Donna Shalala, a Florida Democrat who had served as Bill Clinton’s secretary of Health and Human Services, has sold at least half a million dollars of shares of home builder Lennar this year. The congresswoman had been a Lennar director in two separate terms.
Andrew Harnik-Pool/Getty ImagesFlorida Congresswoman Donna Shalala continues to trim her investment in home-builder Lennar.
The Democrat, who was sworn into office in January 2019, has sold between $452,000 and $1,030,000 of Lennar stock (ticker: LEN) this year. She disclosed the sales in forms filed with the Office of the Clerk of the House of Representatives. Shalala had served on Lennar’s board twice, from 2001 to 2012, and then from December 2017 through April 2018, when she resigned to run for Congress.
Shalala, who had served as secretary of Health and Human Services under President Bill Clinton, most recently sold Lennar stock on June 19. She sold $100,001 to $250,000 of class A Lennar shares, and $1,001 to $15,000 of class B Lennar shares (LENB) that date. Specific values aren’t required for disclosure, only ranges. Shalala indicated that she recorded capital gains of more than $200 from each of the two transactions. Both classes of Lennar stock trade publicly, but class A shares carry one vote each while class B shares carry 10 votes each.
Lennar’s class A shares have been doing better than the supervoting shares this year, rising 7.9% year to date through Thursday’s close at $60.17, compared with an 0.5% gain in the class B shares. Both are doing better than the 3.1% slip in the S&P 500 index, a measure of the broader market.
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Shalala’s office said that a third-party handled the sale of the shares, which were awarded during her time as a Lennar director. The stock had been restricted, but were sold as soon as practicable.
She sold $250,001 to $500,000 of class A Lennar shares on May 7, and sold $100,001 to $250,000 of the stock on May 13. Shalala also sold $1,001 to $15,000 of class B Lennar shares on May 7. All three transactions included capital gains of more than $200.
On June 17, Raymond James analyst Buck Horne raised the target price on class A Lennar shares to $75 from $41, citing a “remarkable recovery in new home demand since late April.” Horne reiterated an Outperform rating and raised estimates. “Lennar’s fortuitous market positioning and efficient high-volume production methods should enable further market share gains,” he said.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
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