Hershey Trust Co., the trustee managing assets for Milton Hershey School, completed a series of stock sales of The Hershey Company (NYSE:HSY) common shares over a three-day span in mid-April 2026. According to a Form 4 filing with the Securities and Exchange Commission, the trust sold a total of 22,818 shares between April 13 and April 15, 2026, for roughly $5.8 million, with transaction prices ranging from $191.8897 to $200.24.
The timing of the transactions coincided with a difficult trading week for Hershey's stock, which declined nearly 9% over the period and was trading at $191.35 at the time of reporting, giving the chocolate maker a market capitalization of $38.74 billion.
Details of the sales
The Form 4 outlines multiple discrete trades across the three days. On April 13 the trust recorded the following dispositions: 4,743 shares at an average price of $197.6478; 3,701 shares at $198.2885; 1,476 shares at $199.4746; and 80 shares at $200.24.
Additional sales on April 14 included: 300 shares at an average price of $194.3667; 256 shares at $195.5612; 826 shares at $196.5334; 3,718 shares at $197.6918; 902 shares at $198.3477; 3,325 shares at $199.4921; and 673 shares at $200.1245.
On April 15 the trust sold 1,848 shares at an average price of $191.8897; 3,333 shares at $192.5640; 4,314 shares at $193.3861; 81 shares at $194.3550; 243 shares at $195.2133; 100 shares at $196.6700; and 81 shares at $197.0282.
Post-transaction holdings and shareholder context
After these transactions, the Hershey Trust Co. directly holds 1,846,119 shares of Hershey Co common stock. In addition to the direct holdings, the trust indirectly owns 39,630 shares of common stock and directly holds 54,612,012 shares of Class B Common Stock.
Hershey pays a 3.03% dividend yield and has a record of paying dividends for 56 consecutive years, facts noted in the company's shareholder information disclosed alongside market data.
Corporate and analyst developments
Separately, The Hershey Company announced that Andrew Archambault, president of its U.S. segment, will depart effective May 1, 2026. The company said it has started a search for his successor but did not provide details about interim leadership arrangements.
Analyst coverage and outlook for Hershey has been adjusted recently. BTIG initiated coverage with a Neutral rating and projects earnings estimates slightly above consensus for 2026 through 2028. TD Cowen maintained a Hold rating with a $210 price target, noting potential for 15% to 20% earnings per share growth in 2027. DA Davidson reduced its price target from $243 to $230 while maintaining a Neutral rating, citing concerns about peer group multiple contraction. Barclays highlighted a broader trend within packaged foods where companies, including Hershey, have scaled back promotions after aggressive discounting in 2025 failed to deliver the expected returns.
For investors seeking more detailed valuation analysis, a Pro Research Report on InvestingPro covering HSY and other U.S. equities is available, according to the company information.
Takeaway
The Hershey Trust's sale of 22,818 shares over three days is a sizable, documented transactional event for a major institutional shareholder. While the trust continues to hold substantial common and Class B positions, the reported disposals coincided with a sharp weekly decline in the equity and arrive amid leadership turnover and mixed analyst recommendations.