Apple CEO Timothy Cook Sells $63.85 Million in Shares
Apple Inc. CEO Timothy Cook recently sold 191,753 shares of the company's stock in a transaction that took place on October 2nd. The shares were sold at an average price of $332.96, totaling approximately $63.85 million. Following the sale, Cook's ownership stake in Apple decreased by 5.55%, leaving him with 3,264,168 shares valued at around $1.09 billion. The transaction was disclosed in a filing with the Securities & Exchange Commission.
The sale was made to cover tax withholding obligations related to the vesting of equity awards. Despite the insider sale, Apple's stock has remained relatively stable, trading at $332.89 on Monday, down just 0.2% for the day. The company's stock has a market capitalization of $4.86 trillion and a price-to-earnings ratio of 38.18.
Analysts have mixed opinions on Apple's stock. While some, like Rothschild & Co Redburn, have set a price target of $400 and recommend buying, others, such as Moffett Nathanson, maintain a neutral rating with a lower target of $304. The consensus among analysts is a 'Moderate Buy' with an average target price of $340.02.
Apple's recent financial performance has been strong, with the company reporting $109.42 billion in revenue for the fiscal third quarter, a 16.4% increase year-over-year. Earnings per share also beat estimates, coming in at $2.02 compared to the expected $1.89. The company's dividend yield stands at 0.3%, with a payout ratio of 12.39%.