Insiders have been buying these ASX shares this week

Insiders have been buying Blackmores Limited (ASX:BKL) shares and two others this week…

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Once a week I like to look at which shares on the local market have been experiencing insider buying.

The reason for this is that insider buying is often regarded as a bullish indicator because very few people should know a company, its prospects, and intrinsic value better than a company's own directors.

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

Amcor Limited (ASX: AMC)

According to a change of director's interest notice, Amcor independent non-executive director, Eva Cheng, has picked up 10,000 shares through an on-market trade at $13.76 per share. This lifted Cheng's holding in the packaging company to a total of 11,160 shares. Amcor's shares have been trading within a whisker of a two-year low recently and at a level that Cheng appears to have felt was attractive. I'm not a buyer of its shares just yet and would like to see a big improvement in its performance before investing.

Blackmores Limited (ASX: BKL)

A change of director's interest notice reveals that the health supplement company's CEO, Richard Henfrey, has bought $32,379 worth of shares on-market at an average price of $129.00. Henfrey now has a total interest of 11,936 shares worth approximately $1.6 million. Although it isn't the biggest of purchases, it does make me feel more reassured that Blackmores' performance is improving. Which could make it great value at the current share price after its sizeable decline. I would suggest investors take a closer look at the company.

InvoCare Limited (ASX: IVC)

This morning the embattled funeral company released two change of director's interest notices. Those notices revealed that non-executive directors Bart Vogel and Robyn Stubbs have been buying shares on market this week. Mr Vogel picked up 5,000 shares at $12.50 per share and Ms Stubbs purchased 6,405 shares at $12.51 per share. With InvoCare's shares notably lower this year amid concerns over its underperformance, these purchases could be a boost to investor sentiment. However, I'm not overly convinced that its shares have bottomed, so I won't be joining Mr Vogel and Ms Stubbs just yet.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. 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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