Hershey Trust Files Form 144 Notice to Sell $125.2M in Hershey Co ($HSY) Stock

Form 144 Analysis: The Hershey Company ($HSY)

Executive Summary

On September 16, 2026, Hershey Trust Co Trustee in Trust for Milton Hershey School, a 10% Stockholder of The Hershey Company, filed a Form 144 notice proposing the sale of 730,000 shares of common stock with an estimated aggregate market value of $125,175,582.00 (~$171.47 per share).

Key Transaction Details

• Filer: HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL
• Relationship: 10% Stockholder
• Securities to be Sold: 730,000 Common Shares
• Aggregate Value: $125,175,582.00
• Shares Outstanding: 146,312,143
• Proposed Sale Date: September 16, 2026
• Broker: Northern Trust Securities, Inc.
• Pre-Arranged Trading Plan: The transaction is pursuant to a Rule 10b5-1 trading plan adopted on February 6, 2026.

Market & Trading Context

• Size & Impact: The proposed sale accounts for approximately 0.50% of Hershey's 146.31M total common shares outstanding.
• Historical Activity: The filing details regular, structured sales over the prior 3 months (June and July 2026) totaling over 250,000 shares executed under the Trust's pre-scheduled diversification/liquidity programs.
• Significance: Classified as High significance primarily due to the large dollar value ($125M+) and the seller's status as the company's major controlling/10% stockholder.