Director dealings: British American Tobacco execs lower stakes

3rd Apr 2019 16:33

(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 BuysJTC (JTC)Director name: Mr Nigel Le QuesneAmount purchased: 65,000 @ 319.85pValue: £207,902 Management Resources Solutions (MRS)Director name: Mr John ZorbasAmount purchased: 4,450,000 @ 2.48pValue: £110,360 Capital Gearing Trust (CGT)Director name: Mr Alastair LaingAmount purchased: 1,078 @ 4,151.00pValue: £44,748 Top Director SellsBritish American Tobacco (BATS)Director name: Mr Nicandro DuranteAmount sold: 13,958 @ 3,194.00pValue: £445,819 British American Tobacco (BATS)Director name: Mr Ben StevensAmount sold: 9,154 @ 3,194.00pValue: £292,379 Boku, Inc (DI) Reg S Cat 3/144A (BOKU)Director name: Mr Stuart Paul NealAmount sold: 58,986 @ 108.00pValue: £63,705 Boku, Inc (DI) Reg S Cat 3/144A (BOKU)Director name: Mr Jonathan Peter PrideauxAmount sold: 39,325 @ 108.00pValue: £42,471 British American Tobacco (BATS)Director name: Mr Jack BowlesAmount sold: 825 @ 3,194.00pValue: £26,350 Boku, Inc (DI) Reg S Cat 3/144A (BOKU)Director name: Mr Mark Jorge BrittoAmount sold: 18,607 @ 108.00pValue: £20,096 Inland Homes (INL)Director name: Mr Nishith Motilal Meghji MaldeAmount sold: 31,000 @ 59.50pValue: £18,445