Bob Iger, chairman and chief executive officer of The Walt Disney Company (NYSE:DIS) purchased additional shares in Apple Inc. (NASDAQ:AAPL) based on his filing with the Securities and Exchange Commission (SEC) on November 19, 2012.
According to the report from The Business Insider, the total amount of Apple stock bought by Iger is approximately $1 million. Last week, he exercised his one million option on Disney’s stock and gained $17.9 million.
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Iger is a member of the board of directors of Apple Inc. (NASDAQ:AAPL). He was appointed in November last year along with Arthur D. Levinson, Ph.D., who was named non-executive chairman of the company. Iger serves in the audit committee of the board. At the time of his appointment, he was given $84,000 worth of Apple stock. He also bought $ 1 million shares last year.
Iger was instrumental in rebuilding the relationship between Disney and Steve Jobs’ Pixar Animation Studios. The relationship between Apple & Pixar became sour under the leadership of Michael Eisner, former CEO of Disney. Iger worked with Jobs in bringing the Disney contents to iTunes.
Iger’s move in purchasing more shares showed his confidence that the stock value of Apple will increase despite its price decline in recent weeks. Last week, the stock value of Apple Inc. (NASDAQ:AAPL) reached the lowest level at $527.28 a share.
According to analysts, stock price of the company was affected by several issues such as the possible tax rate increase of capital gains in the United States as policy makers are trying to put in place an effective tax policy to avert the looming fiscal cliff. Others believed the decline in iPad sales from 17 million to 14 million units was disappointing to investors.
Brian White, analyst at Topeka Capital Markets issued advised investors last week to take the opportunity to buy Apple stock at a lower price. He described the selloff of the Apple Inc. (NASDAQ:AAPL) shares “insanely insane.” Iger obviously listened to the advice of White.
Apple Inc. (NASDAQ:AAPL) stock is trading around $562.56 per share, up by 0.29 percent during the midday trading o Wednesday.