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Mildenberger Laura: insider trades

Officer at DaVita. No open-market purchases and 21 sales not made under a pre-set plan, reported from November 23, 2010 to December 21, 2015.

What happened after Mildenberger Laura’s sales?

After their sales, the shares moved −2.3% against the index over 12 months on average (a negative figure means selling was the right call); 62% 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 21 +0.9% −0.2% 57% 6 0.74 0.49 No reliable evidence
Sales, 12 months after the report 21 −2.3% −4.4% 62% 6 −1.19 0.29 No reliable evidence
Sales, 12 months after the trade 21 −2.0% −3.1% 67% 6 −1.66 0.16 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
DaVita DVA Chief People Officer021November 23, 2010December 21, 2015

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
December 21, 2015December 17, 2015 DVA Sale $98,111 +2.5%−20.4%−17.5%
May 22, 2015May 20, 2015 DVA Sale $796,494 −1.9%−8.4%−5.6%
May 19, 2015May 18, 2015 DVA Sale $38,148 −2.6%−5.6%−5.4%
March 12, 2015March 10, 2015 DVA Sale $93,222 −1.8%−12.7%−9.4%
December 22, 2014December 19, 2014 DVA Sale $109,173 +7.4%−8.7%−8.8%
June 2, 2014May 29, 2014 DVA Sale $355,549 −0.2%+5.4%+7.9%
April 2, 2014April 2, 2014 DVA Sale $41,394 −0.2%+4.8%+5.2%
March 24, 2014March 20, 2014 DVA Sale $229,311 −1.0%+5.5%+2.5%
March 3, 2014February 27, 2014 DVA Sale $438,848 +0.7%−2.6%−5.9%
December 23, 2013December 20, 2013 DVA Sale $651,375 +6.8%+4.5%+5.4%
March 7, 2013March 5, 2013 DVA Sale $766,939 0.0%−8.2%−13.3%
December 6, 2012December 5, 2012 DVA Sale $901,096 +0.1%−13.4%−21.8%
August 17, 2012August 15, 2012 DVA Sale $819,470 +17.4%−7.2%−6.2%
June 18, 2012June 14, 2012 DVA Sale $346,884 −1.7%+12.2%+20.0%
September 9, 2011September 7, 2011 DVA Sale $85,287 −4.7%+10.0%+12.9%
September 2, 2011August 31, 2011 DVA Sale $82,500 −2.4%+16.2%+14.4%
May 11, 2011May 9, 2011 DVA Sale $440,359 −3.7%−6.8%−1.5%
April 7, 2011April 5, 2011 DVA Sale $33,035 +0.6%−6.6%−6.4%
March 23, 2011March 14, 2011 DVA Sale $356,807 +3.4%−4.4%−3.1%
March 14, 2011March 10, 2011 DVA Sale $959,121 +3.1%−1.9%−1.5%
November 23, 2010November 19, 2010 DVA Sale $438,300 −2.9%+0.3%−3.1%

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 Mildenberger Laura traded and do not suggest the use of non-public information. How every insider compares · the insider trading backtest.