According to Thomson Financial, a reporting service, seven senior HCA executives sold 574,882 shares worth $19,942,610 between May 17 and June 10. A company spokesman, Jeff Prescott, said the executives are entitled "like other stockholders [to] make personal decisions . . . about when to sell." He said the executives complied with "blackout restrictions" imposed by the SEC to prevent dealing within a certain period prior to restatements of earnings.
Yesterday we learned that Frist:
Frist held an undisclosed amount of stock in Hospital Corporation of America, based in Nashville, Tenn., the nation's largest for-profit hospital chain. On June 13, he instructed the trustee managing the assets to sell his HCA shares and those of his wife and children, said Amy Call, a spokeswoman for Frist.
As for HCA stock:
HCA shares peaked at midyear, climbing to $58.22 a share on June 22. After slipping slightly for two weeks, the price fell to $49.90 on July 13 after the company announced its quarterly earnings would not meet analysts' expectations. On Tuesday, the shares closed at $48.76.
So Frist has a blind trust, including HCA shares. The stock rises and then seven senior officers sell stock between May and June. Frist then follows them and sells millions worth of his own stock before they reduce in value about 16%.
Nice deal Catkiller!