Hershey Trust (NYSE: HSY) sells 30,000 Hershey Co shares

Rhea-AI Filing Summary

Hershey Trust Company, as trustee for the Milton Hershey School Trust, reported open-market sales of 30,000 shares of The Hershey Company common stock over April 27–29 at weighted average prices around $186–$192 per share across multiple trades.

After these sales, the trust directly holds 1,746,119 shares of Hershey common stock and 54,612,012 shares of Class B common stock, each Class B share convertible into one common share without an expiration date at a conversion price based on the prior business day’s market price.

Insider Trade Summary 10b5-1

Net Seller: 30,000 shares ($5,651,884)

Net Sell 17 txns

Insider HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL

Role null

Sold 30,000 shs ($5.65M)

Type	Security	Shares	Price	Value
Sale	Common Stock, $1.00 par value	1,877	$187.661	$352K
Sale	Common Stock, $1.00 par value	4,364	$188.531	$823K
Sale	Common Stock, $1.00 par value	3,752	$189.2305	$710K
Sale	Common Stock, $1.00 par value	7	$190.0361	$1K
Sale	Common Stock, $1.00 par value	46	$186.9687	$9K
Sale	Common Stock, $1.00 par value	4,686	$187.6862	$879K
Sale	Common Stock, $1.00 par value	4,868	$188.3354	$917K
Sale	Common Stock, $1.00 par value	400	$189.2681	$76K
Sale	Common Stock, $1.00 par value	3,666	$186.5913	$684K
Sale	Common Stock, $1.00 par value	1,264	$187.5431	$237K
Sale	Common Stock, $1.00 par value	1,908	$188.2113	$359K
Sale	Common Stock, $1.00 par value	235	$189.53	$45K
Sale	Common Stock, $1.00 par value	1,138	$190.6181	$217K
Sale	Common Stock, $1.00 par value	1,075	$191.5742	$206K
Sale	Common Stock, $1.00 par value	714	$192.3516	$137K
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 — 1,754,242 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 $186.2700 to $186.9200, 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 $187.0970 to $187.9967, 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 $188.0010 to $188.7800, 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 $190.1850 to $190.9809, 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 $191.0000 to $191.9800, 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 $192.0500 to $192.6600, 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 $187.0380 to $187.9996, 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 $188.0112 to $188.9900, 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 $189.1300 to $189.6020, 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 $187.1300 to $187.9900, 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 $188.0000 to $188.9900, 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 $189.0000 to $189.9000, 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 $190.0125 to $190.0400, 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: 30,000 shares Highest reported sale price: $192.6600/share Lowest reported sale price: $186.2700/share +3 more

6 metrics

Shares sold 30,000 shares Net open-market sales reported for April 27–29

Highest reported sale price $192.6600/share Weighted average price range footnote

Lowest reported sale price $186.2700/share Weighted average price range footnote

Common shares held after 1,746,119 shares Direct Hershey common stock holding after sales

Class B shares held 54,612,012 shares Direct Class B common stock position, convertible 1:1

Transaction count 15 sales, 2 holdings Form 4 transaction summary counts

Key Terms

weighted average price, open-market sale, Class B common stock, conversion price, +1 more

5 terms

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.

open-market sale financial

"transaction_action: "open-market sale" for the 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.

Class B common stock financial

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

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.

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.

Milton Hershey School Trust financial

"Hershey Trust Company is wholly owned by Milton Hershey School Trust"

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)
04/27/2026

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	04/27/2026		S		3,666	D	$186.5913(1)	1,772,453	D
Common Stock, $1.00 par value	04/27/2026		S		1,264	D	$187.5431(2)	1,771,189	D
Common Stock, $1.00 par value	04/27/2026		S		1,908	D	$188.2113(3)	1,769,281	D
Common Stock, $1.00 par value	04/27/2026		S		235	D	$189.53	1,769,046	D
Common Stock, $1.00 par value	04/27/2026		S		1,138	D	$190.6181(4)	1,767,908	D
Common Stock, $1.00 par value	04/27/2026		S		1,075	D	$191.5742(5)	1,766,833	D
Common Stock, $1.00 par value	04/27/2026		S		714	D	$192.3516(6)	1,766,119	D
Common Stock, $1.00 par value	04/28/2026		S		46	D	$186.9687	1,766,073	D
Common Stock, $1.00 par value	04/28/2026		S		4,686	D	$187.6862(7)	1,761,387	D
Common Stock, $1.00 par value	04/28/2026		S		4,868	D	$188.3354(8)	1,756,519	D
Common Stock, $1.00 par value	04/28/2026		S		400	D	$189.2681(9)	1,756,119	D
Common Stock, $1.00 par value	04/29/2026		S		1,877	D	$187.661(10)	1,754,242	D
Common Stock, $1.00 par value	04/29/2026		S		4,364	D	$188.531(11)	1,749,878	D
Common Stock, $1.00 par value	04/29/2026		S		3,752	D	$189.2305(12)	1,746,126	D
Common Stock, $1.00 par value	04/29/2026		S		7	D	$190.0361(13)	1,746,119	D
Common Stock, $1.00 par value								39,630	I	By Hershey Trust Company(14)

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	(16)							(15)	(15)	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 $186.2700 to $186.9200, 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 $187.0970 to $187.9967, 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 $188.0010 to $188.7800, 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 $190.1850 to $190.9809, 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 $191.0000 to $191.9800, 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.

6. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $192.0500 to $192.6600, 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 $187.0380 to $187.9996, 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 $188.0112 to $188.9900, 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.

9. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $189.1300 to $189.6020, 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 $187.1300 to $187.9900, 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.

11. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $188.0000 to $188.9900, 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.

12. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $189.0000 to $189.9000, 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 $190.0125 to $190.0400, 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. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.

15. 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.

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

	/s/ Joshua D. Shannon, Deputy CIO	04/29/2026
	** 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

How many Hershey Co (HSY) shares did Hershey Trust Company sell?

Hershey Trust Company reported selling 30,000 shares of The Hershey Company common stock. These were open-market transactions executed over several trades between $186 and $192 per share during late April, according to weighted average price disclosures.

Over what dates did Hershey Trust Company’s April HSY stock sales occur?

The reported sales occurred on April 27, 28, and 29. Multiple open-market trades were executed each day, with Form 4 footnotes explaining that prices represent weighted averages across individual transactions within specified intraday price ranges.

What is Hershey Trust Company’s HSY common stock holding after these sales?

Following the reported transactions, Hershey Trust Company holds 1,746,119 shares of The Hershey Company common stock. This figure reflects direct ownership after completing the series of open-market sales disclosed in the Form 4 filing for late April.

What Class B Hershey Co shares does Hershey Trust Company hold?

Hershey Trust Company holds 54,612,012 shares of Class B common stock. Each Class B share is convertible into one share of common stock, with no expiration date, providing substantial potential common equity exposure tied to The Hershey Company.

How is the conversion price for Hershey Co Class B stock determined?

The conversion price for Class B common stock is the market price of the common stock on the previous business day. Class B shares convert share-for-share into common stock at that prevailing price, and the footnotes state there is no expiration date on this conversion feature.

What do the weighted average price footnotes mean in this HSY Form 4?

Each reported price per share is a weighted average across many individual trades within a stated price range. The reporting person commits to provide the exact number of shares sold at each separate price within those ranges to regulators, shareholders, or the company upon request.