A company insider at Lottery Corporation Ltd (ASX: TLC) has just bought up 10,000 shares and more than doubled her personal holdings in the gambling business.
Lottery Corporation is Australia's largest provider of lottery, Keno, and instant scratchie products. Its brand names include Powerball, Oz Lotto, TattsLotto, Set for Life, and Lucky Lotteries.
Let's look into this transaction.
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ASX insider doubles holdings of Lottery Corporation shares
An ASX notice lodged today reveals Lottery Corporation insider Anne Brennan purchased 10,000 extra Lottery Corporation shares on-market on 29 September.
The total consideration was $47,300, meaning her average buy price was $4.73.
The non-executive director purchased the stock through her superannuation fund.
Before this trade, Brennan owned 8,182 shares in the gaming retailer. She has not bought any shares since May 2022.
It's common to see ASX insiders trading shares in their own companies immediately after earnings season.
And Brennan isn't the only ASX insider at Lottery Corporation buying.
Since the company released its FY23 full-year results on 23 August, another director has also bought.
Dr Doug McTaggart, also a non-executive director, bought 10,245 Lottery Corporation shares on 19 and 20 September. This increased the ASX insider's overall holdings by more than 50%.
He bought the 10,000 shares directly on 19 September on-market. A second parcel of 245 shares were purchased for him through the company's dividend reinvestment plan (DRP) on 20 September.
In addition, Lottery Corporartion Managing Director and CEO Sue van der Merwe acquired 145,631 shares worth $750,000 under the company's short term performance plan on 29 August.
The Lottery Corporation share price closed on Wednesday at $4.62, the same as yesterday's closing price.
After announcing its FY23 results, Lottery Corporation received a broker upgrade from Jarden Securities.
Jarden raised its rating on Lottery Corporation to neutral and has a 12-month share price target of $5.46.
