Cerner Corp. CEO Neal Patterson sold company stock worth nearly $28.8 million this month. Patterson was one of five C-level executives taking advantage of a surge in the share price to cash in on options.
Patterson sold 28,000 shares on Friday at a weighted average price of $66.81 a share, according to a filing with the Securities and Exchange Commission. He sold 200,319 shares on Monday at a weighted average price of $67.25 and another 200,319 shares on Tuesday at a weighted average price of $67.08.
Using the average prices, the sales were worth $28.78 million.
Patterson exercised an option Friday to buy 750,000 shares for approximately $3.70 a share and disposed of 349,363 shares to cover the exercise price and taxes, according to filings.
The health care IT company’s stock has been rising since the end of June. It began the month trading at $62.22 a share, according to Yahoo Finance, and closed at $66.91 on Tuesday.
Read more: Kansas City Business Journal