Insider Trades: 6 ASX 200 directors bought and sold these stocks last week

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 18 and 25 September. Directors have up to 5 business days to notify the ASX of their trades.

It was a quieter week for director transactions, with Sigma, Credit Corp and SGH directors all buying into stocks that fell on their FY26 results. Below, we look at the key buys and the week's only ASX 200 insider sell that meet the threshold.

Sigma Healthcare CEO buys the dip

Sigma Healthcare Chief Executive Mario Verrocchi, the company's largest shareholder, lifted his holding by 0.08% and took his stake in the company to 22.14%. His previous transaction was the issue of 314,021 LTI rights on 9 January. The price Verrocchi bought at was its lowest level since November 2024.

Source: Market Index

Sigma shares fell 7.7% on the day of its FY26 result (27 August), which landed about 1% short of Macquarie estimates across the earnings lines in its first full year since the Chemist Warehouse merger.

FY26 results against Macquarie estimates:

• Revenue up 15.5% to $10.8bn vs $10,938m ests (1% miss)

• Chemist Warehouse like-for-like sales up 13.4% vs 13.7% ests

• Normalised NPAT up 22.3% to $732.3m vs $737.1m ests (1% miss)

• FY26 dividends of 4.0cps fully franked vs 3.8cps ests (5% beat)

• FY27 rollout of 13 Chemist Warehouse stores in Australia and 19 internationally in 1H27 including UK entry, with a trading update due at the October AGM

The result also marked the end of escrow for Sigma's major shareholders, who had been restricted from selling the Sigma shares they received in the Chemist Warehouse merger. On the earnings call, management said Mr Verrocchi had made clear he is holding his stock, and that Jack and Sam Gance had said they would potentially sell up to 20%, they have a combined holding of 24%.

In a recent note, Morgan Stanley rated Sigma Overweight with a $3.30 target price and flagged modest upside potential from the October AGM update. The broker expects the update to focus on domestic same-store sales, which slowed in the fourth quarter before reaccelerating to double-digit growth, and for the $100 million cost synergy target to be reiterated.

Credit Corp insider buys into recovery

Credit Corp shares have been recovering since falling 7% on an in-line FY26 result on 4 August, with soft revenue and a light FY27 outlook. Independent non-executive director Lyn McGrath built her first substantial holding this month, buying 7% above the $12.78 result-day close.

Source: Market Index

FY26 result against consensus:

• Revenue of $586.0m vs $590.0m ests (1% miss)

• FY26 NPAT of $105.5m vs $104.3m ests (1% beat), landing mid-range against $100-110m guidance

• Final dividend of $0.455 fully franked vs $0.45 ests (1% beat), record date 15 September and payable 25 September

• FY27 PDL acquisitions of $200-280m vs $309m ests (22% miss at midpoint), a material shortfall on planned deployment

• FY27 NPAT guidance of $110-118m vs $115.0m ests (1% miss at midpoint), with EPS of $1.61-1.73 vs $1.68 ests (1% miss at midpoint)

The stock had rallied 42% into the result, leaving it overextended and exposed to the soft FY27 guidance.

In a recent note on Credit Corp's binding agreement to acquire HSBC's Australian credit card run-off book, Macquarie retained its Outperform rating and raised its target price to $14.37 (from $13.34). The broker said the deal will boost the Australian and New Zealand PDL segment, the group's smallest at 22% of FY26 profit, and sees valuation as attractive at 8x PE despite mixed visibility on FY27 PDL purchases.

SGH director tops up after post-result slide

SGH shares are down 22% since the day before its FY26 result on 11 August, including a 10.9% fall on the day. Earnings grew in line with guidance, but revenue, underlying NPAT and FY27 EBIT guidance all came in below estimates.

Non-executive director Rachel Argaman lifted her holding by 5.3% to 50,000 shares on 18 September. She bought 2,500 shares at $36.75 per share, 21% below the $46.34 close the day before the result. It's her first purchase since December 2024, when she paid $46.25 per share. She has been a director for four years and seven months.

Source: Market Index

FY26 results against consensus:

• Revenue down 2% to $10.56bn vs $10.72bn ests (1% miss)

• Underlying EBIT up 1% to $1.55bn vs $1.58bn ests (2% miss), with margin up 40bp to 14.7%

• Underlying NPAT flat at $920m vs $949.4m ests (3% miss)

• Full-year dividends up 3% to 64cps, including a 32cps fully franked final

• FY27 guidance for flat to low single-digit EBIT growth vs 3.7% ests

Morgans retained its Buy rating, in a 21 September note, but trimmed its target price to $48.00 (from $50.00) after lowering forecasts for SGH's 30% stake in Beach Energy, following Beach's lower FY26 earnings. The broker still sees SGH as an industrial compounder with a decade-long record of EBIT growth, supported by WesTrac, Boral and Coates, and its Transitional Energy division.

Other ASX 200 insider buys

Source: Market Index

Sims CEO trims his holding

Sims Chief Executive Stephen Mikkelsen's sale cut his holding by 13.8%, but he received 127,419 shares through incentive plans since 31 August, leaving him with 54% more shares than before that date.

Sims shares fell 11% to close at $22.97 on the day of its FY26 result 18 August, despite a record result and a 10% earnings beat, with sales revenue 2% below estimates and a June guidance upgrade having already flagged a strong year. The stock has since recovered to $24.24.

FY26 results against estimates:

• Sales revenue up 6.9% to $8,007.5m vs $8,178.8m ests (2% miss)

• Underlying EBIT up 167.6% to $468.0m vs $426.9m ests (10% beat), above upgraded June guidance of $420–435m

• Underlying NPAT up 247.9% to $289.1m vs $262.3m ests (10% beat)

• Total dividend up 47.8%, including a 20.0cps fully franked final

• 1H27 SLS underlying EBIT guidance of $75–90m

On the earnings call, Mikkelsen said first-half SLS softness reflected delays in data centre refresh cycles rather than a structural decline, and that he sees the GPU repurposing opportunity as larger than the DDR4 and DDR5 opportunities.