Apple (AAPL) CEO Tim Cook is selling the company’s stock as the share price languishes.
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According to a filing with the U.S. Securities and Exchange Commission (SEC), Cook sold $16.5 million of company stock on April 2 of this year. The sales were executed in multiple transactions with prices ranging from $251.25 to $256.00 per share.
According to the SEC filing, Cook sold a total of 5,087 Apple shares under a Rule 10b5-1 trading plan that is used to eliminate the perception that company executives are buying and selling stock based on insider information. Cook’s latest sales come with AAPL stock down 5% this year an treading water around $255 per share.
Tim Cook’s Apple Holdings
As CEO of Apple, Tim Cook continues to own 3.28 million shares of company stock, valued at $847.86 million based on current market prices. Much of Cook’s compensation at Apple is based on stock awards received for achieving certain milestones with the company.
There have been rumors that Cook plans to retire and stepdown as CEO of Apple later this year. However, Cook recently shot down those rumors, saying in a media interview that he has not said anything publicly about his tenure leading Apple, which began in 2011 following the death of Steve Jobs.
Is AAPL Stock a Buy?
Apple stock has a consensus Moderate Buy rating among 24 Wall Street analysts. That rating is based on 14 Buy, nine Hold, and one Sell recommendations issued in the last three months. The average AAPL price target of $304.66 implies 22.35% upside from current levels.
