Telephone & Data Systems Executives Sell Substantial Amounts of Stock Amid Strategic Transactions

Telephone & Data Systems (TDS) executives have sold significant amounts of company stock, with Vice Chair Leroy T Jr Carlson selling 111,820 shares for $4,265,933. The company recently completed a $4.3 billion transaction with T-Mobile, strengthening its financial position and improving its credit ratings. Despite revenue declines in TDS Telecom and operational expenses, analysts have raised their price targets, citing improved visibility into cash distributions and underappreciated potential of TDS's fiber build-out.

Telephone & Data Systems (TDS) executives have sold significant amounts of company stock, with Vice Chair Leroy T Jr Carlson selling 111,820 shares for $4,265,933. The transaction occurred on August 12, 2025, and the shares were sold at an average price of $38.1511, with individual sale prices ranging from $37.705 to $38.78 [1].

The company recently completed a $4.3 billion transaction with T-Mobile, which has significantly strengthened its financial position and improved its credit ratings. Despite revenue declines in TDS Telecom and operational expenses, analysts have raised their price targets, citing improved visibility into cash distributions and underappreciated potential of TDS's fiber build-out.

Carlson's transactions include the acquisition of option-based positions totaling 111,820 option shares under the Long-Term Incentive Plan, which were vested on August 12, 2025. The options were granted at various strike prices: 18,320 at $25.70, 53,800 at $29.45, and 39,700 at $27.79 [1].

The filing also reports multiple direct and indirect ownership figures, including 369,373, 387,693, 441,493, and 481,193 shares in various reporting lines and multiple indirect holdings by 401(k), trusts, and a wife's trust totaling listed balances such as 473,113, 78,943, 211,758, and 105,521.32 [1].

The filing reflects standard executive equity activity: LTIP option vesting, plan transfers, and a same-period sale. The report documents LTIP option grants that are vested and an intra-plan 401(k) transfer affecting plan fund share counts. The seller committed to provide full breakout of sale prices and quantities to the SEC and issuer, which aligns with disclosure expectations. Ownership is held both directly and indirectly (401(k), trusts, spouse's trust), demonstrating typical estate and retirement structuring rather than a change in control or governance. No amendment flag is present; filing was executed and signed through power of attorney [1].

References:
[1] https://www.stocktitan.net/sec-filings/TDS/form-4-telephone-and-data-systems-inc-insider-trading-activity-140c694b0caa.html