Michael Dell Sells Off Some of His Stake

The PC company founder sold 10 million shares over the last week.
By K.C. Swanson ,

Michael Dell has sold 10 million shares of his namesake company for nearly $297 million, according to a filing made today with the

Securities and Exchange Commission

.

However, he still owns about 277.9 million shares of

Dell

(DELL) - Get Report

. As of April 30, he controlled 11.6% of total shares outstanding.

Dell sold the 10 million shares between May 22 and May 27, at prices ranging from $29.56 and $30.01.

Including the latest sale, Dell, his wife and his children's trust have collectively sold off 32 million shares of their company stock

since last November, coinciding with a slew of hefty stock sales by other high-ranking Dell execs.

While Michael Dell's sales have

historically foreshadowed a rise in the stock, many observers on Wall Street think Dell may not have much room for upside at current levels. Dell's stock has already risen 12.2% year to date through Tuesday's close, outperforming the broader market. The

S&P

rose only 8.1% in the same period.

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