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Snatch This Deal Even Lower Than Director Rapp Did
By Dividend Channel Staff, Monday, June 25, 9:59 AM ET
There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on June 20, AbbVie Inc's Director, Edward J. Rapp, invested $99,908.75 into 1,013 shares of ABBV, for a cost per share of $98.63. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Monday, bargain hunters could buy shares of AbbVie Inc (NYSE:ABBV) and achieve a cost basis 5.2% cheaper than Rapp, with shares changing hands as low as $93.47 per share. AbbVie Inc shares are currently trading up about 0.6% on the day. The chart below shows the one year performance of ABBV shares, versus its 200 day moving average:
Looking at the chart above, ABBV's low point in its 52 week range is $69.38 per share, with $125.86 as the 52 week high point — that compares with a last trade of $94.22. By comparison, below is a table showing the prices at which ABBV insider buying was recorded over the last six months:
||Edward J. Rapp
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