Conagra Brands, Keurig Dr Pepper And These 2 Stocks Insiders Are Selling

The Nasdaq Composite gained by over 100 points on Tuesday. Investors, meanwhile, focused on some notable insider trades.

When insiders sell shares, it indicates their concern in the company’s prospects or that they view the stock as being overpriced. Either way, this signals an opportunity to go short on the stock. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.

Below is a look at a few recent notable insider sales. For more, check out Benzinga's insider transactions platform.

Conagra Brands

• The Trade: Conagra Brands, Inc. CAG SVP, Corporate Controller Robert Wise sold a total of 50,000 shares at an average price of $40.90. The insider received around $2.04 million from selling those shares.
• What’s Happening: ConAgra Brands reported second-quarter FY23 sales growth of 8.3% year-on-year to $3.31 billion, beating the consensus of $3.28 billion.
• What Conagra Brands Does: Conagra Brands is a packaged food company that operates predominantly in the United States (over 90% of revenue and profits).

Keurig Dr Pepper

• The Trade: Keurig Dr Pepper Inc. KDP CEO and Executive Chairman James Robert Gamgort sold a total of 125,000 shares at an average price of $36.03. The insider received around $4.5 million as a result of the transaction.
• What’s Happening: Wells Fargo recently maintained Keurig Dr Pepper with an Overweight and lowered the price target from $42 to $40.
• What Keurig Dr Pepper Does: Keurig Dr Pepper, the product of a 2018 merger between Dr Pepper Snapple and Keurig Green Mountain, is the third-largest nonalcoholic beverage company in North America. In addition to the eponyms, the firm's flagship brands include 7UP, Canada Dry, Schweppes, Mott's, and Bai.

Have a look at our premarket coverage here

MGM Resorts International

• The Trade: MGM Resorts International MGM Chief Operating Officer Ian Corey Sanders sold a total of 20,000 shares at an average price of $37.00. The insider received around $740 thousand from selling those shares.
• What’s Happening: Truist Securities, last month, upgraded the stock from Hold to Buy and raised its price target from $40 to $50..
• What MGM Resorts International Does: MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market.

Kellogg

• The Trade: Kellogg Company K 10% owner Kellogg W K Foundation sold a total of 100,000 shares at an average price of $70.93. The insider received around $7.09 million from selling those shares.
• What’s Happening: Kellogg Company's Vitamin D Petition has been accepted by the FDA.
• What Kellogg Does: Founded in 1906, Kellogg is a leading global manufacturer and marketer of cereal, cookies, crackers, and other packaged foods.