Insider: massive buying at FTSE 100 giant and a recovery play

AstraZeneca (LSE:AZN) chief executive Pascal Soriot has responded to his company's 20% share price slide by spending £7.25 million on an increased stake.

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Last Monday's dealings, which were disclosed to the stock market on Friday morning, were at a price of 12,102p. Board chair Michel Demaré also spent £300,000 on the same day at 12,121p.

The shares were at a record high of more than 15,500p in February this year but have since come under pressure due to concerns over a late-stage drug trial setback and speculation linking Astra to $400 billion (£299 billion) merger talks with Bristol-Myers Squibb.

Soriot recently indicated to analysts that megadeals were not being pursued and that the company's strategy is still based on smaller business development transactions.

He is previously reported to have said that Astra did not need M&A to meet his medium-term goal of $80 billion revenues.

Soriot said at July's interim results that the 2030 target “assumed successes and setbacks”, having recently suffered disappointment on a potential heart condition drug.

He added: “We remain confident in the strength of our pipeline and have more than twenty high-value readouts due over the next 18 months.” Astra is next due to update investors with a third quarter update on 30 October.

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The long-serving boss is also focused on driving growth beyond 2030, when Astra will have to contend with the loss of patent protection for cancer drugs Imfinzi, Tagrisso and Calquence.

His strategy has the continued support of City bank UBS, which last week cut its price target from 17,600p but stuck with a Buy recommendation through a new price estimate of 15,200p.

Counterparts at Berenberg are at 15,000p, adding that Astra offered top-tier growth and superior R&D returns at an attractive valuation.

UBS pointed out that Astra's current valuation multiple of about 14.3 times forecast core 2027 earnings is higher than the sector average of 13.1 times but below Novartis at 15 times and significantly below Roche at 17.4 times.

Worst behind it

The food industry veteran behind a 40% rebound of Hilton Food Group (LSE:HFG) shares has backed further progress through a 5% yielding investment worth £99,000.

The dealings by former Dairy Crest boss Mark Allen, who has been at the helm since November, took place a few days after Hilton upgraded profit guidance in interim results.

Allen bought the shares last week at a price of 682p, while finance chief Matt Osborne earlier topped up his stake through a £80,000 purchase at 666p.

The supplier to major retailers had been as low as 470.5p after it warned in November that the demand impact of higher white fish prices and operational disruption at smoked salmon business Foppen would make profit progression difficult in 2026.

Board chair Allen took on executive duties a week later before unveiling a strategic review in March, when he pledged to focus growth and investment on core meat businesses and to maximise value from seafood, vegan and vegetarian businesses.

With Allen now in the role of chief executive, the recent results showed good performances across core meat and fresh prepared food ranges but with Foppen still a drag.

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Adjusted profit fell 5.2% to £32.8 million but the results were stronger than expected as Hilton lifted guidance for the full-year outturn to between £66 million and £71 million, aided by the removal of losses from recently sold vegan and vegetarian business Dalco.

The group, which has maintained a progressive dividend policy since its stock market flotation in 2007, said it intended to pay shareholders an unchanged 10.1p a share on 27 November. The shares yield income of 5%.

City firm Berenberg upped its earnings estimates for this year and next by 11% and 5% respectively and said Hilton's outlook statement provided optimism that the “worst could be behind it”.

The bank raised its price target by 20p to 810p, while counterparts at Peel Hunt switched from Hold to a Buy recommendation along with an increased price estimate of 720p.

Hilton trades on about 12 times forecast earnings, which house broker Shore said appeared undemanding compared with previous years.

Shore added: “The past is not a ticket to the future but, under Mark Allen's good tutelage, execution and focus are to the fore, which we believe augurs well for the future.

“Why? Well, being a global, not just UK, leader in protein provision, with well invested facilities and high service levels, plus harvesting the structural increase in demand for whole protein is a start.”

Shore highlighted the potential of growth opportunities in central Europe, Scandinavia and in the UK, where Hilton has just extended its commercial partnership with Tesco.

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Allen said the company's growth investments in Saudi Arabia and Canada were also expected to contribute to earnings from 2027.

He added: “We have long-term partnerships with leading international retailers and a scaled and efficient red meat platform with well invested facilities.

“This is not easy for others to replicate. We have proven capability to enter new markets with new and existing partners through geographic expansion.”

Allen ran Dairy Crest for 12 years until 2019, when he was awarded an OBE for services to the UK's dairy sector. He joined the Hilton Food board in January 2025.