The Hershey Company (NYSE: HSY) is an iconic stock thanks in no small part to the tasty confectionary treats it produces. But there's so much more to know about this consumer staples giant, including that its dividend yield is historically high at 3.2% today. That suggests that the stock is on sale, something that doesn't happen very often.

Can buying Hershey today help you build a million-dollar portfolio? Let's find out.

Hershey's dividend yield is so high today because the stock has lost around a third of its value since hitting all-time highs in 2023. But even after that drop, a $10,000 investment made at the start of 1980 would be worth around $1.6 million dollars today. Without question, Hershey is a millionaire maker. But that's the past. The real question is, can it do it again if you buy the stock today?

While there are clearly no guarantees on Wall Street, Hershey has a very solid foundation on which to continue growing in the future. One important but often overlooked key is the company's relationship with The Hershey Trust, which basically controls all of Hershey's super-voting class B stock. That gives the charitable trust a huge say in the company's operations, effectively ensuring that Hershey remains a stand-alone company.

But there's more to this relationship than meets the eye. The Hershey Trust uses the dividends it collects to fund its philanthropic efforts. So, it has a vested interest in making sure that Hershey is run in such a way that it can continue to support and reliably grow its business and dividend over time. That's basically what most dividend investors want, too. Given the strong history of the stock, Hershey and The Hershey Trust have had a mostly mutually beneficial relationship over time.

From a simplistic point of view, Hershey's historically high yield suggests that the stock is attractively priced today. In fact, the yield hasn't been this high since the Great Recession, as the chart below highlights. The problem is that the stock is cheap for a reason.

Right now, Hershey's bottom line is being pressured by a shockingly large surge in cocoa prices. This is a key ingredient in chocolate, which is one of the company's big products. Cocoa is a commodity and always has been, so Hershey is used to dealing with price volatility for this input. However, the cost increase has been outsized, and the company may take a few years to adjust. That is bad news, and it will most likely mean a period of relatively weak financial performance. However, in time, price increases and changes in the cocoa market will probably take care of this issue.