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

Recommended Reading:

Hedge Fund News: Tiger Management, Phillip Goldstein & Michael Steinberg

Five Hedge Fund Moves in Healthcare Sector From This Week

Perlus Investment Management Ups Stake in Sutron Corporation (STRN) to 10.8%

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

On the Move: The 10 Fastest Growing Businesses in 2015

Fast Money: The 10 Highest Paying Fast Food Restaurants

Mixing It Up: The 14 Best Music Mashups of 2014

Rito Pls Buff: The 10 Least Played Champions in LoL Season 4

10 Covers of Popular Songs that are Better than the Originals

Must See TV: The 9 Most Anticipated Shows of 2015

The 15 Biggest Box Office Bombs of All Time

10 Things The World Can’t Stand About Americans

Picture Perfect: The 6 Smartphones with the Best Cameras

The 10 Best Countries To Work In the World

A Profitable Day At The Track: 5 Tips For Betting On Horses

Tearing You Apart: 6 Bad Habits That Ruin Relationships

Learning on the Job: The 6 Biggest Mistakes Parents Make

Shopaholics Rejoice: The 12 Biggest Malls in the World

Fright Night: 10 Horror Movies Based on True Stories

Mach Mania: The 10 Fastest Jets in the World

Military Heavyweights: The 10 Countries with the Most Tanks

All In: The 7 Richest Poker Players in the World

Abracadabra: The 10 Best Magicians in the World

The 10 Richest Asian Countries in the World in 2014

Eyes in the Sky: 10 Things You Need to Know About Drones

Rising Stars: The 6 Best Silicon Valley Startups

Military Muscle: The 5 Most Advanced Armies in South America

All that Glitters: The 7 Most Luxurious Jewelry Brands in the World

5 Things You Didn’t Know About ISIS but Should

Empowering Your Money: The 5 Best Energy Stocks to Invest In

The 11 Best Android Apps You Can’t Get on iOS

The 10 Most Important International Conflicts in 2014

Mood Enhancers: The 20 Most Uplifting Songs of all Time

Lover Beware: The 8 Countries that Cheat the Most

Breath of Fresh Air: The 25 Countries with the Best Air Quality on the Planet

Singles Beware: The 8 Worst Mistakes Made on First Dates

Healthy and Happy: The 10 Countries with Lowest Healthcare Costs

The 6 Best Company Team Building Activities to Build Workplace Camaraderie

Ships Ahoy: The 10 Busiest Shipping Ports in the World

10 Productivity Tips to Save You Time and Help You Do More With Less

Grab a Bite: The Most Popular Fast Food Restaurants in America

Friday Night Thirst: The 10 Most Popular Cocktails in the World

The 6 Greatest Unsolved Mysteries We May Never Figure Out

7 Useless Products You Never Should’ve Bought

The 5 Reasons Why You’re Single and Miserable

The 7 Most Addictive Foods in the World We Can’t Stop Eating (Even Though We Should)

5 Amazing Places You Can Swim with Dolphins

The Top 7 Most Livable Countries In The World

The 10 Most Expensive Baseball Cards Ever Pulled From A Pack

The 5 Easiest Second Languages to Learn for English Speakers

Silver Spoon: The 6 Richest Families in the World

The 20 Countries with the Largest Prison Populations in the World

The Top 10 Richest Actors in the World

The 10 Best Airline Stocks to Invest In Before They Fly Too High

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!