Last week was a rough one for investors, as ten-year treasury yields pushed to seven-year highs and President Trump sounded skeptical about the U.S/China trade war coming to an amiable outcome, declaring that the country had become spoiled, along with the European Union and other countries.
With equities falling, insider buying activity was strong last week, peaking at 114 insider purchases on Friday, the highest single-day total of 2018. Among the companies that have seen noteworthy (non-trading plan) insider buying activity are several major names, including Philip Morris International Inc. (NYSE:PM), Valeant Pharmaceuticals Intl Inc (NYSE:VRX), and Ford Motor Company (NYSE:F). We’ll take a look at the purchases made by the insiders of those companies in this article.
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Philip Morris International Inc. (NYSE:PM)
Several insiders of Philip Morris International Inc. (NYSE:PM) have bought shares in recent weeks, including Directors Jennifer Li (40,000 shares) and Werner Geissler (48,750 shares), as well as Science & Innovation President Miroslaw Zielinski (6,000 shares) and Jerry Whitson (3,000 shares), the company’s Deputy General Counsel and Corporate Secretary. There was a 17-month lull in insider buying prior to this recent surge, dating back to late-2016.
The insider buying spree follows Philip Morris International Inc. (NYSE:PM) shares taking a hard tumble on April 19, and they’ve drifted down by another 7% since then to sit at 23% declines in 2018. The company’s recent earnings report painted a gloomier-than-expected outlook for its smoke-less tobacco products, with sales of its iQOS e-cigarette tumbling by 6.1 billion units quarter-over-quarter in the first-quarter, though they were up by 88% year-over-year. Philip Morris, one of the Top 10 Biggest Tobacco Companies in the World in 2017, is seeking approval for the device in the U.S and Europe.
On the next page we’ll look at the insider buying at Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and Ford Motor Company (NYSE:F).