Phibro Animal Health's (PAHC) CEO Sold 21,120 Shares for $1.2 Million
Key Points
21,120 shares were sold indirectly for a transaction value of approximately $1.16 million, based on a weighted average price of $54.79 per share on April 23, 2026.
This sale represented 15.78% of Bendheim's total holdings prior to the transaction.
All shares were held and disposed of indirectly via BFI Co. LLC, over which Jack Bendheim has voting and dispositive control.
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Jack Bendheim, President and CEO of Phibro Animal Health Corporation (NASDAQ:PAHC), reported the indirect sale of 21,120 shares of Common Stock through BFI Co. LLC over multiple transactions on April 21, 2026, April 22, 2026, and April 23, 2026, according to a SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (indirect) | 21,120 |
| Transaction value | $1.2 million |
| Post-transaction shares (direct) | 16,840 |
| Post-transaction shares (indirect) | 95,880 |
| Post-transaction value (direct ownership) | ~$921K |
Transaction value based on SEC Form 4 weighted average purchase price ($54.79); post-transaction value based on April 23, 2026, market close ($54.69).
Key questions
- What was the mechanism for this sale, and who controlled the shares?
The shares were disposed of indirectly through BFI Co. LLC, an entity over which Jack Bendheim exercises voting and dispositive power, as detailed in the filing's footnotes. - How did the transaction impact Bendheim’s overall and indirect ownership?
The sale accounted for 15.78% of Bendheim’s total pre-transaction holdings, reducing indirect shares to 95,880 while direct holdings remained at 16,840 shares. - How does the size of this transaction compare to Bendheim’s historical trading activity?
The 21,120-share sale closely matches the 75th percentile of his previous sell trades. - What is the context for remaining ownership, and can these holdings affect future liquidity events?
Bendheim retains 16,840 shares of Common Stock directly and 95,880 shares indirectly after the April 23, 2026, transaction.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $1.46 billion |
| Net income (TTM) | $92.09 million |
| Dividend yield | 0.9% |
| 1-year price change | 188% |
* 1-year price change calculated as of April 27, 2026.
Company snapshot
- Develops and supplies animal health products, mineral nutrition solutions, and specialty performance products for livestock, including poultry, swine, cattle, and aquaculture.
- Operates a diversified business model with revenue generated from sales of antibacterials, anticoccidials, anthelmintics, vaccines, nutritional additives, and trace minerals to the animal agriculture sector.
- Serves integrated livestock producers, commercial feed manufacturers, wholesalers, and distributors across the United States and international markets.
Phibro Animal Health Corporation is a leading provider of animal health and mineral nutrition solutions, leveraging a broad product portfolio to address the needs of food animal producers globally. The company’s integrated approach and focus on both health and nutrition products enable it to capture value across multiple points in the livestock supply chain. With operations spanning North America, Latin America, Europe, and Asia, Phibro maintains a competitive edge through its technical expertise and established customer relationships.
What this transaction means for investors
I wouldn’t look at Bendheim’s recent sale of 21,120 shares as a sign he’s losing confidence in the animal health business. After the reported transactions, he retained over 100,000 shares both directly and indirectly.
In February, Phibro Animal Health reported fiscal second-quarter sales that surged 21% year over year to $373.9 million. The company’s bottom line made an even more dramatic leap. Net income rose to $27.5 million from $3.2 million in the previous year period. Once adjusted for non-recurring events, net income rose by 60% year over year.
In 2024, Phibro acquired Zoetis’ (NYSE:ZTS) medicated feed additive (MFA) business. Much of the growth the company’s been reporting has been a result of its new MFA business.
Phibro Animal Health ends its fiscal year on June 30. Strong sales across all its operating segments encourage management to raise its fiscal 2026 guidance. Now the company expects sales to rise about 14%, and net income to rise 86% at the midpoint of management’s guided ranges.
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Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Zoetis. The Motley Fool has a disclosure policy.
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