The largest Insider Buys were for Bank of America Corporation (BAC, Financial), The Home Depot Inc. (HD, Financial), Philip Morris International Inc. (PM, Financial) and Medtronic PLC (MDT, Financial).
Bank of America Corporation (BAC, Financial): Director Michael D. White bought 25,000 shares
Director Michael D. White bought 25,000 shares of Bank of America stock on Nov. 21 at the average price of $20.14. The price of the stock has increased by 3.57% since.
Bank of America is an American banking and financial services corporation. It is the second largest bank holding company in the U.S., headquartered in Charlotte, North Carolina. The company has a market cap of $210.79 billion, and as of Nov. 25 it traded at $20.86.
The Federal Reserve will raise interest rates at its next meeting in December, which means that there will be more opportunities for banks to grow. Bank of America, considered one of the “big four” banks in the U.S., is expected to benefit from this policy, potentially raising revenue and profits. Furthermore, improved financial metrics is expected to ease the risks associated with stock prices that have risen too high and too fast.
The Home Depot Inc. (HD, Financial): Director Jeffery H. Boyd bought 10,000 shares
Director Jeffery H. Boyd bought 10,000 shares of Home Depot stock on Nov. 18 at the average price of $128.27. The price of the stock has increased by 2.57% since.
Executive Vice President Edward P. Decker sold 20,000 shares of Home Depot stock on Nov. 22 at the average price of $130.80. The price of the stock has increased by 0.59% since.
Home Depot is an American hardware store that specializes in home improvement supplies, such as tools, construction products and related services. The company has stores in all 50 U.S. states. It has a market cap of $151.17 billion, and as of Nov. 25 it traded at $131.57.
On Nov. 15, The Home Depot reported sales of $23.2 billion for the third fiscal quarter of 2016, a 6.1% increase from the third fiscal quarter 2015. Net earnings for the third quarter fiscal 2016 were $2 billion, compared with net earnings of $1.7 billion in the same fiscal period in 2015.
Philip Morris International Inc. (PM, Financial): Director Jun Makihara bought 2,000 shares
Director Jun Makihara bought 2,000 shares of Philip Morris stock on Nov. 17 at the average price of $89.22. The price of the stock has increased by 0.08% since.
Senior Vice President and Chief Information Officer Patrick Brunel bought 1,000 shares of Philip Morris stock on Nov. 17 at the average price of $88.21. The price of the stock has increased by 1.22% since.
Philip Morris International Inc. is an American international cigarette and tobacco company, which produces the well-known brand Marlboro. The company has sold products in over 180 countries outside of the U.S. The company has a market cap of $138.52 billion, and as of Nov. 25 it traded at $89.29.
Philip Morris is moving aggressively into the reduced-risk products space, featuring products such as e-cigarettes. Since this is an area in which regulatory frameworks aren’t as developed compared to traditional tobacco products, there is a lot of potential growth in this sector for Philip Morris. Zielinski, the president of the reduced-risk products sector in Philip Morris, noted that current regulatory trends are encouraging for the company.
Medtronic PLC (MDT, Financial): Director James T. Lenehan bought 2,000 shares
Director James T. Lenehan bought 2,000 shares of Medtronic stock on Nov. 23 at the average price of $73.27. The price of the stock has increased by 3.07% since.
Medtronic is a medical instrument company headquartered in Dublin, Ireland, with operational headquarters in Fridley, Minnesota. It is the world’s largest standalone medical technology development company, with its market capitalization at around $100 billion in 2015. The company has a market cap of $113.9 billion, and as of Nov. 25 it traded at $75.52.
On Nov. 22, Medtronic PLC issued an update on its fiscal 2017 earnings, with $1.12 EP for the quarter, topping the consensus estimate by $0.01. The firm had revenue of $7.35 billion for the quarter, while the consensus estimate was $7.46 billion.
For the complete list of stocks bought by company CEOs, go to: CEO Buys.
Disclosure: I do not own stock in any of the companies mentioned in the article.
