As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
On Tuesday, Bank of New York Mellon Corp (NYSE:BK)'s Chief Executive Officer, Charles W. Scharf, made a $10.06M buy of BK, purchasing 186,900 shares at a cost of $53.82 a piece. Bank of New York Mellon Corp is trading off about 0.3% on the day Wednesday.
And on Friday, Director Jorgen Vig Knudstorp bought $995,360 worth of Starbucks Corp. (NASDAQ:SBUX), buying 18,000 shares at a cost of $55.30 a piece. Starbucks Corp. is trading down about 2.2% on the day Wednesday. Investors can bag SBUX at a price even lower than Knudstorp did, with shares changing hands as low as $53.30 at last check today which is 3.6% below Knudstorp's purchase price.
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