May 24, 2021
When AT&T stock tumbled this week, two of its top executives bought shares of the communications giant on the open market.
AT&T (ticker: T) stock slid after the company said Monday it was spinning off WarnerMedia assets, combining them with Discovery (DISCB). The move signaled AT&T will abandon media to focus on its communications roots. AT&T also said it was cutting its dividend with the spinoff. CEO John Stankey told Barron’s he wasn’t surprised by the stock’s drop after announcing “a pretty significant change in the overall capital structure of the business.”
Stankey paid $1 million on May 19 for 34,614 AT&T shares, an average per-share price of $28.81. He made the purchases through a family trust, according to a form he filed with the Securities and Exchange Commission. His trust now owns 321,867 AT&T shares. Stankey also owns another 47,598 shares through a benefit plan, 120,000 shares through a limited partnership, and 10,493 shares through a 401(k) plan. The transaction is Stankey’s first open-market purchase of AT&T stock on record, going back to 2003, the extent of online SEC records. He joined AT&T in 1985, and his previous posts include president and chief operating officer.
Chief Financial Officer Pascal Desroches paid $589,630 over May 19 and 20 for 19,976 AT&T shares, an average price of $29.52 per share. He now owns 190,811 AT&T shares in a personal account, and another 769.6919 shares through a 401(k) plan. Desroches, who became CFO of AT&T effective April 1, also notched his first open-market purchase of AT&T stock.
No comments:
Post a Comment