Hershey Trust Co., serving as trustee in trust for the Milton Hershey School, disclosed on a Form 4 filing that it sold 8,390 shares of Hershey Co. (NYSE: HSY) common stock on April 2, 2026. The transactions were executed across multiple trades at prices ranging from $200.97 to $206.217 per share, producing total proceeds of approximately $2.04 million.
At the time of the filing, HSY was trading at $207.93, a price level that represents a 31% increase over the past 12 months. An InvestingPro analysis cited in the filing indicates the stock is trading above its Fair Value and reports a price-to-earnings ratio of 47.82.
Following the April 2 transactions, Hershey Trust Co. now directly holds 1,926,119 shares of Hershey Co. common stock. The filing also states the trust indirectly holds 39,630 shares through the Hershey Trust Company. Separate from these common shares, the trust continues to own 54,612,012 shares of Hershey Co. Class B Common Stock.
An InvestingPro Tip highlighted in the filing notes that Hershey has maintained dividend payments for 56 consecutive years. The InvestingPro material referenced also mentions 10 additional exclusive tips available to subscribers and a full Pro Research Report covering HSY.
In other corporate developments, Hershey outlined strategic growth targets during an Investor Day presentation at the New York Stock Exchange. The company set expectations for earnings-per-share growth in the range of 15% to 20% by fiscal 2027 and reiterated its fiscal 2026 guidance.
Sell-side reactions to Hershey’s strategic plan were varied. Piper Sandler kept an Overweight rating and assigned a $249 price target, citing the company’s innovation agenda and investments in growth. TD Cowen maintained a Hold rating with a $210 price target, noting potential upside in earnings growth by 2027. Stifel reiterated a Hold rating with a $230 price target and emphasized Hershey’s growth plans in confection and snacking categories.
Some analysts adjusted their price targets on valuation grounds. DA Davidson lowered its target to $230 from $243, retaining a Neutral rating and attributing the change to peer group multiple contraction while leaving its earnings estimates unchanged. UBS trimmed its target to $215 from $236, citing valuation concerns and maintaining a Neutral rating.
These analyst moves and the Form 4 disclosure together present a snapshot of market positioning and professional views following Hershey’s Investor Day and the reported insider sale.
Key details
- Sale: 8,390 shares on April 2, 2026; prices between $200.97 and $206.217; proceeds ~ $2.04 million.
- Post-sale holdings: 1,926,119 shares directly held; 39,630 shares indirectly held; 54,612,012 Class B shares remain with the trust.
- Market context: HSY trading at $207.93, up 31% year-over-year; InvestingPro flags a P/E of 47.82 and indicates the stock may be overvalued relative to Fair Value.
Analyst positioning
- Piper Sandler - Overweight, $249 price target.
- TD Cowen - Hold, $210 price target.
- Stifel - Hold, $230 price target.
- DA Davidson - Neutral, lowered target to $230 from $243 citing peer group multiple contraction; earnings estimates unchanged.
- UBS - Neutral, lowered target to $215 from $236 citing valuation concerns.
Investor note
The Form 4 filing documents an insider sale and updates the trust’s public ownership figures, while the company’s Investor Day provided forward EPS growth aims and prompted a range of analyst responses.