Tenet Healthcare Executive Vice President CFO Daniel Cancelmi sold 214,302 shares of the Dallas-based company, according to a March 16 filing with the Securities and Exchange commission.
Mr. Cancelmi sold the shares March 12 and March 15 for an average price of $55.78 a share. The total sale was $12 million, according to GuruFocus.
"As part of portfolio diversification and estate planning, Mr. Cancelmi exercised his right to sell options accounting for a portion of his ownership in Tenet shares," a Tenet spokesperson told Becker's Hospital Review. "A majority of the sale proceeds were used to pay the fee to exercise and sell the shares and cover withholding taxes."
Tenet said that Mr. Cancelmi still has a large ownership stake in Tenet with 362,000 shares, which is more than Mr. Cancelmi held a year ago.