Allscripts Healthcare Solutions Inc (MDRX) Rallies On Strong Preliminary Q2 Results

What have hedge funds been doing with Allscripts Healthcare Solutions Inc (NASDAQ:MDRX)?

When looking at the hedgies followed by Insider Monkey, Clifton S. Robbins‘ Blue Harbour Group had the number one position in Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) on March 31, owning 14.42 million shares worth close to $172.5 million, corresponding to 5.2% of its total 13F portfolio. On Blue Harbour Group’s heels is Glenhill Advisors, led by Glenn J. Krevlin, holding a $69.6 million position in 5.82 million shares; 5.5% of its 13F portfolio is allocated to the stock. Some other members of the smart money that are bullish encompass Ken Griffin’s Citadel Investment Group, Jacob Gottlieb’s Visium Asset Management, and Israel Englander’s Millennium Management.

Leading the pack of bullish hedge funds on Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) is Point72 Asset Management, led by Steve Cohen, who established the most outsized position in Allscripts during the first quarter, buying 1.18 million shares worth $14.1 million. On the other side of the fence, Eminence Capital led by Ricky Sandler sold all of its 10.79 million shares worth $137.79 million.

Given that the smart money has thus far been wrong on Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) we can recommend buying it on its improved results and outlook, despite funds’ bearish first quarter sentiment.

Disclosure: None