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Top Insider Buys Highlight for the Week of May 3

- By Shuda Xia

The largest insider buys this week were Philip Morris International Inc. (PM), Biogen Inc. (BIIB), Cerner Corp. (CERN) and Archer Daniels Midland Co. (ADM).

Philip Morris vice president bought 2,500 shares

Senior Vice President of Commercial Transformation Michael R. Kunst bought 2,500 shares on April 29 for an average price of $84.67. The share price has increased by 1.22% since then.

The American international cigarette and tobacco manufacturing company is best known for its Marlboro brand. The company has sold products in over 180 countries and is a component of the S&P 100. The company has a market capitalization of $133.33 billion; the stock traded around $85.70 on May 3.

On April 30, Philip Morris announced the Food and Drug Administration has confirmed the IQOS, the company's electrically heated tobacco system, is appropriate for the protection of public health and has authorized it for sale in the United States. The FDA's decision follows its comprehensive assessment of the product application filed in 2017.

Biogen director bought 118,342 shares

Director Alexander J. Denner bought 118,342 shares of Biogen on May 2 for an average price of $229.94. The share price has risen 0.54% since then.

The biotechnology company specializes in the research, development and delivery of therapies for the treatment of neurodegenerative, hematologic and autoimmune diseases. Some of its products include Alprolix, Avonex, Eloctate, Fampyra and Gazyva. The company has a market capitalization of $44.82 billion; as of May 3, the stock traded around $231.18

On May 1, Biogen announced interim results of a trial for tofersen, an antisense oligonucleotide being studied for the potential treatment of amyotrophic lateral sclerosis. In the analysis, treatment with tofersen over a three-month period resulted in a statistically significant lowering of SOD1 protein levels in the cerebrospinal fluid and a trend toward the slowing of clinical decline.

Cerner director bought 9,000 shares

Director John J. Greisch bought 9,000 shares of Cerner on May 2 for an average price of $67.57. Since then, the share price has climbed 1.33%.

Cerner is an international supplier of health information technology services, devices and solutions. The company is a component of both the Nasdaq-100 and the S&P 500. The company has a market capitalization of $22.28 billion. As of May 3, the stock traded around $68.47.

On April 25, Cerner reported financial results for the first quarter of 2019, which ended March 30. Bookings were comparable with the company's expectations of $1.242 billion. Revenue was $1.390 billion, an increase of 8% from $1.293 billion in the prior-year quarter. GAAP net earnings were $166.2 million, while diluted earnings per share were 51 cents.

Archer Daniels Midland chief financial officer bought 6,000 shares

CFO Ray G. Young bought 6,000 shares on April 29 for an average price of $42.76. The stock has gained 2.13% since then.

Archer Daniels Midland is an international global food processing and commodities trading corporation. The company processes cereal grains and oilseeds into products used in food, beverages and animal feed markets through the operation of more than 270 plants and 420 crop procurement facilities worldwide. The company has a market capitalization of $24.46 billion. Shares were trading around $43.67 on May 3.

On May 1, the company announced its board of directors declared a cash dividend of 35 cents per share. The dividend will be payable on June 5 to shareholders of record at the close of business on May 15. This is the company's 350th consecutive quarterly payment.

For the complete list of stocks that were bought by company executives, go to Insider Trades.

Disclosure: I do not own stock in any of the companies mentioned in the article.

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This article first appeared on GuruFocus.