Insider Trading March 20, 2026

Hershey Trust Reduces Stake by $6.3 Million in Hershey Co. Stock

Trustee sold 27,070 HSY shares across March 18-20, 2026; analysts remain upbeat on earnings and targets

By Priya Menon HSY
Hershey Trust Reduces Stake by $6.3 Million in Hershey Co. Stock
HSY

Hershey Trust Co., acting as trustee for the Milton Hershey School, disposed of 27,070 shares of Hershey Co. (HSY) common stock between March 18 and March 20, 2026, netting $6.3 million. The sales were executed at prices between $209.5141 and $217.1248. Despite the transaction, the trust maintains a significant ownership stake in Hershey through direct, indirect and Class B holdings. Several research firms have raised price targets and highlighted strong 2026 earnings guidance.

Key Points

  • Hershey Trust Co. sold 27,070 shares of Hershey Co. common stock between March 18 and March 20, 2026, for $6.3 million at prices ranging from $209.5141 to $217.1248 per share.
  • After the sales, the trust directly holds 2,016,119 shares, indirectly holds 39,630 shares through the Hershey Trust Company, and retains 54,612,012 shares of Class B Common Stock.
  • Multiple analysts raised price targets or maintained constructive ratings, citing strong 2026 EPS guidance, potential volume growth from merchandising and marketing, and the positive impact of declining cocoa costs on 2027 earnings.

Hershey Trust Co., in its capacity as trustee for the Milton Hershey School, sold a total of 27,070 shares of Hershey Co. common stock listed under NASDAQ:HSY over three trading days - March 18 through March 20, 2026 - according to a Form 4 filing with the Securities and Exchange Commission.

The block sales, carried out on the same dates, generated proceeds of roughly $6.3 million. Executed prices ranged from $209.5141 to $217.1248 per share. At the time of this report, the stock is trading at $210.14, representing a 32% gain over the past 12 months, though InvestingPro analysis indicates the shares may be trading above its Fair Value estimate.

Following these transactions, the trust's direct ownership of Hershey common stock stands at 2,016,119 shares. In addition, it indirectly holds 39,630 shares through the Hershey Trust Company. Separate from those common shares, the trust retains 54,612,012 shares of Hershey Co. Class B Common Stock.


Analyst activity and expectations

Several analyst firms have recently updated their views on Hershey, underscoring a broadly positive tone on the company’s near-term earnings trajectory. Evercore ISI raised its price target to $255 and increased its 2027 earnings-per-share estimate to $10.24, pointing to anticipated volume gains tied to higher merchandising and marketing investment.

Piper Sandler kept an Overweight rating, citing robust guidance for 2026 EPS growth in the 30-35% range and noting that continued favorable market conditions could lift results further. Piper Sandler also observed that lower cocoa costs could materially enhance 2027 earnings if current pricing trends continue.

Stifel followed suit by lifting its price target to $230 after Hershey reported a strong fourth quarter and issued guidance that exceeded expectations. Bernstein SocGen Group increased its price target to $250, also referencing the strong 2026 earnings guidance.


Additional valuation and investor resources

InvestingPro users are noted to have access to ten additional proprietary insights on HSY, including details on the company’s 56-year dividend payment streak. For investors evaluating value, the Fair Value calculator referenced in available tools uses a mix of 17 industry valuation models to produce its estimate.


Context and limitations

The Form 4 filing documents the reported sales and the trust’s remaining holdings. Beyond the figures and analyst actions cited above, limited information is available in the filing about motivations or timing beyond the stated transaction dates and prices.

Risks

  • Valuation risk - InvestingPro analysis indicates shares may be trading above its Fair Value estimate, suggesting limited near-term upside from current levels; this affects equity investors and market participants.
  • Commodity-cost sensitivity - Analysts note that cocoa pricing trends could materially influence 2027 earnings; volatility in cocoa markets could therefore impact profit outlooks in the consumer staples sector.
  • Concentration of ownership - Significant holdings by the Hershey Trust, including large Class B ownership, mean that further trust transactions could influence shares outstanding and liquidity considerations for the stock market.

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