Hertz Global Holdings Inc. (HTZ) Registers Eye-Catching Insider Buying, Massive Insider Sale at Best Buy Co Inc. (BBY), Plus Three Other Companies with Notable Insider Trading Activity

Two Executives at Best Buy Co Inc. (NYSE:BBY) Offload Shares

To begin with, Chairman and Chief Executive Officer Hubert Joly discarded a massive amount of 398,000 shares on Thursday at prices ranging from $32.06 to $32.49 per share, cutting his ownership to 511,138 shares. However, the sole purpose of Mr. Joly’s huge sale involved the diversification of his portfolio, as revealed in the Form 4 filing that disclosed the sale. Mathew Watson, Vice President of Finance, Controller and Chief Accounting Officer, unloaded 1,363 shares on Tuesday for $32.10 each, after which Mr. Watson continues to hold 20,668 shares.

The shares of the provider of technology products, services and solutions are up 6% thus far in 2016. At the end of May, analysts at Deutsche Bank downgraded Best Buy Co Inc. (NYSE:BBY) to ‘Hold’ from ‘Buy’ and reduced the price target on the stock to $32 from $38, after the company’s Chief Financial Officer announced plans to step down. The downgrade also reflects the absence of cost cutting efforts at the company, as well as worries over the consumer electronics retailer’s sales outlook for the second half of the year. Renaissance Technologies LLC added a 2.35 million-share position in Best Buy Co Inc. (NYSE:BBY) during the January-to-March period.

Provider of Non-Medical Support Services to the Healthcare Industry Sees Its Founder Sell Shares

Daniel P. McCartney, the Chairman of Healthcare Services Group Inc. (NASDAQ:HCSG)’s Board, sold 100,000 shares on Thursday at $39.39 apiece, trimming his ownership to 2.16 million shares. Mr. McCartney, who served as the Healthcare Services Group’s CEO until May 2015, founded the company in 1977 to provide non-medical support services to the healthcare industry. Thus, it appears that Mr. McCartney is simply cashing out a portion of his equity holdings in the company he founded for reasons unrelated to the company’s future prospects.

The largest provider of housekeeping and laundry management services to the long-term care industry in the U.S. has seen its market capitalization gain 13% since the start of the year and 153% in the past five years. The company provides management, administrative and operating services to more than 3,500 facilities in 48 states as of the end of March. Healthcare Services Group Inc. (NASDAQ:HCSG)’s revenues for the first three months of 2016 were $384.81 million, up from $355.25 million reported a year ago. Royce & Associates, founded by Chuck Royce, has 325,464 shares of Healthcare Services Group Inc. (NASDAQ:HCSG) in its equity portfolio at the end of the first quarter.

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