Tyson Foods (TSN) has become severely oversold. Over the last few days, the stock plummeted from about $60 to less than $50. All after poor earnings and cut guidance. However, it looks like insiders believe the pullback is overdone, buying $2.3 million worth of stock. CEO Donnie King, for example, bought $500,422 worth of TSN shares on May 11, and noted, “we’re still bullish on our long-term outlook.”
Vice Chairman Kevin McNamara paid out $1 million on May 12 for 20,500 TSN shares. Group president of poultry, Wes Morris bought 9,362 shares for $451,061. Tyson’s chief people officer, Johanna Soderstrom bought $246,109 worth of TSN stock on May 12.