An Insider Buys Apple
It's not often that you see an Apple (NAS: AAPL) insider opt to dip into their own pockets to directly pick up shares of the Mac maker. Well, mark your calendar, my Foolish friend, since today is one of those days. Well, technically, the trade in question took place a couple days ago, but you get the idea.
The last time an Apple insider purchased shares was back in September 2006, when Google (NAS: GOOG) chairman and ex-CEO Eric Schmidt picked up 10,000 shares near the now-envious price of $70 per share. Your local mathematician will tell you that turns out to about $700,000 worth of Apple shares.
Schmidt picked up the position just after being appointed to Apple's board of directors a month prior. Nearly three short years later, Schmidt had to step down as Google and Apple found themselves going head to head on increasingly more fronts, which lead to Schmidt having to constantly recuse himself from strategic boardroom discussions.
After all, it wasn't making much sense to discuss how the iPhone would battle Android, how Safari and Chrome could compete, or how now-extinct MobileMe could best Gmail, when you have the arch-frenemy CEO sitting at the table taking notes.
The passing of Steve Jobs necessitated some shifts in the board, and Walt Disney (NYS: DIS) CEO Bob Iger has recently joined as a member of the audit committee. The two companies' relationship has warmed up in recent years, around the time that Disney picked up Pixar.
In a vote of confidence in his new director role, Iger has gone and bought himself a healthy position of 2,670 shares at approximately $375 per share. His total when he stepped up to the cashier rang up to just over a cool $1 million. It's chump change, given the nearly $30 million compensation package he brought home last year leading the media giant.
Iger also received 142 restricted stock units upon his appointment, and his wife had already held 75 shares from before his new role. He also owns just over a million shares of Disney.
It's always good to know the directors have skin in the game, and Iger's $1 million vote of confidence is exactly that. Evidently, I'm not the only one that thinks Apple is still a buy at today's prices.
At the time this article was published Fool contributorEvan Niuowns shares of Walt Disney and Apple, but he holds no other position in any company mentioned.Click hereto see his holdings and a short bio. The Motley Fool owns shares of Apple and Google.Motley Fool newsletter serviceshave recommended buying shares of Walt Disney, Google, and Apple.Motley Fool newsletter serviceshave recommended creating a bull call spread position in Apple. Try any of our Foolish newsletter servicesfree for 30 days. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. The Motley Fool has adisclosure policy.
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