The Hershey Trust Co., trustee for the Milton Hershey School, reported the sale of 29,000 shares of Hershey Co. (NASDAQ: HSY) common stock in a Form 4 filing with the Securities and Exchange Commission. The disposals took place over three trading days - March 30 through April 1, 2026 - and produced aggregate proceeds of $6.26 million. Sale prices ranged from $200.7672 to $215.0655.
Transaction breakdown
The filing details the following intraday and aggregate sales by date:
- March 30: 46 shares at an average price of $211.9374; 415 shares at $212.6634; 7,231 shares at $213.5724; 2,274 shares at $214.2219; and 34 shares at $215.0586.
- March 31: 37 shares at an average price of $205.9270; 1,286 shares at $206.4435; 5,399 shares at $207.7324; 721 shares at $208.4364; 110 shares at $209.1238; 351 shares at $210.4493; 952 shares at $211.3859; 244 shares at $212.2128; 531 shares at $213.5121; 259 shares at $214.4630; and 110 shares at $215.0655.
- April 1: 64 shares at an average price of $200.7672; 264 shares at $201.5895; 3,658 shares at $202.7010; 3,303 shares at $203.5553; 2,630 shares at $204.3373; and 81 shares at $205.0554.
Post-transaction holdings
After completing these sales, the Hershey Trust Co. directly owns 1,946,119 shares of Hershey Co. common stock and indirectly owns 39,630 shares. In addition, the trust holds 54,612,012 shares of Class B Common Stock, which are convertible into common stock.
Market context and valuation metrics
At the time of reporting, Hershey stock was trading at $202.89 and the company carried a market capitalization of $41.07 billion. An InvestingPro analysis included with the filing information characterizes Hershey as slightly overvalued at current levels, citing a price-to-earnings ratio of 46.91. The company has maintained dividend payments for 56 consecutive years and offers a current dividend yield of 2.86%. InvestingPro also provides 10 additional exclusive tips for HSY investors.
Analyst and company updates
Separately, Hershey used an Investor Day to reiterate its fiscal 2026 guidance and outline growth plans for its confection and snacking categories. Management set expectations for earnings per share growth of 15% to 20% in fiscal 2027, followed by 6% to 8% growth in 2028.
Analyst responses since the Investor Day have been mixed. UBS and DA Davidson both reduced their price targets on Hershey, citing valuation concerns - UBS set a $215 target while DA Davidson moved to $230 and maintained a Neutral rating. Stifel reiterated a Hold rating with a $230 target after the presentation. Piper Sandler retained an Overweight rating with a $249 price target, noting Hershey's innovation strategy and growth investments. Bernstein SocGen Group reiterated a Market Perform rating and pointed to projected EPS growth in the coming years.
Takeaway
The disclosed sales by the Hershey Trust Co. total 29,000 shares and $6.26 million in proceeds over a three-day period. While the trust reduced its common-stock holdings modestly, it continues to hold a significant combined position through direct, indirect and Class B convertible shares. The activity arrives against a backdrop of reaffirmed company guidance and divergent analyst views on valuation and future earnings potential.