Glenview Capital Is Bullish on Tenet Healthcare Corp (THC) and Evertec Inc (EVTC)

In two separate SEC filings, Larry Robbins’ hedge fund Glenview Capital revealed some bullish moves into Tenet Healthcare Corp (NYSE:THC), and Evertec Inc (NYSE:EVTC). The fund revealed acquiring 1.0 million shares of Tenet, raising its position in the company to a total of over 12.9 million shares. In the second filing, Glenview reported boosting its stake in Evertec to 4.4 million shares, equal to 5.64% of common stock, versus 2.1 million shares held at the end of September.

GLENVIEW CAPITAL

The fund purchased 1.0 million shares of Tenet in two transactions, paying a total of more than $40.1 million. In an earlier form 3, Glenview disclosed holding 11.9 million shares of the company. In November, Larry Robbins’ fund reported about selling 80,000 shares of Tenet Healthcare, cutting the stake to some 9.9 million, from close to 10 million owned at the end of September.

Larry Robbins has used his experience as a trader to full use. He founded Glenview Capital in 2001 and the fund has returned 301% between 2001 and 2010 after fees and expenses. After a very weak performance in 2008, Robbins managed to return 82.7% in 2009 followed by 15.7% in 2010. In 2010, Glenview managed to outperform both S&P 500 as well as average hedge fund. The fund invests predominantly in Technology, Healthcare and Services sector and had a portfolio value of $11.87 billion at the end of the third quarter.

Tenet Healthcare Corporation is a healthcare services company operating 77 acute care hospitals, 173 outpatient centers, five health plans and six accountable care organizations. It is building a new hospital in Texas. The company also owns Conifer Health Solutions. Conifer’s Value-Based Care has been awarded certification in Utilization Management and Credentialing(UM/CR) from the National Committee for Quality Assurance (NCQA) for its Referral and Utilization Management services and solutions. Conifer provides health business process solutions. Tenet Healthcare acquired Vanguard Health Systems, Inc in October 2013.

Besides Larry Robbins’ Glenview Capital, Blue Ridge Capital managed by John Griffin hold a substantial long position in Tenet Healthcare Corp, (NYSE:THC) with 3.08 million shares valued at $127 million at the end of the third quarter. On the third number with long position in the company is Robert Pohly’s Samlyn Capital with 2.34 million shares valued at $96 million.

Evertec Inc (NYSE:EVTC) runs a service transaction processing business in the Caribbean and Latin America. The company processes more than 1.8 billion transactions annually, and has operations in 19 countries. It is the merchant acquirer in the Caribbean and Central America and in Latin America. The company recently commenced an underwritten public offering of 15,287,473 shares of its common stock by its affiliate Apollo Global Management, LLC. Evertec also announced its plans to purchase $75 million of its common stock being sold by the Selling Stockholders in the offering.

Keith Meister’s Corvex Capital and Citadel Investment Group managed by Ken Griffin are among the largest shareholders of Evertec Inc (NYSE:EVTC). Corvex, in its latest 13F, disclosed holding around 3.1 million shares, and Citadel reported a stake which amasses 2.6 million shares, both funds significantly upping their stakes during the previous quarter.

Disclosure: none

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