Key takeaways
- Apple CEO Tim Cook sold 511,000 shares of the company's stock valued at approximately $88 million in its largest stock sale since 2021.
- After the sale, Cook still held 3 .28 million shares of Apple.
- Apple shares have fallen about 12% since hitting an all-time high in late July.
Apple (AAPL) CEO Tim Cook made his biggest sale of the company's stock in more than two years as shares of the iPhone maker have lost ground since 39;they reached a record level. -record time this summer.
In a regulatory filing, Cook said he sold 511,000 shares between $171 and $173 each for a total of $87.8 million. He still holds 3.28 million shares. In August 2021, Cook sold approximately 4.6 million shares valued at over $750 million.
The senior executive vice presidents Deidre O'Brien and Katherine Adams joined Cook in divesting shares, each selling for about $11.3 million worth.
Apple helped lead a rally in tech stocks this year, closing at a record $196.45 on July 31. This represents an increase of more than 50% since the start of the year. However, since then, shares have fallen, losing about 12% from that peak.
Stocks were little changed Wednesday as of 3 p.m. ET following the news, and after a long bullish period for Apple, Brandon Nispel of KeyBanc, downgraded the title. Nispel said valuations were too high and warned that U.S. iPhone sales were likely to struggle.
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Source: investopedia.com
