undamentalytics Newsletter
Sign in

Sandercock Brett: insider trades

Chief financial officer at ResMed|. No open-market purchases and 28 sales not made under a pre-set plan, reported from February 19, 2010 to November 29, 2023.

What happened after Sandercock Brett’s sales?

After their sales, the shares moved −5.0% against the index over 12 months on average (a negative figure means selling was the right call); 68% trailed it.

With 296 insiders tested, some will look skilled or unskilled by chance alone: when we replaced each insider’s stocks with random companies bought on the same days, about 5.7 cleared the bar ahead and 23.3 behind. One record on its own proves little.

Trade by trade

MeasuredTrades countedAverage vs S&P 500MedianWent the right wayYearst-statisticp-valueEvidence
Purchases, 3 months after the report 0 — — — — — — Not enough years
Purchases, 6 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the report 0 — — — — — — Not enough years
Purchases, 12 months after the trade 0 — — — — — — Not enough years
Sales, 3 months after the report 28 −4.1% −3.1% 68% 9 −1.88 0.097 No reliable evidence
Sales, 12 months after the report 28 −5.0% −9.3% 68% 9 −1.45 0.18 No reliable evidence
Sales, 12 months after the trade 28 −4.3% −8.0% 61% 9 −1.47 0.18 No reliable evidence

“Average vs S&P 500” is the stock’s return including dividends minus the index’s over the same dates, from the close on the first trading day after the report, or from the close on the trade date. Only windows that have finished are counted. For sales, a negative figure means the stock lagged after it was sold, so selling was the right call (green). “Went the right way” is the share of purchases that beat the index, or of sales that trailed it. The t-statistic uses one average per year of reports, because one person’s trades bunch into the same stock and weeks, and needs trades in at least four different years; the p-value comes from the t distribution with that number of years (with four years, a t of 2 has p = 0.14). “Some evidence” means p under 5%, “strong evidence” p under 1% over at least six years.

Companies traded

CompanyTitle on the latest filingPurchasesSalesFirst reportLatest report
ResMed| RMD Chief Financial Officer028February 19, 2010November 29, 2023

Trades and what followed

Moves are against the S&P 500; green means the trade went the insider’s way.

ReportedTradedCompanyTradeValue3 months after report12 months after report12 months after trade
November 29, 2023November 27, 2023 RMD Sale $457,860 +2.2%+22.7%+31.4%
May 12, 2023May 10, 2023 RMD Sale $2,931,377 −28.8%−34.2%−35.4%
May 10, 2023May 9, 2023 RMD Sale $795,003 −32.5%−35.0%−33.4%
November 9, 2022November 7, 2022 RMD Sale $848,080 −9.3%−49.2%−46.1%
August 11, 2016August 11, 2016 RMD Sale $2,467,500 −14.7%−8.5%−8.9%
February 29, 2016February 25, 2016 RMD Sale $1,728,253 −2.9%+6.2%+4.3%
February 5, 2015February 3, 2015 RMD Sale $1,172,850 −0.2%−0.9%−2.8%
December 1, 2014November 25, 2014 RMD Sale $767,250 +21.0%+11.3%+11.4%
September 5, 2014September 3, 2014 RMD Sale $532,300 −0.5%−0.1%0.0%
May 12, 2014May 8, 2014 RMD Sale $250,000 −1.6%−1.7%+19.0%
May 8, 2014May 6, 2014 RMD Sale $214,500 −3.3%+17.9%+19.3%
February 20, 2014February 18, 2014 RMD Sale $372,600 +7.1%+28.1%+29.7%
February 13, 2014February 12, 2014 RMD Sale $491,602 +8.5%+31.8%+29.2%
November 22, 2013November 20, 2013 RMD Sale $765,846 −15.8%−10.1%−12.8%
August 29, 2013August 27, 2013 RMD Sale $245,000 −7.3%−10.7%−15.2%
May 10, 2013May 8, 2013 RMD Sale $1,371,160 −6.0%−16.4%−15.0%
May 7, 2013May 3, 2013 RMD Sale $1,137,837 −6.8%−15.0%−12.4%
May 3, 2013May 1, 2013 RMD Sale $158,499 −6.4%−10.9%−14.1%
November 21, 2012November 19, 2012 RMD Sale $1,219,800 0.0%−2.4%−4.3%
August 30, 2012August 28, 2012 RMD Sale $937,500 +9.1%+13.5%+10.3%
August 24, 2012August 22, 2012 RMD Sale $925,000 +10.7%+13.3%+16.2%
May 4, 2012May 2, 2012 RMD Sale $695,000 +2.0%+28.8%+19.5%
February 9, 2011February 8, 2011 RMD Sale $975,600 −2.0%−11.6%−13.0%
November 29, 2010November 24, 2010 RMD Sale $641,000 −12.2%−23.9%−21.5%
November 22, 2010November 18, 2010 RMD Sale $223,047 −13.6%−22.4%−22.2%
November 16, 2010November 15, 2010 RMD Sale $335,900 −14.2%−22.9%−23.7%
May 13, 2010May 11, 2010 RMD Sale $825,000 −3.7%−27.7%−23.4%
February 19, 2010February 17, 2010 RMD Sale $1,115,000 +6.9%−10.1%−7.0%

Open-market purchases and sales of at least $10,000 in companies we cover, from SEC Form 4 filings; sales made under a pre-set Rule 10b5-1 plan are not shown. “Not yet” means the window has not finished or the share price was under $5 at entry. These are the shares’ moves after each trade: they say nothing about why Sandercock Brett traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.