(By Balaseshan) Walt Disney Co. (NYSE: DIS) Chief Executive Robert Iger purchased $1 million worth of shares of Apple Inc. (NASDAQ: AAPL), based on a Securities and Exchange Commission (SEC) filing. The shares were purchased for a price range of $562.13 to $565.0822.
According to Apple Insider, the purchase signals Iger is bullish in the wake of the stock's recent losses and comes just a week after he exercised a million options on Disney stock, which netted him $17.9 million.
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Iger, who is a member of Apple's board, was instrumental in rebuilding the relationship between Disney and Steve Jobs' Pixar Animation Studios.He also worked with Jobs to bring Disney content to iTunes when other studios were hesitant to make a deal with Apple.
Last year, Iger bought $1 million worth of Apple shares, when the stick was priced at $375, coinciding with his joining Apple's board, which also awarded him more than $84,000 in stock, according to Business Insider.
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"Those investors that have missed Apple or have been under-weight the stock, now have another opportunity to buy Apple before sentiment takes a turn for the positive during what has historically been the strongest quarter of the year for the stock," Topeka Capital Markets analyst Brian White wrote in a note seen by the Wall Street Journal last week.
White described the recent selloff of Apple shares as "insanely insane". White is bullish reasoning: the depressed valuation, new blockbuster products for the holiday season, the attractive long-term growth opportunities that lie ahead and the company's ability to distribute significant cash flow to investors, the WSJ reported.
DIS closed Wednesday's regular session up 0.50% at $48.68, while AAPL ended up 0.14% at $561.70.