Andy Halford, the Chief Financial Officer of Britain's biggest mobile phone company Vodafone, dumped a million shares on the market this week, almost halving his stake in the company.
Halford, who took his seat on the board in 2005, sold 976,056 shares at 171.624p and 23,944 at 170.46p for a total of just over £1.7m.
On Tuesday Nomura said the stock was less risky than its peers following "steady enough" full-year results. The broker maintained its buy recommendation and 225p target price for the telecoms giant, despite the group's sales guidance being adjusted down.
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"In the context of the wider sector, this outlook is encouraging and topped up with Verizon Wireless (VZW) distributions, the stock should still be regarded as a lower-risk investment, in our view," Nomura said.
Revenues for the year to the end of March came in at £46.41bn, broadly in line with Nomura's forecasts and market consensus, while EBITDA (earnings before interest, tax, depreciation and amortisation) of £14.47bn was slightly below due to £80m higher restructuring costs.
The company now expects revenues to be "slightly below" previous guidance but the broker assures that a revision "was anticipated".
At luxury brand Burberry, Non-Executive Director Stephanie George bought up 7,000 shares at 1,384.97p a pop for a total of £96,948.
She made the purchase on Thursday, one day after the company reported solid and balanced growth in the year ended March 31st, with profits coming in marginally ahead of expectations.
Adjusted profit before tax (which excludes restructuring costs and other items) increased by 26% from £298m to £376m, slightly ahead of consensus forecasts of £374.7m. Meanwhile, the retail/wholesale operating margin improved by 80 basis points to 16.4%.
Revenue figures for the second half were already disclosed in the pre-close trading update last month and so won't come as much surprise to the market. Sales totalled £1,857m, up 24% from £1,501m the year before. Underlying growth, calculated at constant exchange rates, was 23%.
Top Director Buys
F&C Asset Management (FCAM)
Director name: Mr Edward Bramson
Amount purchased: 250,000 @ 70.64p
Value: £176,600
Burberry Group (BRBY)
Director name: Ms Stephanie George
Amount purchased: 7,000 @ 1,384.97p
Value: £96,948
Lowland Investment Co (LWI)
Director name: Mr Robert Robertson
Amount purchased: 5,000 @ 864.73p
Value: £43,236
Sierra Rutile Ltd (SRX)
Director name: Mr Charles H. Entrekin
Amount purchased: 48,841 @ 64.50p
Value: £31,502
Imperial Tobacco Group (IMT)
Director name: Mr Iain Napier
Amount purchased: 1,213 @ 2,359.72p
Value: £28,623
Burford Capital Ltd. (BUR)
Director name: Mr Hugh Steven Wilson
Amount purchased: 25,000 @ 112.00p
Value: £28,000
Burford Capital Ltd. (BUR)
Director name: Mr Hugh Steven Wilson
Amount purchased: 25,000 @ 112.00p
Value: £28,000
Mytrah Energy Ltd (MYT)
Director name: Mr Ravi Kailas
Amount purchased: 26,000 @ 75.50p
Value: £19,630
Top Director Sells
Share Plc (SHRE)
Director name: Mr Richard William Stone
Amount sold: 50,000 @ 22.00p
Value: £11,000
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