How many Woolworths shares does the CEO hold after his $8.4 million sell-down?

The Woolworths Group Ltd (ASX: WOW) share price is edging higher today despite a recent sell-down by the company’s CEO.

At market close on Monday, the Woolies share price finished up 0.2% at $34.67.

In contrast, the S&P/ASX 200 Index (ASX: XJO) backtracked to 6,719.9 points, down 0.29%.

CEO offloads Woolworths shares

Investors appear unfazed by the company’s latest announcement, sending the Woolworths share price into positive territory.

According to the release, Woolworths CEO Brad Banducci sold a portion of his shares between 30 August and 1 September.

In total, 230,000 Woolworths shares were offloaded in an on-market trade for an average price of $36.36 per share. The transaction equates to the value of $8.36 million.

While this isn’t uncommon, as CEOs sell for various reasons, the company noted the sale was due to fund taxation obligations.

However, this was after Banducci received 111,849 shares as part of his remuneration, following the vesting of performance share rights on 26 August. The value of this is around $4.11 million (at $36.76 apiece).

Following the sale, Banducci now has a shareholding of 247,578 Woolworths shares, which are held in a family trust.

The last time Banducci offloaded his Woolworths shares was in August 2021, when he sold 140,000 shares at $41.45 each.

Woolworths share price snapshot

Despite edging higher today, the Woolworths share price is down 12% over the last 12 months.

Based on today’s price, Woolworths commands a market capitalisation of approximately $42 billion, with about 1.21 billion shares on hand.

The post How many Woolworths shares does the CEO hold after his $8.4 million sell-down? appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Are these ASX blue-chip shares losing their defensive benefits?
• Attention Endeavour shareholders: Here’s some news on your dividends
• Have Woolworths shares ‘got their mojo back’?
• Supermarket shakeup: Do Coles shares offer better dividends than Woolworths?
• Down 6% in a month, is September a good time to buy Woolworths shares?

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.

from The Motley Fool Australia https://ift.tt/9cbCIeG