'Hershey' Largest Shareholder Sells Thousands of Shares in May, Maintains Control

The Hershey Trust Company disclosed that it sold tens of thousands of shares of The Hershey Company (NYSE: HSY) on the open market in three tranches—May 4–6, 18–20, and 21–22—raising roughly $16 million (about ₩20 billion). As a result, its direct common‐stock holdings fell from the low 1.7 million‐share range to the mid 1.5 million‐share range. However, when combined with approximately 54.61 million Class B common shares convertible into common stock and its indirect holdings, the Trust’s remaining stake is still valued at about $10.4 billion (around ₩14 trillion), preserving its strong controlling position in the company.

Meanwhile, in its April 30 release of first‐quarter fiscal 2026 results, Hershey reaffirmed its full‐year revenue and earnings guidance on the back of margin improvements. The company also stated it does not plan to lower consumer prices despite the sharp drop in cocoa futures, drawing market attention to its pricing strategy.

The Hershey Trust Company serves as trustee for the Milton Hershey School Trust, the charitable school’s endowment, making it the largest shareholder and a central pillar of the company’s governance. The Milton Hershey School—supported by an endowment worth trillions of Korean won—is one of the United States’ leading educational foundations for children from disadvantaged backgrounds. Because Hershey stock is a key component of the school’s funding, the Trust’s sale of shares is often viewed as a tactical asset‐management adjustment rather than a shift in strategic control.