Illumina (ILMN) Stock: Director Sells $57M as Company Rejoins S&P 500 in September
TLDR
- Director Keith Meister sold $57.19 million in ILMN stock between September 2 and September 4
- ILMN is set to rejoin the S&P 500 on September 21, after being removed in June 2024
- The stock has gained 66.4% year-to-date and trades around $218
- Latest quarterly earnings beat estimates with revenue up 9.4% year over year to $1.16 billion
- TipRanks shows a Moderate Buy consensus, but the average price target of $197.44 implies 9.5% downside
Illumina (ILMN) director Keith Meister sold $57.19 million worth of ILMN stock last week, according to a Form 4 filed with the SEC. The transactions took place between September 2 and September 4, with 263,560 shares sold at prices ranging from around $213 to $221.55 per share.
The stock was trading around $218.22 during Fridayโs session, dipping $3.44 on the day, before rising nearly 1% in extended trading after the S&P 500 inclusion news broke.
The sales were made through investment funds managed by Corvex Management, where Meister serves as controlling general partner. After the transactions, he retained indirect holdings of 770,350 shares plus 6,780 directly held shares. Insider selling can happen for many reasons, including portfolio management or profit-taking.
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