Insider Trades: 16 ASX 200 directors bought and sold these stocks last week
Directors from Pro Medicus, Graincorp and Austal bought the dip, while executives from A2 Milk and NAB sold into strength.
Source: iStock
Mentioned
Welcome back to the Insider Trades series – a weekly summary of on-market ASX 200 director transactions valued at more than $10,000. The below trades have all taken place between 24 and 27 February. Directors have up to 5 business days to notify the ASX of their trades.
With reporting season winding down and blackout periods lifted, insider activity has picked up sharply. A long list of executives are buying into weakness, while a few are selling into strength. Transactions are sorted by value below, with a closer look at trades of interest.
Top ASX 200 insider buys
Code | Company | Date | Director | Price | Value |
|---|---|---|---|---|---|
PME | Pro Medicus | 25/02/26 | $114.41 | $1,029,690 | |
PME | Pro Medicus | 26/02/26 | $122.00 | $993,812 | |
PME | Pro Medicus | 24/02/26 | $110.13 | $936,105 | |
PME | Pro Medicus | 24/02/26 | $108.72 | $489,240 | |
SCG | Scentre Group | 25/02/26 | $3.75 | $210,000 | |
PRN | Perenti | 24/02/26 | $2.39 | $119,504 | |
DDR | Dicker Data | 27/02/26 | $10.06 | $100,630 | |
TNE | Technology One | 25/02/26 | $23.13 | $92,503 | |
PNV | Polynovo | 24/02/26 | $0.91 | $91,364 | |
L1G | L1 Group | 27/02/26 | $1.23 | $61,500 | |
GMG | Goodman Group | 24/02/26 | $28.37 | $56,739 | |
AZJ | Aurizon | 24/02/26 | $4.08 | $50,388 | |
GNC | Graincorp | 25/02/26 | $5.90 | $50,150 | |
ASB | Austal | 25/02/26 | $5.00 | $50,000 | |
ASB | Austal | 24/02/26 | $5.06 | $40,456 | |
PNV | Polynovo | 25/02/26 | $0.94 | $28,071 | |
ASB | Austal | 24/02/26 | $5.40 | $27,000 | |
SSM | Service Stream | 26/02/26 | $2.01 | $20,100 | |
SSM | Service Stream | 26/02/26 | $1.98 | $14,850 |
Top ASX 200 insider sells
Code | Company | Date | Director | Price | Value |
|---|---|---|---|---|---|
A2M | The a2 Milk | 26/02/26 | $11.43 | $4,514,049 | |
NAB | National Australia Bank | 24/02/26 | $48.04 | $1,938,468 | |
NWH | NRW Holdings | 27/02/26 | $6.46 | $1,937,141 | |
EVN | Evolution Mining | 27/02/26 | $16.65 | $166,481 |
Pro Medicus founders buy the dip
Co-founders Anthony Hall and Sam Hupert purchased a combined $3.4 million across four transactions at a weighted average price of $113.52.
Pro Medicus reported 1H26 earnings that missed expectations, though analysts were quick to flag contract timing as a key contributor. A still-elevated multiple, combined with a sector de-rating driven by AI disruption concerns, fuelled a 23.8% selloff on 12 February, followed by an 8.3% drop the next day, bringing the stock down 65% from its July peak.
Pro Medicus price chart, transaction marked green (Source: TradingView)
Post-earnings, analysts broadly viewed the result as fundamentally sound, pointing to a recurring revenue base, capital-light model and strong medium-to-long term growth prospects. Though they also agreed that the stock remained priced for perfection.
While the purchases are large in dollar terms, both founders hold tens of millions of shares.
Anthony Hall owns approximately 25.1 million shares. Last week's purchase increased his beneficial ownership by 0.10%.
Sam Hupert owns approximately 24.1 million shares. His top-up increased beneficial ownership by 0.01%.
Austal non-execs also buy the dip
Austal fell 10.9% on results day (23 February) and another 12.5% the following session. Net profit came in slightly below some forecasts, and cash flow disappointed due to capex and working capital movements. Brokers acknowledged the expanded order book improves medium-term visibility, particularly in Australasia, but sentiment stayed mixed given execution risk in US shipbuilding and valuation concerns, despite supportive defence spending tailwinds.
"Austal's diversified order book positions it strongly for medium-term earnings growth. ASB is one of few ASX firms that provides exposure to rising global defence spending, including material exposure to the US (~75% of FY25 revenue)," Macquarie analysts said in a note last month.
Austal price chart, transaction marked green (Source: TradingView)
A2 Milk CEO sells into strength
A2 Milk delivered a clean 1H26 result on 16 February, with nearly every key metric and guidance item topping market expectations.
Revenue up 18.8% to NZ$993.5m vs. NZ$969.2m ests (3% beat)
Underlying NPAT up 19.6% to NZ$122.6m vs. NZ$87.7m ests (40% beat)
Interim dividend NZ$0.115 vs. NZ$0.10 ests (15% beat)
FY26 revenue guidance upgraded from low double-digit to mid double-digit growth and EBITDA margin expected at 15.5-16.0% (vs. Citi ests of 15.2% and 15.7% consensus)
The stock rallied 6.8% on results day and has since added another 7%, trading at its highest level since March 2021.
A2 Milk price chart, transaction marked red (Source: TradingView)
A2 released a statement explaining that CEO David Bortolussi's selldown was to fund tax obligations related to the vesting of rights over recent years. The company noted he continues to hold shares worth more than four times his Executive Minimum Shareholding Requirement.
Other noteworthy trades
The remainder of the list is almost entirely non-executive directors.
TechnologyOne: Shares roughly halved between October and 13 February before the company upgraded its FY26 guidance on 18 February, lifting the stock 8.2%. Non-Executive Director Philip Davis, who joined the board in October 2025, made his first purchase in the company following the upgrade.
Aurizon: Shares rallied 6.9% on results day (16 February) after earnings and the dividend both beat expectations. Management reaffirmed full-year guidance and surprised the market by lifting its dividend payout ratio and extending the on-market buyback. Non-Executive Director Tim Longstaff bought shares a few days later. The stock has continued to move higher, reaching its best level since August 2022.
Graincorp: The stock has endured three sharp one-day selloffs since November, all tied to the FY26 outlook. A December update flagged FY26 receival volumes well below expectations and sharply lower than FY25, figures at odds with ABARES forecasts. The latest blow was a 14% drop on 2 February, when the company guided to FY26 earnings well below expectations, citing global grain oversupply, depressed prices and slow grower selling. The stock is now at its lowest since August 2021. Non-Executive Director Sarah Adam-Gedge bought shares near recent lows.
