Apple Chief Operating Officer Jeff Williams sold $29.2 million of stock through automated transactions.
Justin Sullivan/Getty ImagesAn account owned by Apple Chief Operating Officer Jeff Williams sold stock through an automated plan in early October.
Apple stock has slipped slightly since splitting 4-for-1 in late August, but still sports a 60% year-to-date gain. This year it became the first public U.S. firm with a market capitalization of $2 trillion.
On Oct. 1, 519,080 restricted stock units vested for Williams. The same day, he converted the RSUs to an equivalent number of Apple shares, held in his living trust.
The next day, he sold 257,343 Apple shares for $29.2 million, a per-share average of $113.59. The transactions were conducted through a so-called Rule 10b5-1 trading plan adopted in February 2019. Such a device is used by insiders to remove any potential bias they may have from the knowledge of material nonpublic information. When the parameters, such as timing, price, and volume, are met, trades are automatically executed.
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Apple withheld 261,737 shares to satisfy tax-withholding requirements on the vesting of the RSUs. Williams now owns 489,260 Apple shares in his living trust, according to a form he filed with the Securities and Exchange Commission.
Apple didn’t make Williams, who leads the company’s design team, available for comment.
It’s his second sale this year. On April 2, in another planned transaction, Williams sold 41,062 shares—on a pre-split basis—for $9.9 million.
In 2019, Williams sold a total of $26.7 million in Apple stock, through planned transactions.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
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Apple COO Jeff Williams Sells Large Block of Stock - Barron's
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