Dell Technologies Stock Has Surged, and CEO Michael Dell Sold a Large Block

576
Dell Technologies Stock Has Surged, and CEO Michael Dell Sold a Large Block

The stock of Dell Technologies has risen this year, and its Chairman and CEO, Michael Dell, sold large blocks of shares in the company’s provider of IT services and hardware in June.

Dell Technologies shares (ticker DELL) have risen 35.6% this past year, more than twice as fast as the 15.9% increase in the S&P 500 index. Strong earnings.

Michael Dell converted 2.99million supervoting Class A shares from June 17 to June 28 into publicly-traded Class C shares. The exact amount of Class C shares were sold during the period, for $298.6 million at an average price per share of $99.84. According to the Securities and Exchange Commission forms, he now has 347.8 million Class A shares and 5.95million Class C shares.

Also See:  Windows Was Unable to Install Your Broadcom USH

Susan Dell, Michael Dell’s spouse, sold 299,068 Class C Shares for $29.9 Million. This was the tenth transaction and also after converting supervoting share. She now has 32.6 million Class C shares.

These were the first Dell Technologies stock sales on the open market since shares started trading two and a quarter years ago.

Responding to a request for comment, Dell Technologies stated that the Dells could discuss the transaction in a statement. “Since December 2018, Dell stock had delivered a 130% return on shareholders since we relisted with NYSE. Michael Dell is our ultimate long term investor. He has bought more than 11,000,000 shares in the stock market and through option exercises over the past two years.” The sale of Dell stock was “simple prudent investing and diversification.”

Barron’s Inside Scoop features stock transactions by corporate executives, board members, or so-called insiders. It also covers large shareholders, politicians, and other notable figures. These investors must disclose stock trades to the Securities and Exchange Commission and other regulatory agencies due to their status as insiders.

Also See:  How to: Edit, Delete or Archive a Slack Channel