Hershey's Largest Shareholder Sells 200 Billion Won in Stock, Still Holds Significant Stake

The Hershey Trust Company, the largest shareholder in The Hershey Company (NYSE: HSY), sold approximately 94,000 common shares in three open-market transactions in April and May, raising about $17.76 million (roughly KRW 240 billion). Between April 20–22, May 4–6 and May 18–20, the trust disposed of tens of thousands of shares at prices ranging from the high $180s to the mid-$190s per share. According to regulatory filings, even after these sales, the trust still holds over $10 billion (more than KRW 10 trillion) in economic interest, including convertible securities.

On May 19, S&P Global Ratings revised Hershey’s credit outlook from negative to stable and affirmed its A-grade long-term rating, citing the company’s lower leverage. In its first-quarter earnings report released earlier this month, Hershey reported double-digit year-over-year revenue growth and outlined plans to increase brand investment and strengthen its premium and snack categories.

Headquartered in Pennsylvania, Hershey is a leading chocolate and snack manufacturer behind global brands such as Reese’s and Hershey’s Kisses. The trust—established to support the Milton Hershey School founded by company founder Milton Hershey—remains the majority shareholder. The recently reported share sales represent only a small portion of the trust’s total holdings.