2023-10-04 23:56:54
U.S. Securities and Exchange Commission (SEC) documents show that Apple CEO Cook sold 511,000 shares of Apple stock, with following-tax income reaching $41 million, the largest sell-off in more than two years.
Documents show that Cook sold 511,000 shares of Apple stock, with a pre-tax value of approximately US$87.8 million, the largest sell-off in more than two years. He sold stocks to cash out approximately US$355 million in August 2021. After the sale, Cook still holds regarding 3.3 million Apple shares, worth regarding $565 million.
Not only Cook, but other Apple executives also disclosed stock sales. Senior Vice Presidents Deirdre O’Brien and Katherine Adams each sold $11.3 million in Apple stock.
apple (AAPL-US) closed with a shock dividend of 0.73% to $173.66 per share. The company’s shares are down regarding 13% from an all-time high of $198.23 set in July as investors worry that smartphone demand is recovering more slowly than expected.
Cook sells Apple shares the most in more than 2 years (Image: shutterstock)
Apple launched its new iPhone 15 flagship series last month but did not increase the starting price. Some analysts said Apple’s move was in response to the sluggish global smartphone market.
Analysts at investment bank KeyBanc downgraded the stock from “overweight” to “sector weight” due to concerns that Apple’s sales growth in the United States may slow once more in the fourth quarter.
Analysts pointed out that as the United States faces high inflation, fewer mobile phone users are likely to upgrade their devices. A report from research firm Canalys shows that North American smartphone shipments are expected to decline by 12% in 2023.
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