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Healthsouth Corp (HLS): Billionaire Glenn Russell Dubin’s Highbridge Capital Nearly Doubles Stake

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Billionaire Glenn Russell Dubin‘s Highbridge Capital Management recently filed a Form 13G with the SEC to report an increase to its stake in Healthsouth Corp (NYSE:HLS). The fund now holds ownership over 5.07 million common shares (which include 5.04 million common shares issuable upon the exercise of warrants), which amass 5.3% of the company’s outstanding stock. Previously, the fund’s stake consisted of 2.59 million shares, as per its 13F filing for the reporting period of June 30.

Healthsouth is a company that owns and runs inpatient rehabilitative hospitals, providing post-acute healthcare services. Since the beginning of the year, the company’s shares have increased by 16.2%. For the second quarter of 2016, the company disclosed earnings per share of $0.69 and revenue of $920.7 million, with both figures beating analysts’ estimates, which had predicted $0.60 in EPS and $906.67 million in revenue. At the beginning of this month, SunTrust Banks Inc. set a price target of $54 on HealthSouth’s stock, while keeping its ‘Buy’ rating on it. The price target is 34% higher than the stock’s current price.

HIGHBRIDGE CAPITAL MANAGEMENT

Investors in our database that were bullish on Healthsouth Corp (NYSE:HLS) at the end of June, aside from Highbridge Capital Management, included Arthur B Cohen and Joseph Healey’s Healthcor Management LP, which held a $56.29 million position, Jim Simons’ Renaissance Technologies, with a position valued at $14.66 million, Kris Jenner, Gordon Bussard, and Graham Mcphail’s Rock Springs Capital Management, and Chuck Royce’s Royce & Associates.

Some of the new investors in Healthsouth Corp (NYSE:HLS) during the second quarter included Principal Global Investors’ Columbus Circle Investors, which initiated a $10.36 million position, and Dmitry Balyasny’s Balyasny Asset Management, which had $3.05 million invested in the company at the end of June.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Highbridge Capital Management 0 5,066,918 0 5,066,918 5,066,918 5.3%

Glenn Russell Dubin
Glenn Russell Dubin
Highbridge Capital Management

Page 1 of 6 – SEC Filing

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.   )*

Healthsouth
Corporation

(Name of Issuer)

Common Stock,
par value $0.01 per share

(Title of Class of Securities)

421924309

(CUSIP Number)

August 10,
2016

(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this Schedule 13G is filed:
¨ Rule 13d-1(b)
x Rule 13d-1(c)
¨ Rule 13d-1(d)
(Page 1 of 6 Pages)

______________________________

*The remainder of this cover page shall
be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder
of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of
1934 (“Act“) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes)

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