Conagra Brands, Keurig Dr Pepper and these 2 stocks are selling insiders – Conagra Brands (NYSE:CAG), Kellogg (NYSE:K)

The Nasdaq Composite climbed more than 100 points on Tuesday. Meanwhile, investors 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 overpriced. Either way, this represents an opportunity to go short on the stock. Insider selling should not be taken as the sole indicator for making investment or trading decisions. At best, it can provide conviction for a selling decision.

Below is a look at some recent notable insider sales. For more, see Benzinga’s insider trading platform.

Conagra Brands

• business: Conagra Brands, Inc. CAG SVP, Corporate Controller Robert Wise total 50,000 shares sold At an average price of $40.90. The sale of these shares netted the insider approximately $2.04 million.
• What are you saying: ConAgra Brands reported an 8.3% year-over-year increase in sales to $3.31 billion in Q2 FY23, beating the consensus estimate of $3.28 billion.
• What the Conagra brand does: Conagra Brands is a packaged food company that operates primarily in the United States (over 90% of revenue and profits).

Keurig Dr Pepper

• business: Keurig Dr Pepper Inc. kdp James Robert Gamgort, CEO and Executive Chairman Total 125,000 shares sold at an average price of $36.03. The insider received approximately $4.5 million as a result of the transaction.
• What are you saying: Wells Fargo recently maintained Keurig Dr Pepper with an overweight rating and cut the price target to $40 from $42.
• What does the Keurig Dr Pepper do: Keurig Dr Pepper, the product of a 2018 merger between Dr Pepper Snapple and Keurig Green Mountain, is the third largest non-alcoholic beverage company in North America. In addition to surnames, the firm’s major brands include 7UP, Canada Dry, Schweppes, Mott’s, and Bai.

take a look at our premarket coverage here

MGM Resorts International

• business: MGM Resorts International mgm Chief Operating Officer Ian Corey Sanders Total 20,000 shares sold At an average price of $37.00. The insider received approximately $740,000 from the sale of these shares.
• What are you saying: Truest Securities last month, upgraded the stock from Hold to Buy and raised its price target from $40 to $50.
• What does MGM Resorts International do: MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing nearly a quarter of all units in the market.

kellogg

• business: kellogg company K 10% owner Kellogg WK Foundation Total 100,000 shares sold At an average price of $70.93. The sale of these shares netted the insider approximately $7.09 million.
• What are you saying: The FDA has accepted the Kellogg Company’s vitamin D petition.
• What Kellogg does: Founded in 1906, Kellogg is a leading global manufacturer and marketer of cereals, cookies, crackers and other packaged foods.