These Two Healthcare Stocks Receive A Vote Of Confidence From Elite Hedge Fund Managers

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Let’s now take a quick look at Glenview Capital Management, the other investment firm discussed in this article. Glenview Capital is a hedge fund firm founded by Larry Robbins in February 2001. The hedge fund manager has been making large bets on the healthcare industry over the last few years, which have delivered great returns for the fund. However, the recent market volatility and pullbacks have impacted the investment firm’s performance, as the hedge fund posted a 5.5% loss in August. Larry Robbins’ investment firm has approximately $11 billion in assets under management, while its public equity portfolio is worth $25.25 billion as of June 30.

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Tenet Healthcare Corp. (NYSE:THC), a healthcare services company that operates hospitals and outpatient-surgery centers, has had a rough year in terms of stock performance. The shares of Tenet have embarked on a steady downtrend since mid-July, which appears to be turning around at the moment. The stock is up by more than 8% so far in today’s trading session, but is still 21% in the red year-to-date. The recent downward trend has been fueled by concerns about declining admissions and the company’s seemingly weak balance sheet. In fact, Tenet Healthcare’s debt adds up to $14.8 billion, which has inflated quite significantly over the past few years as a result of numerous M&A deals.

48 hedge funds tracked by Insider Monkey disclosed positions in Tenet Healthcare during the latest round of 13F filings, compared to 42 reported as of the end of the first quarter. Additionally, these hedge funds amassed 28.5% of the company’s outstanding stock at the end of the June quarter. Similarly, the value of their investments increased to $1.63 billion from $1.40 billion quarter-over-quarter. Aside from Larry Robbins’ investment firm, Israel Englander’s Millennium Management represents another top equity holder of Tenet Healthcare Corp. (NYSE:THC) within our database, owning 1.69 million shares.

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Disclosure: None

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