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Allscripts Healthcare Solutions Inc (MDRX): Healthcor Management LP Cuts Stake To 4.0%

Healthcor Management LP, managed by Arthur B Cohen and Joseph Healey, has cut its activist stake in Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) to 4.0% from 5.6%. A newly amended filing with the U.S. Securities and Exchange Commission revealed that Healthcor holds 7.21 million shares of the company’s common stock, down from around 10 million shares the fund held previously.

Arthur B Cohen and Joseph Healey

Healthcor Management filed a lawsuit in May 2012 against Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) in Delaware’s Court of Chancery. The hedge fund criticized termination of Chairman Phil Pead, and opposed an extension of the nomination deadline, as well as a delay of the company’s annual meeting. Following Pead’s removal, three other members also resigned from the company’s board. Later, Healthcor Management withdrew its suit after Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) agreed on the nomination of three independent directors to the board.

In April 2012, Healthcor Management demanded the company’s CEO Glen Tullman to step down, and requested the company’s board to take the proper actions in the interest of shareholder value, including “putting the company up for sale.”

Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) reported strong results for the second quarter of 2014. For the first time in more than two years, the company’s bookings, revenue and adjusted EBITDA all grew year-over-year, according to a statement.

For the quarter, Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) posted a 2% increase in total revenue to $354 million, compared with $347 in the same quarter of 2013. Its second quarter 2014 non-GAAP net income was $16 million, up from $9 million in the same period a year ago. The company’s second quarter 2014 non-GAAP earnings per share were $0.09, compared with $0.05 in the second quarter of 2013.

For the company’s stock, analysts have the consensus average recommendation of ‘Overweight,’ with the consensus average target price $18.70.

Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) is engaged in providing healthcare information technology solutions that advance clinical, financial and operational results. The company has a market cap of more than $2 billion. Since September 2012, the company’s stock performed well, showing more than 25% growth.

Other investors that are bullish on Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) include Eminence Capital, led by Ricky Sandler, which owns 9.25 million shares, and Clifton S. Robbins’ Blue Harbour Group, which holds 8.94 million shares of the company.

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