A number of insiders at Nashville, Tenn.-based HCA Healthcare have sold their shares of the company over the past 12 months, raising concerns from some investors.
Kathleen Whalen, the health system's senior vice president and chief ethics and compliance officer, recently sold $787,000 worth of shares. Many of the company's officers sold shares in April, including Erol Akdamar, president of the American Group; P. Martin Paslick, chief information officer; and Michael Cuffe, MD, chief clinical officer.
Dr. Cuffe made the largest sale of the year, totaling $3.6 million.
HCA insiders currently own 1.4 percent of the company, yet the recent sales "do not inspire confidence," the Clayton County Register reported. Stock analyst Simply Wall St. also questioned the company's strength after seeing C-suite leaders sell.
However, shares of HCA Healthcare have gained 24.4 percent in the past year — 6.1 percent above the industry's growth. For the first six months of 2023, the company reported revenues of $31.45 billion and net income of $2.56 billion, an improvement from the same time period in 2022.
Becker's has reached out to HCA and will update this story if more information becomes available.