Hershey Trust Co Sells $5.12M in HSY Shares Under 10b5-1 Plan

Executive Summary

On November 4, 2026, Hershey Trust Co Trustee in Trust for Milton Hershey School, a 10% beneficial owner of The Hershey Company (NYSE: HSY), reported the sale of 30,000 shares of common stock across three consecutive trading days (November 2–4, 2026). The aggregate gross proceeds were approximately $5,118,848, executed at weighted average prices ranging from $165.79 to $175.16 per share.

Transaction Details

• Date Range: November 2, 2026 – November 4, 2026
• Security: Common Stock, $1.00 par value
• Execution Breakdown:
  • Nov 2, 2026: 10,000 shares sold between $166.85 and $171.22 (~$1.70M total)
  • Nov 3, 2026: 10,000 shares sold between $165.79 and $169.43 (~$1.68M total)
  • Nov 4, 2026: 10,000 shares sold between $170.92 and $175.16 (~$1.74M total)
• Rule 10b5-1 Trading Plan: The filing indicates these transactions were executed pursuant to an affirmative defense under Rule 10b5-1.

Post-Transaction Holdings

Following the dispositions, the trust continues to hold:

• 436,119 shares of Common Stock held directly.
• 39,630 shares of Common Stock held indirectly through Hershey Trust Company.
• 54,612,012 shares of Class B Common Stock (convertible on a 1-for-1 basis into Common Stock), maintaining substantial controlling voting power.

Market & Significance Assessment

The trading significance is rated as Medium. Although the dollar total exceeds $5 million, the 30,000 shares sold represent less than 0.1% of the trust's total economic and voting stake in Hershey and were executed systematically under a pre-arranged Rule 10b5-1 plan.