Apple (AAPL) CEO Tim Cook has sold over $50 million worth of AAPL stock, with other company executives following suit. Apple stock has long been considered a solid long-term investment. In fact, over the past year, AAPL has increased by more than 30%. However, even with the stock’s strong performance, company executives occasionally choose to sell portions of their holdings.
AAPL CEO Tim Cook Sells Stock
According to the company’s filing, CEO Tim Cook sold 223,986 shares worth over $50 million. This stock sale was part of Cook’s rule 10b5-1 trading plan, where the instructions to sell were set on May 21, with the sale executed yesterday. A rule 10b5-1 trading plan, like the one used by Cook, ensures that stock trades are executed automatically when preset conditions, such as price or volume, are met. This mechanism is designed to prevent insiders from gaining an unfair advantage through material nonpublic information.
Additionally, several key AAPL executives have recently sold shares. COO Jeff Williams sold 59,370 shares, generating $13.5 million. Meanwhile, Deirdre O’Brien, SVP of Retail, sold 61,019 shares worth $13.8 million. Similarly, Katherine Adams, Apple’s General Counsel and SVP of Legal and Global Security, sold 61,019 shares, also netting $13.8 million.
Is Apple a Buy, Hold, or Sell?
Analysts remain cautiously optimistic about AAPL stock, with a Moderate Buy consensus rating based on 24 Buys, nine Holds, and one Sell. The average AAPL price target of $248.07 implies an upside potential of 9.4% from current levels.
