Milton Hershey School trust trims Hershey (NYSE: HSY) 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 30,000 shares of The Hershey Company common stock. The sales took place over May 4–6, 2026 at weighted average prices generally between $180.45 and $187.50 per share.
After these transactions, the trust directly held about 1,696,119 shares of Hershey common stock. It also held 54,612,012 shares of Class B common stock, which are convertible share-for-share into common stock with no stated expiration, plus 39,630 shares of common stock held indirectly by Hershey Trust Company as of May 4, 2026.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 30,000 shares ($5,522,504)
Net Sell
15 txns
Insider
HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL
Role
null
Sold
30,000 shs ($5.52M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock, $1.00 par value | 465 | $184.6802 | $86K |
| Sale | Common Stock, $1.00 par value | 1,506 | $185.6726 | $280K |
| Sale | Common Stock, $1.00 par value | 7,618 | $186.3845 | $1.42M |
| Sale | Common Stock, $1.00 par value | 411 | $187.2093 | $77K |
| Sale | Common Stock, $1.00 par value | 147 | $181.7741 | $27K |
| Sale | Common Stock, $1.00 par value | 1,211 | $182.6001 | $221K |
| Sale | Common Stock, $1.00 par value | 1,717 | $183.5927 | $315K |
| Sale | Common Stock, $1.00 par value | 4,585 | $184.6708 | $847K |
| Sale | Common Stock, $1.00 par value | 1,600 | $185.6013 | $297K |
| Sale | Common Stock, $1.00 par value | 740 | $186.0955 | $138K |
| Sale | Common Stock, $1.00 par value | 2,176 | $180.7602 | $393K |
| Sale | Common Stock, $1.00 par value | 4,134 | $181.4713 | $750K |
| Sale | Common Stock, $1.00 par value | 3,690 | $182.1631 | $672K |
| 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 — 1,705,654 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 $180.4480 to $180.9985, 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 $181.0049 to $181.9946, 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 $182.0070 to $182.9383, 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 $181.6700 to $181.9679, 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 $182.0533 to $182.9970, 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 $183.0000 to $183.9986, 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 $184.0003 to $184.9976, 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 $185.0100 to $185.9912, 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 $186.0044 to $186.2605, 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 $184.2450 to $184.9151, 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 $185.0500 to $185.9990, 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 $186.0000 to $186.9863, 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 $187.0021 to $187.5012, 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
Sale price range: $180.4480–$187.5012 per share
Direct common holdings: 1,696,119 shares
+3 more
6 metrics
Shares sold
30,000 shares
Net common stock sales reported in this Form 4
Sale price range
$180.4480–$187.5012 per share
Weighted average price ranges from footnotes F1–F13
Direct common holdings
1,696,119 shares
Common stock directly held after transactions
Indirect common holdings
39,630 shares
Common stock held indirectly by Hershey Trust Company as of May 4, 2026
Class B shares
54,612,012 shares
Class B common stock, convertible share-for-share into common stock
Net share change
-30,000 shares
Net buy/sell direction for this Form 4
Key Terms
open-market sale, weighted average price, Class B common stock, $1.00 par value, 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.
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, $1.00 par value financial
"All shares of Class B common stock, $1.00 par value convertible share-for-share"
trustee financial
"Hershey Trust Company is wholly owned by Milton Hershey School Trust and is trustee for the Milton Hershey School Trust."
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 Form 4 for HSY?
Hershey Trust Company, trustee for the Milton Hershey School Trust, reported open-market sales of 30,000 shares of Hershey common stock. These sales occurred over several trades between $180.45 and $187.50 per share in early May 2026.
Who is making the HSY stock transactions in this filing?
The transactions are attributed to Hershey Trust Company, which is wholly owned by the Milton Hershey School Trust and acts as its trustee. The trust is a long-term controlling shareholder of The Hershey Company according to the filing.
What does the Class B common stock in the HSY filing represent?
The filing states that Class B common stock has a $1.00 par value and is convertible share-for-share into Hershey common stock. Conversion can occur at any time without additional payment, and the Class B shares have no expiration date.