Apple Inc (NASDAQ:AAPL) stock opened 0.2% lower at $172.09 on Wednesday after company CEO Tim Cook sold 511,000 Apple shares, valued at about $41 million after taxes, according to a filing with the US Securities and Exchange Commission (SEC) on Tuesday.
The sale was Cook’s biggest sale of Apple stock in more than two years, although he still owns 3.28 million shares in the company in which he’s worked for more than two decades, according to Bloomberg.
For 2023, Cook agreed to take a 40% pay cut to $49 million, although his stock awards tied to Apple’s performance will increase to 75% this year from 50% previously.
As well, KeyBanc analysts reduced their rating on the iPhone maker to ‘Sector Weight’ from ‘Overweight’ late Tuesday, citing shares’ high valuation and an expectation for soft growth in the US.
Apple shares have fallen more than 12% from its all-time high in July but have gained 38% year to date.
Contact Sean at sean@proactiveinvestors.com