Top Stocks With Insider Buying, Buybacks

Stock quotes in this article: CSX , BAX , FCX , MA , QCOM , LMT , AAPL  

Next on the list is Baxter International (BAX Quote). The health care giant on March 18 approved a new $2 billion stock-buyback plan to launch after the completion of the existing $2 billion program it launched in March 2007, which has less than $700 million remaining.

JP Morgan analyst Michael Weinstein reiterated his overweight rating on the stock. He said free cash flow would be up more than 20% in 2008 and the company is on solid financial footing right now. He expects that the company will increase its dividend and also look to be a player on the M&A market.

Fitch Ratings also reaffirmed its outlook on Baxter, noting that "Baxter will continue to improve profitability through improved product mix, continued cost controls and new product introductions."

It's also good to see the likes of Maverick Capital is invested in Baxter. This $10 billion hedge fund also holds positions in Union Pacific (UNP Quote) and Qualcomm (QCOM Quote).

Another reason we like Baxter is because Navellier & Associates believes in the company. The $4.5 billion fund, run by Louis Navellier, also holds shares of Lockheed Martin (LMT Quote) and Apple (AAPL Quote).

So with Baxter, we have a large buyback, a solid 2008 outlook and a well-known investor in the stock. That makes this stock a play worth considering.

For more stocks and analysis, check out this week's Top 10 Insider Purchases and Buybacks at Stockpickr.com.

For the 10 most recent portfolios, check out:

You can also review Barron's Top Insider Purchases from the prior week as well as Cramer's "Mad Money" Buybacks.

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At the time of publication, Altucher and/or his fund had no positions in stocks mentioned, although positions may change at any time.

James Altucher is president of Stockpickr LLC, a wholly owned subsidiary of TheStreet.com and part of its network of Web properties, and a managing partner at Formula Capital, an alternative asset management firm that runs a fund of hedge funds. He is also a weekly columnist for the Financial Times and the author of Trade Like a Hedge Fund, Trade Like Warren Buffett and SuperCa$h. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback; click here to send him an email.

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