. Prices were clustered between about $186 and $196 per share, reported as weighted averages.
Post‑transaction, the trust still holds 1,626,119 common shares plus 54,612,012 Class B shares convertible one‑for‑one into common stock, indicating that the sold amount is small relative to its overall exposure. There are no option exercises, gifts, or tax‑withholding entries in this filing, so the activity reflects straightforward open‑market selling by a large, long‑standing holder.
Insider Trade Summary 10b5-1
Net Seller: 20,000 shares ($3,790,962)
Net Sell
14 txns
Insider
HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL
Role
null
Sold
20,000 shs ($3.79M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock, $1.00 par value | 4,220 | $186.8653 | $789K |
| Sale | Common Stock, $1.00 par value | 3,204 | $187.5272 | $601K |
| Sale | Common Stock, $1.00 par value | 2,007 | $188.3463 | $378K |
| Sale | Common Stock, $1.00 par value | 221 | $189.465 | $42K |
| Sale | Common Stock, $1.00 par value | 348 | $190.3936 | $66K |
| Sale | Common Stock, $1.00 par value | 836 | $189.9838 | $159K |
| Sale | Common Stock, $1.00 par value | 2,971 | $190.4561 | $566K |
| Sale | Common Stock, $1.00 par value | 3,598 | $191.6211 | $689K |
| Sale | Common Stock, $1.00 par value | 1,630 | $192.307 | $313K |
| Sale | Common Stock, $1.00 par value | 503 | $193.4414 | $97K |
| Sale | Common Stock, $1.00 par value | 216 | $195.6572 | $42K |
| Sale | Common Stock, $1.00 par value | 246 | $196.203 | $48K |
| 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 — 1,631,899 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 $189.9614 to $189.9956, 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 $190.0316 to $190.9958, 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 $191.0037 to $191.9993, 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 $192.0015 to $192.9713, 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 $193.1398 to $193.9372, 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 $195.4318 to $195.9300, 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 $196.0200 to $196.4900, 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 $186.3201 to $186.9987, 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 $187.0212 to $187.9869, 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 $188.0057 to $188.8719, 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 $189.0073 to $189.6432, 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 $190.3777 to $190.6000, 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
Shares after sale: 1,626,119 shares
Indirect common holding: 39,630 shares
+3 more
6 metrics
Common shares sold
20,000 shares
Total open-market sales on May 14–15, 2026
Shares after sale
1,626,119 shares
Common stock directly held following reported transactions
Indirect common holding
39,630 shares
Common stock held indirectly by Hershey Trust Company
Class B shares
54,612,012 shares
Class B common stock, convertible 1:1 into common
Sample sale price
$196.2030 per share
Weighted average price for a 246-share sale on May 14, 2026
Lower sale price range
$186.3201–$186.9987
Footnote F8 price range for certain May 15, 2026 trades
Key Terms
open-market sale, Class B Common Stock, weighted average price, 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.
Class B Common Stock financial
"security_title": "Class B Common Stock, $1.00 par value""
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.
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.
trustee financial
"Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee"
A trustee is a person or institution legally appointed to hold and manage assets or enforce an agreement on behalf of other people (beneficiaries). Think of a trustee as a neutral referee or custodian who must act in the beneficiaries’ best interests, follow the trust or contract rules, and handle distributions, recordkeeping and enforcement. Investors care because a trustworthy trustee protects their rights, ensures promised payments or remedies are delivered, and can influence recoveries if things go wrong.
FAQ
What did Hershey Trust Company report in this HSY Form 4 filing?
Hershey Trust Company, as trustee for the Milton Hershey School Trust, reported open‑market sales of 20,000 shares of The Hershey Company common stock. The transactions occurred over two days in May 2026 at weighted average prices in the high $180s to mid $190s.
What is the significance of Hershey’s Class B common stock in this Form 4?
The filing shows 54,612,012 Class B common shares, each convertible one‑for‑one into Hershey common stock. The footnotes clarify conversion can occur at any time without extra payment and has no expiration date, giving the holder substantial potential common‑stock exposure if converted.
Are the HSY sales attributed to an individual or an entity?
The transactions are attributed to Hershey Trust Company, which is wholly owned by the Milton Hershey School Trust and acts as trustee. The filing does not describe sales by an individual executive; it reflects trading activity by the trust entity overseeing the Milton Hershey School’s holdings.