Apple Inc. (NASDAQ: AAPL) even feels immune to insiders cashing out stock worth hundreds of millions of dollars. The stock is up on a down day for the broader market and that is impressive considering filings made Tuesday evening. Chief Executive Officer Tim Cook announced the sale of shares at taking place on March 26 at $600.79 for some 106,640 shares. The total came to more than $64 million. Senior Vice President, and Chief Financial Officer Peter Oppenheimer sold on March 26 a total 80,147 shares at $598.76 on average. His sale generated proceeds of almost $48 million. Other sales from insider were as follows:
- Senior Vice President Philip Schiller sold about 120,000 shares at a price between $596.05 to $603.05.
- Senior Vice President Robert Mansfield sold 56,016 at $596.05 per share on average.
- Senior Vice President Scott Forstall sold 55,849 shares at $596.05 per share on average.
The reason that this is not hurting Apple’s stock is because these are restricted stock grants that have been held for years and they are also part of a Rule 10b5-1 trading plan.
JON C. OGG