Insiders have been buying Vocus and these ASX shares this week

Insiders have been buying Vocus Group Ltd (ASX:VOC) shares and two others recently. Here's what you need to know…

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Once a week I like to look at which shares have experienced meaningful insider buying.

This is because insider buying is often regarded as a bullish indicator, as few people know a company and its intrinsic value better than its own directors.

Three shares which have reported meaningful insider buying this week are listed below:

Australian Foundation Investment Co.Ltd (ASX: AFI)

According to a change of director's interest notice, an independent non-executive director of this investment company has been buying shares on-market recently. The note reveals that Graeme R Liebelt picked up a total of 145,000 shares through a series of trades on June 13 and 14. Mr Liebelt paid an average of approximately $6.17 per share, which equates to a total consideration of almost $895,000. This increased the director's holding to a total of 463,463 shares. Mr Liebelt made the purchase despite Australian Foundation Investment Co's shares trading within sight of their 52-week high.

BHP Group Ltd (ASX: BHP)

One of this mining giant's directors has been buying shares on-market. Independent non-executive director, Ian Cockerill, picked up 3,500 of BHP's UK-listed shares for an average of £19.25 per share on June 13. This equates to a total consideration of £67,375 (~A$123,600). According to the notice, the director bought the shares in order to meet his BHP Minimum Share Requirement. Mr Cockerill is a new addition to the BHP board, having been appointed on April 1 2019.

Vocus Group Ltd (ASX: VOC)

One of this telco company's non-executive directors appears to believe the selloff of its shares this week has created a buying opportunity. Following the collapse of no less than two takeover approaches this month, the Vocus share price has sunk notably lower and to a level which Matthew Hanning must have felt was attractive. Earlier this week the director picked up 59,000 Vocus shares via an on-market trade for a total consideration of $180,643. This lifted Mr Hanning's holding to a total of 500,000 shares.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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