Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The Nasdaq 100 closed slightly higher by over 60 points on Monday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out Benzinga’s insider transactions platform.
Steven Madden
- The Trade: Steven Madden Ltd (NASDAQ:SHOO) Chief Merchandising Officer Karla Frieders sold a total of 12,176 shares at an average price of $44.82. The insider received around $545,775 from selling those shares.
- What's Happening: On May 1, Steven Madden posted upbeat quarterly earnings.
- What Steven Madden Does: Steven Madden Ltd designs and sells brand-name and private-label footwear and accessories. Its products are geared toward fashion-conscious adults and children.
Best Buy
- The Trade: Best Buy Co Inc (NYSE:BBY) Richard M Schulze sold a total of 3,000,000 shares at an average price of $81.32. The insider received around $246.7 million from selling those shares.
- What's Happening: On June 3, Citigroup analyst Steven Zaccone upgraded Best Buy from Sell to Buy and raised the price target from $67 to $100.
- What Best Buy Does: With $43.5 billion in consolidated 2023 sales, Best Buy is the largest pure-play consumer electronics retailer in the U.S., boasting roughly 8.3% share of the North American market and north of 33% share of offline sales in the region, per our calculations, CTA, and Euromonitor data.
- The Trade: McKesson Corp (NYSE:MCK) EVP, Chief Strategy & BDO Thomas L Rodgers sold a total of 5,232 shares at an average price of $560.99. The insider received around $2.94 million from selling those shares.
- What's Happening: On June 3, McKesson’s Board of Directors elected Deborah Dunsire as New Director.
- What McKesson Does: McKesson Corp is one of three leading pharmaceutical wholesalers in the us engaged in sourcing and distributing branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospitals networks, and healthcare providers.
- The Trade: Mastercard Inc (NYSE:MA) 10% owner Mastercard Foundation Asset Management Corp sold a total of 103,000 shares at an average price of $441.69. The insider received around $45.49 million from selling those shares.
- What's Happening: Last week, Mastercard and Ant Group, along with 12 overseas payment partners of Alipay+ and other major international card organizations, launched the International Consumer Friendly Zones programin Shanghai.
- What Mastercard Does: Mastercard is the second-largest payment processor in the world, having processed close to over $9 trillion in volume during 2023.
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