Hershey Trust (NYSE: HSY) reports 30,000-share open-market stock sale

Rhea-AI Filing Summary

Hershey Trust Company, as trustee for the Milton Hershey School Trust and a more-than-10% owner of Hershey Co, reported open-market sales of Common Stock. Over April 13–15, it sold a total of 30,000 shares of Common Stock, $1.00 par value, through multiple trades at weighted average prices in the high $190s per share.

After these sales, the trust directly holds 1,846,119 shares of Common Stock and also reports 54,612,012 shares of Class B Common Stock, $1.00 par value, which are convertible share-for-share into Common Stock without an expiration date, plus 39,630 Common shares held indirectly by Hershey Trust Company.

Insider Trade Summary 10b5-1

Net Seller: 30,000 shares ($5,893,887)

Net Sell 20 txns

Insider HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL

Role 10% Owner

Sold 30,000 shs ($5.89M)

Type	Security	Shares	Price	Value
Sale	Common Stock, $1.00 par value	1,848	$191.8897	$355K
Sale	Common Stock, $1.00 par value	3,333	$192.564	$642K
Sale	Common Stock, $1.00 par value	4,314	$193.3861	$834K
Sale	Common Stock, $1.00 par value	81	$194.355	$16K
Sale	Common Stock, $1.00 par value	243	$195.2133	$47K
Sale	Common Stock, $1.00 par value	100	$196.67	$20K
Sale	Common Stock, $1.00 par value	81	$197.0282	$16K
Sale	Common Stock, $1.00 par value	300	$194.3667	$58K
Sale	Common Stock, $1.00 par value	256	$195.5612	$50K
Sale	Common Stock, $1.00 par value	826	$196.5334	$162K
Sale	Common Stock, $1.00 par value	3,718	$197.6918	$735K
Sale	Common Stock, $1.00 par value	902	$198.3477	$179K
Sale	Common Stock, $1.00 par value	3,325	$199.4921	$663K
Sale	Common Stock, $1.00 par value	673	$200.1245	$135K
Sale	Common Stock, $1.00 par value	4,743	$197.6478	$937K
Sale	Common Stock, $1.00 par value	3,701	$198.2885	$734K
Sale	Common Stock, $1.00 par value	1,476	$199.4746	$294K
Sale	Common Stock, $1.00 par value	80	$200.24	$16K
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 — 1,854,271 shares (Direct); Class B Common Stock, $1.00 par value — 54,612,012 shares (Direct); 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 $197.0289 to $197.9800, 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 $198.0000 to $198.9900, 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 $199.0100 to $199.8900, 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 $194.2100 to $194.6600, 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 $195.3399 to $195.6635, 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 $196.1200 to $196.9100, 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 $197.2100 to $197.9647, 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 $198.0000 to $198.9219, 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 $199.0126 to $199.9718, 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 $200.0358 to $200.2108, 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 $191.8500 to $191.9428, 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 $192.0200 to $192.9973, 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 $193.0011 to $193.9554, 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 $195.0500 to $195.3400, 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 Direct common holdings: 1,846,119 shares Class B holdings: 54,612,012 shares +3 more

6 metrics

Shares sold 30,000 shares Total Common Stock sold April 13–15 via open-market trades

Direct common holdings 1,846,119 shares Common Stock directly held following the latest reported sale

Class B holdings 54,612,012 shares Class B Common Stock, convertible share-for-share into Common Stock

Indirect common holdings 39,630 shares Common Stock held indirectly by Hershey Trust Company

Example sale price $197.6918 per share One weighted average price for an April 14 open-market sale

Highest referenced range top $200.2108 per share Upper end of one reported weighted average price range

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.

convertible share-for-share financial

"Class B common stock ... convertible share-for-share into common stock"

more-than-10% 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)
04/13/2026

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	04/13/2026		S		4,743	D	$197.6478(1)	1,871,376	D
Common Stock, $1.00 par value	04/13/2026		S		3,701	D	$198.2885(2)	1,867,675	D
Common Stock, $1.00 par value	04/13/2026		S		1,476	D	$199.4746(3)	1,866,199	D
Common Stock, $1.00 par value	04/13/2026		S		80	D	$200.24	1,866,119	D
Common Stock, $1.00 par value	04/14/2026		S		300	D	$194.3667(4)	1,865,819	D
Common Stock, $1.00 par value	04/14/2026		S		256	D	$195.5612(5)	1,865,563	D
Common Stock, $1.00 par value	04/14/2026		S		826	D	$196.5334(6)	1,864,737	D
Common Stock, $1.00 par value	04/14/2026		S		3,718	D	$197.6918(7)	1,861,019	D
Common Stock, $1.00 par value	04/14/2026		S		902	D	$198.3477(8)	1,860,117	D
Common Stock, $1.00 par value	04/14/2026		S		3,325	D	$199.4921(9)	1,856,792	D
Common Stock, $1.00 par value	04/14/2026		S		673	D	$200.1245(10)	1,856,119	D
Common Stock, $1.00 par value	04/15/2026		S		1,848	D	$191.8897(11)	1,854,271	D
Common Stock, $1.00 par value	04/15/2026		S		3,333	D	$192.564(12)	1,850,938	D
Common Stock, $1.00 par value	04/15/2026		S		4,314	D	$193.3861(13)	1,846,624	D
Common Stock, $1.00 par value	04/15/2026		S		81	D	$194.355	1,846,543	D
Common Stock, $1.00 par value	04/15/2026		S		243	D	$195.2133(14)	1,846,300	D
Common Stock, $1.00 par value	04/15/2026		S		100	D	$196.67	1,846,200	D
Common Stock, $1.00 par value	04/15/2026		S		81	D	$197.0282	1,846,119	D
Common Stock, $1.00 par value								39,630	I	By Hershey Trust Company(15)

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	(17)							(16)	(16)	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 $197.0289 to $197.9800, 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.

2. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $198.0000 to $198.9900, 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.

3. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $199.0100 to $199.8900, 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 $194.2100 to $194.6600, 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.

5. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $195.3399 to $195.6635, 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 $196.1200 to $196.9100, 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.

7. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $197.2100 to $197.9647, 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 $198.0000 to $198.9219, 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 $199.0126 to $199.9718, 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 $200.0358 to $200.2108, 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 $191.8500 to $191.9428, 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 $192.0200 to $192.9973, 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 $193.0011 to $193.9554, 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. The Price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at price a ranging from $195.0500 to $195.3400, 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.

15. Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust.

16. 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.

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

	/s/ Joshua D. Shannon, Deputy CIO	04/16/2026
	** 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 the Milton Hershey School Trust sell?

The Milton Hershey School Trust, through Hershey Trust Company, sold 30,000 shares of Hershey Co Common Stock. These were open-market transactions spread over April 13–15, executed at weighted average prices in the high $190s per share.

What prices did the Milton Hershey School Trust receive for HSY stock sales?

The trust’s sales occurred at weighted average prices generally in the high $190s per share. Footnotes state the individual trades were within ranges such as $191.8500–$191.9428 and up to around $200.2108 per share during the sale dates.

How many Hershey Co (HSY) common shares does the Milton Hershey School Trust hold after these sales?

After the reported transactions, the trust directly holds 1,846,119 shares of Hershey Co Common Stock. In addition, it reports 39,630 Common shares held indirectly by Hershey Trust Company, according to the holding entries in the Form 4 data.

What is the Milton Hershey School Trust’s Class B Common Stock position in HSY?

The trust reports holding 54,612,012 shares of Class B Common Stock, $1.00 par value. Footnotes state all Class B shares are convertible share-for-share into Common Stock at any time, with no expiration date and no payment required beyond the fact of conversion.

Were the Hershey Co (HSY) insider transactions open-market sales?

Yes. Each listed Form 4 transaction is coded “S” and described as an open-market sale or private transaction in Common Stock. The filing classifies these as non-derivative sales rather than option exercises, gifts, or tax withholdings.

Who is the reporting person for these HSY insider transactions?

The reporting person is Hershey Trust Company, acting as trustee in trust for the Milton Hershey School. The filing indicates Hershey Trust Company is wholly owned by Milton Hershey School Trust and serves as its trustee for these holdings.