Sunday, March 04, 2001
What's the Buzz?
Omnicare execs sell off stock
By Cliff Peale
The Cincinnati Enquirer
A two-week window allowing executives at Omnicare Inc. to sell stock produced more than 410,000 shares sold since mid-February.
Seven of the company's top officers sold shares, according to filings with the Securities and Exchange Commission. The biggest sale was by Patrick Keefe, executive vice president of operations, who sold 135,917 shares.
Joel Gemunder, president, sold 88,134 shares, and Edward Hutton, chairman, sold 100,450 shares.
Omnicare's rules allow sales from two days after quarterly earnings are released in this case Feb. 14 through the end of that month, said senior vice president Cheryl Hodges, who sold 15,091 shares.
Because tax-filing day is fast approaching, the February two-week window usually produces heavier sales, she said.
Most of the senior management here, a lot of their net worth is tied up in Omnicare stock, so maybe you're seeing some dollars come off the table just for diversification's sake, Ms. Hodges said.
Of course, it doesn't hurt that Omnicare's stock price has jumped by more than 20 percent since early January, settling this week at about $22 a share.
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