Brinker COO Douglas Comings Sells 11,422 Shares for $2.8 Million After Vesting
Updated
Updated · Yahoo Finance · Aug 18
Brinker COO Douglas Comings Sells 11,422 Shares for $2.8 Million After Vesting
1 articles · Updated · Yahoo Finance · Aug 18
Summary
$2.8 million of Brinker International stock was sold by COO Douglas Comings on Aug. 13-14, covering 11,422 shares disclosed in an SEC Form 4 filing.
6,422 shares were sold non-discretionarily to meet tax obligations after 17,872 shares vested on Aug. 13, while the remaining 5,000 shares were sold in the open market.
19,509 shares remain in Comings' holdings—17,527 directly and 1,982 through Brinker’s 401(k) stock fund—valued at about $4.63 million at the Aug. 14 close.
Brinker shares closed at $237.15 on Aug. 14 versus Comings' weighted average sale price of $241.25, after the stock returned 50% over the prior year.
The remaining stake equals about 0.05% of Brinker, whose market capitalization stood at $10.2 billion as the Chili's parent reported $5.7 billion in trailing revenue.
With Brinker's stock up 50% and a massive turnaround underway, why is Chili's COO cashing out millions in shares right now?
Despite consecutive quarters of sales growth and viral menu success, could this multi-million dollar insider transaction hint at hidden headwinds for Chili's?