Huge Berkshire Hathaway Trade Highlights Insider Buying: Phillips 66, General Electric, Baxter International and More
Typically, ahead of a holiday weekend things start to slow down, and this year looks to be no exception. While the market posted some very solid gains last week, many investors remained focused on the upcoming summer events, which could heighten volatility.
One thing is for sure, the insiders at major companies continue to buy shares even as the S&P 500 creeps ever closer to last year’s all-time highs.
We cover insider buying each and every week at 24/7 Wall St., and we like to remind readers that while insider buying is usually a very positive sign, it is not in of itself a reason to run out and buy a stock. Sometimes insiders and 10% owners have stock purchase plans set up at intervals to add to their holdings.
That aside, it still remains an overall positive indicator. Here are some of the companies that reported notable insider buying last week.
Phillips 66 (NYSE: PSX) had a big time buyer on the desk once again this past week, and just like all of this year so far, the share count is huge. Warren Buffett’s Berkshire Hathaway was busy buying 824,630 shares of the company at prices between $77.47 and $77.92 a share. The total for the trade came to a stunning $64 million.
Phillips 66 operates as an energy manufacturing and logistics company. The stock closed the day on Friday at $80.61, so it looks like a well-timed buy. Buffett’s full stock holdings continue to show that Phillips 66 is a growing position for the Berkshire Hathaway portfolio.
General Electric Co. (NYSE: GE) shows up on our screens again. The CEO of the blue chip industrial, Jeffrey Immelt, bought a total of 67,600 shares of the stock at $29.59 apiece. The total for the purchase was an even $2 million.
Shares of General Electric closed trading on Friday at $30.12.
24/7 Wall St. recently featured why GE is now being so closely followed over other conglomerates, and that interest may persist as long as the shares remain this far off their highs.
Baxter International Inc. (NYSE: BAX) also had the man at the top purchasing shares this past week. CEO Jose Almeida bought a total of 11,691 shares of the stock at prices between $42.74 and $42.76. The total for the purchase came in right at $500,000.