The JB Hi-Fi Limited (ASX: JBH) share price is heading north on Tuesday.
This comes despite the specialty retailer announcing that its CEO has dumped a substantial amount of his shares.
At the time of writing, JB Hi-Fi shares are swapping hands at $41.36 apiece, up 2.1%.
JB Hi-Fi CEO offloads his holdings
Investors are shrugging off the companyâs latest news, sending the JB Hi-Fi share price into positive territory.
According to the release, JB Hi-Fi CEO Terry Smart sold $1.46 million worth of his shares through an on-market trade.
In total, 35,000 JB Hi-Fi shares were disposed of on 29 August.
When calculating the amount received along with the number of shares offloaded, the average selling price is $41.67 per share.
Interestingly, JB Hi-Fi chief financial officer (CFO) Nick Wells also sold off a significant parcel of his shares.
Wells disposed of 32,549 shares and collected $1.36 million from the sale.
Unfortunately, no reason was given as to why both the CEO and CFO reduced their holdings.
Currently, Smart has 8,925 JB Hi-Fi shares in his own name along with 119,723 shares held in a couple of trusts.
On the other hand, Wells has 44,493 indirect JB Hi-Fi shares under his holdings.
A catalyst for JB Hi-Fi shares remaining afloat today despite the sell-down could be some recent broker notes.
According to ANZ Share Investing, the team at Citi raised its price target by 6.4% to $50.00 for JB Hi-Fi shares. Based on the current share price, this implies an upside of roughly 21%.
Furthermore, UBS also bumped up its price target by 4.8% to $44.00 per share.
JB Hi-Fi share price summary
Over the past 12 months, the JB Hi-Fi share price has posted a loss of 10%.
Extreme volatility in June impacted the companyâs shares which led it to touch a 52-week low of $36.69 per share.
JB Hi-Fi commands a market capitalisation of approximately $4.43 billion, with 109.33 million shares on issue.
The post Guess which ASX 200 CEO has sold $1.5m worth of shares in his company in the past week appeared first on The Motley Fool Australia.
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More reading
- Why is the JB Hi-Fi share price slumping today?
- 3 ASX 200 shares going ex-dividend tomorrow
- Why are ASX 200 retail shares having such a stellar run today?
- 2 surprisingly ‘robust’ ASX shares to buy in current climate: expert
- JB Hi-Fi share price dips as full-year dividend jumps 43%
Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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