Buck Michele sold ~$4.4M in The Hershey Company stock
The Hershey Company (HSY) · Chairman, President and CEO · Data via SEC EDGAR Form 4
Price Performance · 10 days before → 90 days after trade
▲ = insider buy date
90-day return
-6.1%vs SPY +7.7%
Trade Details · Public SEC Filing
Insider
Buck Michele
Role
Chairman, President and CEO
Transaction
Open-Market Sale
Approx. Value
~$4.4M
Trade Date
Apr 10, 2023
Company
The Hershey Company
Ticker
HSYSource
SEC EDGAR Form 4
Why This Trade Stands Out
Strong conviction signal
Scored above average across multiple factors. Roughly 15% of insider trades qualify as Strong.
~$4.4M sale
Trades over $1M are rare. When insiders put this much of their own money on the line, they tend to have high conviction in their company's direction.
Chairman, President and CEO
CEOs have the deepest knowledge of company operations. Academic research shows CEO purchases outperform other insider trades by a wide margin.
5 insiders traded in the same window
When multiple insiders independently buy within 30 days, it's called a cluster. Studies show clustered insider purchases outperform solo trades significantly, because several people with inside knowledge are reaching the same conclusion.
-6.1% in 90 days (S&P 500: +7.7%)
This trade underperformed the S&P 500 by 13.9 percentage points. Not every insider trade wins. We track all of them so you can focus on the insiders with the best records.
How good is Buck Michele at picking stocks?
Full track record: win rate, average return, and performance vs S&P 500
Buck Michele wasn't the only one selling.
5 insiders at The Hershey Company traded within the same 30-day window.
See who else bought · FreeOn April 10, 2023, Buck Michele — Chairman, President and CEO of The Hershey Company — filed a Form 4 with the SEC disclosing an open-market sale of approximately ~$4.4M in The Hershey Company (HSY) stock.
This transaction was part of a cluster — 5 insiders at The Hershey Company made open-market sales within the same 30-day window. Cluster activity from multiple independent insiders is one of the most studied patterns in insider trading research.
Under Section 16(a) of the Securities Exchange Act of 1934, corporate insiders must report all open-market stock transactions to the SEC within two business days. These filings — known as Form 4s — are publicly available on the SEC's EDGAR database. VeritySignals filters and scores the full Form 4 stream to surface high-conviction signals like this one.
In the 90 days following this trade, HSY returned -6.1% versus +7.7% for the S&P 500 over the same period.
VeritySignals Conviction Analysis
Full Conviction Analysis
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All data sourced from publicly available SEC Form 4 filings via EDGAR · Not financial advice · Past performance does not guarantee future results.
At a Glance
More HSY Insider Activity
HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL
Mar 31, 2026
~$26M
VS
Tanner Kirk
Nov 24, 2025
~$2.1M
STRONG
How to Read Insider Trades
What is this?
When company executives buy or sell their own stock, they must report it to the SEC within 2 days. These public filings reveal what the people who know the company best are doing with their own money.
Why does it matter?
Insiders can sell for many reasons (taxes, diversification, expenses), but they generally only buy for one: they think the stock is going up. That's why insider purchases are more predictive than sales.
What makes a trade "strong"?
We score trades on 15+ factors: the insider's role (CEO > director), trade size relative to their salary, whether other insiders also bought (clusters), and historical accuracy of the insider.
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