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Executives Sell Off Apple as Investors (and a Billionaire) Buy In

  +Follow August 19, 2013 10:40AM
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Apple, Inc. (AAPL) has come a long way since hitting a 52-weeek low of $388.87 a share on June 29 amid a massive sell-off. The stock has surged over the last month, and from Aug. 12 to Aug. 17 gained over 10 percent. Apple has been propelled both by impressive iPhone sales in the second quarter of 2013 and influential investor Carl Icahn sinking a reported $1.5 billion into the company, calling the tech giant “extremely undervalued.”

Yet at the same time Icahn is doubling down on the company, major executives at Apple are cashing out. According to a filing with the Securities and Exchange Commission, between Aug. 16 and Aug. 18, Senior Vice Presidents Dan Riccio and Phil Scheller respectively sold $1.9 million and $18.6 million worth of shares of the company.

They're not the only ones either. On July 29, Apple directors Bill Campbell and Millard Drexler cashed out for a combined $13.8 million, and on June 24, Senior Vice Presidents Bruce Sewell and Jeff Williams cashed out for around $15 million apiece.

It should be noted though, that these executives made clear their intentions to sell months prior, while Apple’s stock was lagging. The SEC requires higher-up execs to notify of intention to sell far in advance in order to preclude the possibility of insider trading. Also, the combined value of these stock sales is dwarfed by Icahn’s recent investment. Since he first tweeted his buy-in on Aug. 13, Icahn's investment has gained an estimated $150 million in value. 

While Icahn’s stake in the company is sizable, it still equals less than a percent of the company’s present value. Apple is flying so high they have comfortably regained their position as the most valuable company in the world. The company is now worth $466.33 billion, more than $70 billion ahead of the number two company ExxonMobil Corporation (XOM) . Apple surpassed Exxon on Aug. 1.

Though Apple is still down 18.58 percent on the year, they’re up 1.93 percent on the day to hit $511.99 a share.   

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for aapl
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A list of merchants taking #Apple Pay http://t.co/5DkroyrmB5 via @YahooFinance #ApplePay #AAPL $AAPL
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RT @philstockworld: The Levels We're Watching and the Positions We're Taking for the Week Ahead: $SPY $DIA $QQQ $IWM $AAPL -- http://t.co…
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Frank Giovanello
21 Oct 14 02:59:06
Yeah ScottieRed! MT “@RedDogT3: $aapl w/ solid quarter/guidance & still cheap. Close above 103ish & momo back. Long it & might add”
bribedDuck
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RT @aztecs99: RT @RedDogT3: $aapl had a solid quarter and solid guidance & still cheap. A close above $103ish & momo comes back. Long it …
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RT @philstockworld: The Levels We're Watching and the Positions We're Taking for the Week Ahead: $SPY $DIA $QQQ $IWM $AAPL -- http://t.co…
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RT @philstockworld: The Levels We're Watching and the Positions We're Taking for the Week Ahead: $SPY $DIA $QQQ $IWM $AAPL -- http://t.co…
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RT @philstockworld: The Levels We're Watching and the Positions We're Taking for the Week Ahead: $SPY $DIA $QQQ $IWM $AAPL -- http://t.co…
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21 Oct 14 02:49:27
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21 Oct 14 02:49:09
RT @philstockworld: The Levels We're Watching and the Positions We're Taking for the Week Ahead: $SPY $DIA $QQQ $IWM $AAPL -- http://t.co…
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RT @philstockworld: The Levels We're Watching and the Positions We're Taking for the Week Ahead: $SPY $DIA $QQQ $IWM $AAPL -- http://t.co…
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21 Oct 14 02:47:24
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21 Oct 14 02:45:26
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  +Follow August 19, 2013 10:40AM
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