SEC Form SC 13G filed by The Hershey Company

2/14/23 10:07:19 AM ET

Specialty Foods

Consumer Staples

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SC 13G 1 sec-htc13g22.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. 44)* The Hershey Company (Name of Issuer) Common Stock, one dollar ($1.00) par value (Title of Class of Securities) 427866 10 8 (CUSIP Number) 12/31/22 (Date of Event, Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: / / Rule 13d-1(b) / / Rule 13d-1(c) /X / Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). SEC 1745 (12-02) CUSIP No. 427866 10 8 1. NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only). Hershey Trust Company FIN 23-0692150 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) / / (b) / / 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Pennsylvania NUMBER OF 5. SOLE VOTING POWER SHARES 39,630 shares of Common Stock BENEFICIALLY 6. SHARED VOTING POWER OWNED BY 58,112,012 shares of Class B Common EACH Stock ($1.00 par value) convertible share REPORTING for share into Common Stock PERSON WITH: 7. SOLE DISPOSITIVE POWER 39,630 shares of Common Stock 8. SHARED DISPOSITIVE POWER 58,112,012 shares of Class B Common Stock ($1.00 par value) convertible share for share into Common Stock 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 39,630 shares of Common Stock plus 58,112,012 shares of Class B Common Stock ($1.00 par value) convertible share for share into Common Stock for a total of 58,151,642 10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions) 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.0% (39,630 of 146,850,940 outstanding) 28.4% (58,151,642 of 204,964,717 outstanding pursuant to Rule 13d-3(d)(1)) 12. TYPE OF REPORTING PERSON (See Instructions) CO Item 1(a) NAME OF ISSUER: The Hershey Company (b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: P.O. Box 810, Hershey, Pennsylvania 17033 Item 2(a) NAME OF PERSON FILING: Hershey Trust Company (b) ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR, IF NONE, RESIDENCE: 100 Mansion Road East, P.O. Box 445, Hershey, Pennsylvania 17033 (c) CITIZENSHIP: Pennsylvania (d) TITLE OF CLASS OF SECURITIES: Common Stock, one dollar ($1.00) par value (e) CUSIP NUMBER: 427866 10 8 Item 3. IF THIS STATEMENT IS FILED PURSUANT TO sECTIONS 240.13d-1(b) OR 240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: Not applicable. Item 4. OWNERSHIP: The following information is provided as of December 31, 2022: (a) AMOUNT BENEFICIALLY OWNED: 39,630 shares of Common Stock plus 58,112,012 shares of Class B Common Stock ($1.00 par value) convertible share for share into Common Stock for a total of 58,151,642 (b) PERCENT OF CLASS: 0.0% (39,630 of 146,850,940 outstanding); 28.4% (58,151,642 of 204,964,717 outstanding pursuant to Rule 13d-3(d)(1)) (c) NUMBER OF SHARES AS TO WHICH THE PERSON HAS: (i) SOLE POWER TO VOTE OR TO DIRECT THE VOTE: 39,630 shares of Common Stock (ii) SHARED POWER TO VOTE OR TO DIRECT THE VOTE: 58,112,012 shares of Class B Common Stock ($1.00 par value) convertible share (iii) SOLE POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF: 39,630 shares of Common Stock (iv) SHARED POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF: 58,112,012 shares of Class B Common Stock ($1.00 par value) convertible share Item 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following / /. Not applicable. Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. Of the 58,151,642 shares (39,630 Common shares and 58,112,012 Class B shares) listed in response to Item 4(a), Hershey Trust Company holds 58,112,012 shares Class B shares as trustee for Milton Hershey School. All outstanding shares of Hershey Trust Company are owned by Hershey Trust Company, Trustee in Trust for Milton Hershey School. As of December 31, 2022, all of the eleven members of the Board of Directors of Hershey Trust Company were members of the Board of Managers of Milton Hershey School, which is the governing body of Milton Hershey School. Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON Not Applicable. Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP Not applicable. Item 9. NOTICE OF DISSOLUTION OF GROUP Not applicable. Item 10. CERTIFICATION BY SIGNING BELOW I CERTIFY THAT, TO THE BEST OF MY KNOWLEDGE AND BELIEF, THE SECURITIES REFERRED TO ABOVE WERE NOT ACQUIRED AND ARE NOT HELD FOR THE PURPOSE OF OR WITH THE EFFECT OF CHANGING OR INFLUENCING THE CONTROL OF THE ISSUER OF THE SECURITIES AND WERE NOT ACQUIRED AND ARE NOT HELD IN CONNECTION WITH OR AS A PARTICIPANT IN ANY TRANSACTION HAVING THAT PURPOSE OR EFFECT, OTHER THAN ACTIVITIES SOLELY IN CONNECTION WITH A NOMINATION UNDER SECTION 240.14A-11. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 14, 2023 /s/ Derek Holjes, VP of Finance HERSHEY TRUST COMPANY

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SEC Form SC 13G filed by The Hershey Company

2/14/23 10:07:19 AM ET

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Specialty Foods

Consumer Staples

Get the next $HSY alert in real time by email

Recent Analyst Ratings for

$HSY

Date	Price Target	Rating	Analyst
9/16/2025	$222.00	Sell → Buy	Goldman
9/15/2025		Neutral → Outperform	BNP Paribas Exane
8/20/2025	$187.00	Neutral	Analyst
7/31/2025	$175.00 → $208.00	Neutral	BofA Securities
7/31/2025	$155.00 → $179.00	Mkt Perform	Bernstein
7/31/2025	$173.00 → $189.00	Equal-Weight	Morgan Stanley
5/28/2025	$167.00 → $155.00	Neutral	Mizuho
5/2/2025	$147.00 → $155.00	Mkt Perform	Bernstein

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