LOS ANGELES, Oct 19 (Reuters) - The president of Yum Brands’ (YUM.N) Taco Bell division has sold almost 50,000 shares worth over $1.8 million, nearly all the shares he owns directly, according to a regulatory filing published on Friday.
Taco Bell President Greg Creed still owns 60,000 phantom shares paid in Yum stock through an executive income deferral program, as well as approximately 650,000 stock options, 150,000 of which are currently exercisable, said Yum counsel John Daly.
The company filing indicates that Creed sold 48,092 shares of common stock in Yum on Oct. 18. That left him with 4 directly held shares.
Filing tracker InsiderScore.com wrote that the sale comes as shares of Yum are trading around their all-time high after strong third-quarter earnings, and as sale activity through the company’s prearranged stock trading plan is at an above-average range.
“From March 1 through October 1, Creed had exercised options on and sold 42,000 shares at $27.85 to $34.13 in a series of Rule 10b5-1 trading plan transactions,” InsiderScore wrote in a note.
Rule 10b5-1 allows executives who might otherwise be barred from trading due to their access to material nonpublic information to sell shares via a plan arranged in advance.
Shares of Yum, which are up nearly 9 percent since the beginning of the month and 27 percent since January, closed at $37.47, down 27 cents, on the New York Stock Exchange on Friday. (Reporting by Alexandria Sage)