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Alternative Market Briefing

Larry Robbins' hedge fund Glenview buys 1m Tenet Healthcare shares

Tuesday, June 30, 2015

Komfie Manalo, Opalesque Asia:

Glenview Capital Management said it bought an additional 979,482 shares at Tenet Healthcare Corp valued at $53.80 million, raising its stakes in the healthcare services company to 15.16%, reported OctaFinance. Glenview Capital manages $11.6 billion in assets and is run by Larry Robbins.

The rise in Glenview’s stakes at Tenet Healthcare underscores the hedge fund firm’s bullish outlook towards the company.

The report said Glenview should expect the book value of its shares in Tenet Healthcare to grow by as much as $87.37 million based on current trend models as it predicted Tenet stocks to share at $63.71 per share.

The report also added that based on the SEC filings during the fourth quarter of 2014, at least 307 hedge funds and institutional investors have shares in Tenet Healthcare. Institutional investors own the largest shares in Tenet in the last quarter at at 94.79% of the shares outstanding.

Last month, Glenview said it would stop accepting new investor money in its main hedge funds by year-end. The firm’s Glenview funds will "remain closed for the foreseeable future," the New York-based manager wrote in......................

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