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According to an Apple Inc. (NASDAQ:AAPL) filing with the U.S. Securities and Exchange Commission on Monday, Tim Cook made $11.1 million after taxes by selling 37,500 restricted stock units. Cook was rewarded the units about two years ago for his performance as interim CEO while late co-found Steve Jobs was on medical leave in order to recover from a liver transplant.
Over the past few days, Cook started to sell units between $547 and $551 per share. Although having a top executive selling shares in his own company can often raise a red flag, the sales resemble a small portion of Cook’s income. In 2011, he received a $378 million pay package which includes heavy incentives for Cook to stay at Apple for years. In this case, Cook appears to be practicing responsible investing by booking profits on the way up.
Due to faster iPhone production and a long-rumored Apple television unit, Peter Misek from Jefferies & Co. reiterated a Buy rating on Apple shares and raised his price target from $599 to $699 per share. In regards to a possible television launch, he says, “We expect commercial production in May or June with 2M to 5M builds likely. We still expect a CQ4 launch.” Misek also raised his iPhone estimate for this year to 155 million units, compared to 145 million.
Apple shares gained 1.3 percent in Tuesday trading, climbing to a new all-time high of $559.84. Shares of the tech giant have surged nearly 40 percent this year. In comparison, shares of Microsoft Corp. (NASDAQ:MSFT) and Amazon Inc. (NASDAQ:AMZN) have gained 24 percent and 5 percent this year. Meanwhile, Google Inc. (NASDAQ:GOOG) shares have fallen 5 percent.
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