By Iain Gilbert
Date: Wednesday 03 Apr 2019
LONDON (ShareCast) - (Sharecast News) - British American Tobacco's outgoing chief executive Nicandro Durante disposed of some shares in the FTSE 100 constituent on Wednesday in order to cover the tax liability resulting from the 29,690 shares which vested as part of the company's 2016 deferred share bonus scheme.
Durante, who took acted as British American's CEO between March 2011 and March 2019, sold the 13,958 shares at an average price of 3,194p each, for a total value of £445,819, while opting to hold onto the remainder.
British American Tobacco was upgraded by analysts at Citi in late March, with the bank arguing that share prices across the sector were set to improve as the regulatory environment eases.
Citi said that tobacco stocks had struggled in 2018, hit by an increased regulatory threats, weakening cigarette trends in the US market and leverage concerns caused by the increase in credit spreads.
The bank upgraded BAT to a 'buy' and upped its price target to £36 from £30. Citi said it was forecasting around 50% growth in NGP sales this year, adding: "The stock has risen about 28% in the year to date, but we think that is more to do with the decline in credit spreads than a reappraisal of fundamentals."
As of 1630 GMT, British American Tobacco shares had slipped 2.20% to 3,108.50p.
Top Director Buys
JTC (JTC)
Director name: Mr Nigel Le Quesne
Amount purchased: 65,000 @ 319.85p
Value: £207,902
Management Resources Solutions (MRS)
Director name: Mr John Zorbas
Amount purchased: 4,450,000 @ 2.48p
Value: £110,360
Capital Gearing Trust (CGT)
Director name: Mr Alastair Laing
Amount purchased: 1,078 @ 4,151.00p
Value: £44,748
Top Director Sells
British American Tobacco (BATS)
Director name: Mr Nicandro Durante
Amount sold: 13,958 @ 3,194.00p
Value: £445,819
British American Tobacco (BATS)
Director name: Mr Ben Stevens
Amount sold: 9,154 @ 3,194.00p
Value: £292,379
Boku, Inc (DI) Reg S Cat 3/144A (BOKU)
Director name: Mr Stuart Paul Neal
Amount sold: 58,986 @ 108.00p
Value: £63,705
Boku, Inc (DI) Reg S Cat 3/144A (BOKU)
Director name: Mr Jonathan Peter Prideaux
Amount sold: 39,325 @ 108.00p
Value: £42,471
British American Tobacco (BATS)
Director name: Mr Jack Bowles
Amount sold: 825 @ 3,194.00p
Value: £26,350
Boku, Inc (DI) Reg S Cat 3/144A (BOKU)
Director name: Mr Mark Jorge Britto
Amount sold: 18,607 @ 108.00p
Value: £20,096
Inland Homes (INL)
Director name: Mr Nishith Motilal Meghji Malde
Amount sold: 31,000 @ 59.50p
Value: £18,445
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