Hershey's Largest Insider Sells Shares for Cash in the Hundreds of Millions

From June 1 through June 10, Hershey Trust Company, trustee of the Milton Hershey School, sold several hundred thousand shares of The Hershey Company (NYSE: HSY) in multiple block trades, raising approximately $16–18 million (roughly KRW 21–24 billion) in cash. As a result, the Trust’s direct common-stock holdings fell only slightly from about 1.5 million shares, and its roughly 54.61 million convertible Class B shares—supporting its voting control—remained unchanged.

Under the same Rule 10b5-1 plan, the Trust also disposed of about $5 million (around KRW 7 billion) of Hershey common stock between June 22 and 24. It noted that, even after these sales, it still holds over 1.3 million common shares—plus indirect interests—maintaining its status as Hershey’s largest shareholder.

The Hershey Company (NYSE: HSY), headquartered in Hershey, Pennsylvania, is a leading U.S. chocolate and snack manufacturer whose global brands include Reese’s and Hershey’s bars. Historically controlled by the Hershey Trust Company and the Milton Hershey School Trust, the Trust’s stock transactions are viewed as part of a long-term asset-allocation strategy tied to corporate governance and dividend funding.