Article: Caremark execs take option route

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Nashville Business Journal - 2:03 PM CST Wednesday

Caremark execs take option route

A slate of executives at pharmacy benefit manager Caremark Rx Inc. cashed in stock options on Nov. 11, netting a combined $18.3 million.
Executive Vice President and CFO Peter Clemens exercised options to buy 129,750 shares of the company (NYSE: CMX) at prices ranging from $4.19 to $16.63, according to Securities and Exchange Commission filings. He then sold them at an average price of $51.52, netting $5.6 million.
Mark Weeks, senior vice president and controller, exercised options to buy 79,000 shares at prices ranging from $3 to $16.63 and sold them at an average price of $51.64, netting $3.7 million.
Sara Finley, senior vice president and assistant general counsel, acquired 66,500 shares through options at prices ranging from $4.19 to $16.63, then sold them at an average price of $51.88, netting nearly $3 million.
Howard McClure, chief operating officer, exercised options to buy 50,000 shares at $5.06 per share, then sold them at an average price of $51.93, netting $2.3 million.
Michael Ware, a member of the company's board of directors, exercised options to buy 37,625 shares at $4.34 and sold them at an average price of $51.98, netting nearly $1.7 million.
Richard Scardina, executive vice president of operations, used options to acquire 40,250 shares of the company - 32,000 at $32.03 per share and 8,250 at $18.35 per share. Those shares were sold at an average price of $51.48, netting him about $879,300.
David Golding, senior vice president of specialty pharmacy, used options to buy 20,000 shares at $15.80 per share and sold them at about $51 per share, netting about $704,000.
Diane Nobles, executive vice president of compliance and integrity, exercised an option to buy 12,500 shares at $18.35 per share and sold them at an average price of $51.28, netting a little more than $410,000.
On Nov. 11, Caremark (NYSE: CMX) shares opened at $51 and closed at $51.64. On Wednesday, the company's stock was trading at $49.82, down about 1 percent from its closing price Tuesday. The 52-week range of the stock is $34.89 to $53.52.
Nashville-based Caremark posted a profit of $231 million, or 51 cents per diluted share in the quarter ended Sept. 30 compared to $172 million, or 37 cents per diluted share, in the third quarter last year.
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