Best Buy, McKesson And 2 Other Stocks Insiders Are Selling
Portfolio Pulse from Avi Kapoor
The Nasdaq 100 closed slightly higher on Monday. Notable insider sales were observed in Steven Madden, Best Buy, McKesson, and Mastercard. Insider sales can indicate concerns about a company's prospects or that the stock is overpriced.
June 04, 2024 | 12:21 pm
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NEGATIVE IMPACT
Best Buy's Richard M Schulze sold 3,000,000 shares at $81.32 each, totaling around $246.7 million. This comes after a recent upgrade by Citigroup from Sell to Buy with a raised price target.
The large volume of shares sold by a significant insider could indicate concerns despite the recent upgrade by Citigroup.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Mastercard Foundation Asset Management Corp sold 103,000 shares at $441.69 each, totaling around $45.49 million. This follows the launch of the International Consumer Friendly Zones program in Shanghai.
The sale by a significant shareholder could indicate concerns or a belief that the stock is currently overvalued, despite recent positive developments.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
McKesson's EVP, Chief Strategy & BDO sold 5,232 shares at $560.99 each, totaling around $2.94 million. This follows the election of Deborah Dunsire as a new director.
The sale by a high-ranking executive could indicate concerns or a belief that the stock is currently overvalued.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Steven Madden's Chief Merchandising Officer sold 12,176 shares at $44.82 each, totaling around $545,775. Despite recent upbeat quarterly earnings, this insider sale might raise concerns.
The sale by a high-ranking officer shortly after positive earnings could indicate concerns about future performance or overvaluation.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80