Notable Insider Buys Last Week: Cigna, Fox, Uber And More

Conventional wisdom says that insiders and 10% owners really only buy shares of a company for one reason — they believe the stock price will rise and they want to profit from. So insider buying can be an encouraging signal for potential investors, particularly during periods of uncertainty.

Insiders continued to add shares despite overall market volatility and economic uncertainty. The following are some of the most noteworthy insider purchases reported in the past week.

A director at Axis Capital Holdings Limited AXS 2.78% indirectly bought less than 1.35 million shares of this Bermuda-based company at between $38.77 and $42.50 each. That totaled around $55.67 million, and it almost doubled the director's stake.

A Fate Therapeutics Inc FATE 4.46% director indirectly picked up more than 1.41 million shares of this biopharmaceutical company for $28.31 each.

That totaled about $40 million and brought the stake to nearly 12.63 million shares.

Several insiders at Cannae Holdings Inc CNNE 2.66%, including President Brent Bickett, took advantage of a secondary offering of $37.50 per share. The more than 248,300 shares of this investment firm scooped up by these insiders totaled more than $9.31 million altogether.

An AES Corp AES 0.67% director returned and indirectly purchased another 500,000 shares of the Virginia-based electric utility at prices ranging from $12.19 to $12.25 each. That totaled about $6.11 million. The same director bought 500,000 shares in May.

Fox Corp FOX 2.93% CEO Lachlan Murdoch bought more than 101,500 shares last week. At $28.29 per share, that added up to more than $2.87 million. Note that pursuant to a transfer plan, those shares were simultaneously sold to a family trust at the same price.

A director at Cigna Corp CI 0.81% picked up fewer than 5,500 shares of this Connecticut-based insurer. At an average price of about $187.36 per share, that came to more than $1.02 million. Note that some executives were selling shares earlier in the month.

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