Milton Hershey School Trust Sells $5.17M in Hershey Co (HSY) Under Rule 10b5-1 Plan

Insider Transaction Summary: The Hershey Company ($HSY)

Overview

On September 16, 2026, Hershey Trust Co Trustee in Trust for Milton Hershey School, a 10% Owner of The Hershey Company, filed a Form 4 disclosing the sale of 30,000 shares of Hershey Co ($HSY) Common Stock across September 14, 15, and 16, 2026. The sales generated aggregate gross proceeds of approximately $5.17 million at a volume-weighted average price of $172.23 per share.

Key Transaction Highlights

• Transaction Dates: September 14, 2026 – September 16, 2026
• Total Shares Sold: 30,000 shares
• Price Range: Weighted average transaction prices ranged between $169.73 and $177.67 per share (individual trades executed from $169.48 to $177.73).
• Gross Value: $5,166,847.11
• Plan Trading (Rule 10b5-1): The filing confirms that the sales were executed pursuant to a pre-arranged Rule 10b5-1 trading plan.

Ownership Position Post-Transaction

• Direct Common Stock: 786,119 shares
• Indirect Common Stock (Hershey Trust Company): 39,630 shares
• Class B Common Stock: 54,612,012 shares (convertible 1-for-1 into Common Stock at any time)

Market & Investor Context

While the total transaction value surpasses $5.1 million, the 30,000 shares sold represent a nominal fraction of the Milton Hershey School Trust's total holdings (>54.6 million Class B and Common shares). Because these sales were conducted systematically under an affirmative Rule 10b5-1 defense, they represent routine diversification/liquidity rather than a discretionary market-timing decision.