Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At AbbVie, a filing with the SEC revealed that on Monday, VP, Controller Brian L. Durkin purchased 3,750 shares of ABBV, for a cost of $68.20 each, for a total investment of $255,755. So far Durkin is in the green, up about 11.8% on their purchase based on today's trading high of $76.24. AbbVie is trading up about 3.1% on the day Monday. Before this latest buy, Durkin made one other purchase in the past year, buying $255,755 shares at a cost of $68.20 a piece.
And at Nike, there was insider buying on Thursday, by Director John W. Rogers Jr. who purchased 2,500 shares for a cost of $84.22 each, for a total investment of $210,543. This buy marks the first one filed by Rogers Jr. in the past twelve months. Nike is trading up about 1.8% on the day Monday.
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