Apple execs sell off half a million shares for around $314 million
Tim Cook isn't the only one cashing in Apple stock these days; Senior VP of marketing, Phil Schiller, CFO Peter Openheimer, VP of hardware engineering Robert Mansfield, and VP of iOS software Scott Forstall recently had the restrictions on some of their stocks removed, resulting in a sizable sell-off between March 24 and March 26. Even Cook sold off a few more. Here's the breakdown according to the SEC filings.
Tim Cook – Apple CEO
- 200,000 shares sold; stock prices ranging from $596.05-606.80.
- Total value: $119,715,170
Philip Schiller – Senior VP of Worldwide Marketing
-64,151 shares sold; stock prices ranging from $602.30-603.05. - Total value: $38,661,014
Peter Openheimer – Senior VP and CFO
- 150,000 shares sold; stock prices ranging from $596.05-599.33.
- Total value: $89,624,444
Robert Mansfield – Senior VP Hardware Engineering
- 56,016 shares sold at $596.05.
- Total value: $33,388,336
Scott Forstall – Senior VP iOS Software
- 55,849 shares sold at $596.05.
- Total value: $33,288,796
Total dollar amount combined: $314,677,763.28
Before anyone freaks out that Apple execs are losing faith in the company, this is actually pretty common practice, and not surprising considering these guys probably have lots more stock (restricted and otherwise) piled up. The timing also lines up nicely with Apple's plans to buy that stock right back. The AAPL stock price approached $615 a pop during the period the execs sold off, compared to around $350 at this time last year. This is the part where you start smacking yourself for not buying stock five years ago when it was down around $90.