Goldman CEO Blankfein Sells $22.4M in Stock
Lloyd C. Blankfein exercised options and sold 109,436 shares near a multiyear-high.
By Grace L. Williams
Updated June 10, 2015 5:40 p.m. ET
Goldman Sachs Group insiders including the top executive of the investment giant sold shares in recent weeks as they headed to a multiyear-high price, mostly through Rule 10b5-1 planned transactions.
Six executives sold 324,301 Goldman Sachs shares for $66,420,905, an average of $204.81 each, from May 5 through June 3.
Chief Executive and Chairman Lloyd C. Blankfein exercised options and sold 109,436 Goldman Sachs shares for $22,435,045, an average of $205.01 each, in a planned sale. Regulatory filings show the options were exercised at $131.64 each and were set to expire Nov. 27. Blankfein now directly holds 1,893,354 shares alongside 342,331 shares held through trusts. His most recent previous transaction was on Aug. 28, 2012, when he exercised options and sold 68,800 shares for $8.2 million, an average of $119.26 each, also a planned transaction.
President and Chief Operating Officer Gary D. Cohn exercised options and sold 152,291 shares for $31,229,249, an average of $205.06 each, another planned sale. The options were exercised at $131.64 each and were set to expire Nov. 27. Cohen now directly holds 615,854 shares alongside 249,093 shares held through entities including trusts. His most recent previous transaction was on Nov. 28, 2012, when he exercised options and sold 90,000 shares for $10.7 million, an average of $119.26 each, in a planned transaction.
Vice Chairman John S. Weinberg exercised options and sold 25,699 Goldman shares for $5,142,405, an average of $200.10 each, in yet another planned sale. The options were exercised at $131.64 each and were set to expire Nov. 27. Weinberg now directly holds 1,020,051 shares alongside 89,341 shares held through entities including trusts. His most recent previous transaction was on April 23 when he exercised options and sold 91,400 shares for $18.3 million, an average of $200.17 each, in another planned sale.
Sarah G. Smith, principal accounting officer, sold 4,664 shares in a planned transaction for $979,440. Edith W. Cooper, executive vice president and global head of human capital management, sold 16,659 shares for $3,446,510. Gregory K. Palm, executive vice president and general counsel, exercised options and sold 15,552 shares for $3,188,254.
Each executive holds a total stake of less than 1% in Goldman Sachs.
Blankfein has held his current post since June 2006. Cohn has served as president and COO (or co-COO) since June 2006.
A spokeswoman for Goldman Sachs declined to comment on the sales.
Shares traded to as high as $213.40 on Wednesday, a multiyear intraday high. Goldman Sachs hasn’t traded at that level since November 2007, adjusted for cash dividends.
On April 16, Goldman Sachs reported a better-than-expected first quarter. Susquehanna analyst Doug Sipkin responded by raising estimates and lifting the price target to $215 from $198.
“[R]obust merger-and-acquisition results should continue as Goldman Sachs works off of a breakout year in 2014 for announcement activity,” Sipkin wrote in a research report. He maintained a Neutral rating.
In an email, Dominick Manaro, president of Executive Buying, writes, “The recent sales are not worrisome in my opinion. The largest amounts of shares were by Blankfein and Cohn. In both cases, these transactions are tied to simultaneous exercising of options. It is very hard to look at these transactions as anything but executives diversifying their wealth.”
Recent Insider Activity
BuyersCompany Name | Insider's Name | Title | $ Value | No. of Shares | Range of Values | Transaction Dates |
American Assets Trust | E. Rady | H | 2,985,929 | 75,785 | 39.40 | June 9 2015 |
Abercrombie & Fitch | C. Angelides | O | 1,001,618 | 45,200 | 22.16 | June 9 2015 |
Prospect Capital | J. Barry | CEO | 992,780 | 131,060 | 7.58 | June 5 2015 |
American Assets Trust | E. Rady | H | 953,628 | 24,215 | 39.38 | June 8 2015 |
Kratos Defense & Security Solutions | B. Carano | DO | 904,440 | 150,000 | 6.03 | June 5 2015 |
Alexander & Baldwin | D. Hulihee | D | 797,331 | 20,000 | 39.75-39.95 | June 4-5 2015 |
Goldman Sachs Mlp And Energy Renaisnc Fd | K. Loupis | OE | 529,810 | 37,000 | 14.32 | June 8 2015 |
Nuvasive | G. Lucier | CEO | 492,616 | 10,000 | 49.17-49.36 | June 5-8 2015 |
Golub Capital Bdc | D. Golub | CEO | 484,436 | 28,067 | 17.26 | June 8 2015 |
Insulet | P. Sullivan | CEO | 293,880 | 10,000 | 29.39 | June 5 2015 |
Recent Insider Activity
SellersCompany Name | Insider's Name | Title | $ Value | No. of Shares | Range of Values | Transaction Dates |
Comcast | M. Angelakis | CFO | 22,322,347 | 382,566 | 58.18-58.40 | June 8 2015 |
Affiliated Managers Group | N. Dalton | P | 16,671,470 | 75,000 | 221.01-222.70 | June 5-8 2015 |
Starbucks | H. Schultz | CEO | 16,294,732 | 311,738 | 52.27 | June 5 2015 |
Hubspot | S. Bishop | D | 14,908,857 | 299,833 | 45.56-50.20 | June 5-9 2015 |
Nielsen | D. Calhoun | D | 7,951,500 | 178,125 | 44.64 | June 5 2015 |
Palo Alto Networks | N. Zuk | CT | 5,175,272 | 30,000 | 169.47-173.66 | June 5 2015 |
Macys | D. Broderick | GC | 4,632,677 | 67,212 | 68.90-68.96 | June 9 2015 |
Natus Medical | J. Hawkins | CEO | 4,208,000 | 100,000 | 42.08 | June 8 2015 |
Barracuda Networks | Z. Levow | D | 3,601,814 | 87,518 | 41.03-41.17 | June 3-4 2015 |
Netsuite | Z. Nelson | CEO | 3,420,617 | 37,319 | 91.34-91.90 | June 8 2015 |
Here’s a rundown of insider trading activity reported on June 10, 2015. An insider is any officer, director or owner of 10% or more of a class of the company’s securities. The table shows purchases and sales which must be reported to the SEC and other regulators by the 10th of the month following the month of the trade, includes both open-market and private transactions involving direct and indirect holdings. Excludes stock valued at less that $2 per share, acquisitions through options and companies being acquired. Included are purchases, sales and stock registered for sale for individual officers, companies, and sectors.
AC-member of the advisory committee. AF-affiliated person. AI-affiliate of investment advisor. AV-assistant vice president. B-beneficial owner of more than 10% of a security class. BC-beneficial owner as custodian. BT-beneficial owner as trustee. C-controller. CB-chairman. CC-member of the compensation committee. CEO-chief executive officer. CFO-chief financial officer. CI-chief investment officer. CO-chief operating officer. CP-controlling person. CT-chief technology officer.
D-director. DO-director and beneficial owner. DS-indirect shareholder. EC-member of the executive committee. EVP-executive vice president. F-founder. FC-member of the finance committee. FO-former. GC-general counsel. GM-general manager. GP-general partner. H-officer, director and beneficial owner. I-indirect transaction filed through a trust, insider spouse, minor child or other. IA-investment advisor. LP-limited partner. M-managing partner.
MC-member of committee or advisory board. MD-managing director. O-officer. OB-officer and beneficial owner. OD-officer and director. OE-other executive. OP-officer of parent company. OS-officer of subsidiary company. OT-officer and treasurer. OX-divisional officer. P-president. R-retired. S-secretary.
SC-member of the science/technology committee. SH-shareholder. SVP-senior vice president. T-trustee. TR-treasurer. UT-unknown. VC-vice chairman. VP-vice president. VT-voting trustee. X-deceased.
D-director. DO-director and beneficial owner. DS-indirect shareholder. EC-member of the executive committee. EVP-executive vice president. F-founder. FC-member of the finance committee. FO-former. GC-general counsel. GM-general manager. GP-general partner. H-officer, director and beneficial owner. I-indirect transaction filed through a trust, insider spouse, minor child or other. IA-investment advisor. LP-limited partner. M-managing partner.
MC-member of committee or advisory board. MD-managing director. O-officer. OB-officer and beneficial owner. OD-officer and director. OE-other executive. OP-officer of parent company. OS-officer of subsidiary company. OT-officer and treasurer. OX-divisional officer. P-president. R-retired. S-secretary.
SC-member of the science/technology committee. SH-shareholder. SVP-senior vice president. T-trustee. TR-treasurer. UT-unknown. VC-vice chairman. VP-vice president. VT-voting trustee. X-deceased.
*-Half of the transactions were indirect.
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