Hershey Trust (NYSE: HSY) trims stake with 20,000-share sale

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 March 23 and 24, 2026 in multiple transactions at per‑share prices including $210.7621 and $217.0683, reported as weighted averages within stated ranges.

After these transactions, the reporting person directly holds 1,996,119 shares of Hershey common stock. It also directly holds 54,612,012 shares of Class B common stock, which are convertible share‑for‑share into common stock with no expiration, and indirectly holds 39,630 common shares through Hershey Trust Company.

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

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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)
03/23/2026

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	03/23/2026		S		146	D	$210.7621(1)	2,015,973	D
Common Stock, $1.00 par value	03/23/2026		S		248	D	$211.4102(2)	2,015,725	D
Common Stock, $1.00 par value	03/23/2026		S		263	D	$212.5024(3)	2,015,462	D
Common Stock, $1.00 par value	03/23/2026		S		517	D	$213.6101(4)	2,014,945	D
Common Stock, $1.00 par value	03/23/2026		S		2,266	D	$214.5993(5)	2,012,679	D
Common Stock, $1.00 par value	03/23/2026		S		6,150	D	$215.3591(6)	2,006,529	D
Common Stock, $1.00 par value	03/23/2026		S		410	D	$216.1361(7)	2,006,119	D
Common Stock, $1.00 par value	03/24/2026		S		451	D	$213.6674(8)	2,005,668	D
Common Stock, $1.00 par value	03/24/2026		S		713	D	$214.4196(9)	2,004,955	D
Common Stock, $1.00 par value	03/24/2026		S		4,247	D	$215.386(10)	2,000,708	D
Common Stock, $1.00 par value	03/24/2026		S		4,192	D	$216.5671(11)	1,996,516	D
Common Stock, $1.00 par value	03/24/2026		S		397	D	$217.0683(12)	1,996,119	D
Common Stock, $1.00 par value								39,630	I	By Hershey Trust Company(13)

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	(15)							(14)	(14)	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 $210.5000 to $210.9700, 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 $211.0200 to $211.8800, 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 $212.0900 to $212.9900, 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.

4. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $213.0700 to $213.9450, 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 $214.0400 to $214.9900, 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.

6. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $215.0000 to $215.9900, 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.

7. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $216.0000 to $216.3900, 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 $213.3050 to $213.8000, 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 $214.0050 to $214.8400, 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 $215.1400 to $215.9700, 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 $216.0200 to $216.9300, 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.

12. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $217.0100 to $217.1500, 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. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.

14. 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.

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

	/s/ Joshua D. Shannon, Deputy CIO	03/25/2026
	** 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 insider transaction did Hershey Trust report for HSY in this Form 4?

Hershey Trust Company, as trustee for Milton Hershey School, reported selling 20,000 shares of The Hershey Company common stock. The sales took place in open‑market transactions on March 23 and 24, 2026, at various weighted‑average prices around the low‑$210s per share.

At what prices did Hershey Trust sell Hershey Co (HSY) shares?

The trust reported weighted‑average sale prices, including $210.7621 and $217.0683 per share, across multiple trades. Footnotes explain each reported price reflects numerous individual transactions within specified intraday ranges, and full trade‑level detail is available to regulators, shareholders, or the company upon request.

How many Hershey Co shares does Hershey Trust hold after this Form 4?

Following the reported sales, Hershey Trust directly holds 1,996,119 shares of Hershey common stock. It also directly owns 54,612,012 Class B common shares, convertible one‑for‑one into common stock, and indirectly holds 39,630 common shares through Hershey Trust Company, reflecting its large ongoing equity position.

What is the Class B common stock position mentioned in the Hershey HSY Form 4?

The filing shows Hershey Trust directly owns 54,612,012 shares of Class B common stock with a $1.00 par value. Footnotes state each Class B share is convertible on a share‑for‑share basis into common stock at any time, with no expiration and no payment other than for the act of conversion.

Who is the reporting person in the latest Hershey Co HSY insider filing?

The reporting person is Hershey Trust Company as trustee in trust for Milton Hershey School. A footnote explains Hershey Trust Company is wholly owned by Milton Hershey School Trust and acts as trustee, underscoring that the transactions relate to the trust’s holdings rather than an individual executive.

How many total HSY shares were sold by Hershey Trust in this disclosure?

Across 12 separate open‑market sale entries, the trust sold a total of 20,000 Hershey common shares. Each entry lists the number of shares and a weighted‑average sale price, and the transaction summary aggregates these into a net‑sell position of 20,000 shares over the two trading days.