Over $1M Bet On This Consumer Defensive Stock? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed higher on Wednesday, there were a few notable insider trades.

When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

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

Calavo Growers

• The Trade: Calavo Growers, Inc. CVGW CEO Lecil E Cole acquired a total of 50,000 shares an average price of $27.96. To acquire these shares, it cost around $1.4 million.
• What’s Happening: Calavo Growers reported worse-than-expected Q1 EPS and sales results.
• What Calavo Growers Does: Calavo Growers Inc is in the avocado industry and an expanding provider of value-added fresh food.

Charles Schwab

• The Trade: The Charles Schwab Corporation SCHW Director Catherine Marianne Brown acquired a total of 5,000 shares at an average price of $53.47. To acquire these shares, it cost around $267.34 thousand.
• What’s Happening: Citigroup maintained Charles Schwab with a Buy and lowered the price target from $75 to $65.
• What Charles Schwab Does: Charles Schwab operates in brokerage, wealth management, banking, and asset-management businesses.

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Genuine Parts Company

• The Trade: Genuine Parts Company GPC Chairman and CEO Paul Donahue bought a total of 1,600 shares at an average price of $156.08. To acquire these shares, it cost around $249.73 thousand.
• What’s Happening: Genuine Parts Company reaffirmed its FY23 outlook.
• What Genuine Parts Company Does: Genuine Parts sells automotive parts (about two thirds of net sales) and industrial components.

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