Glenview Capital Adds To FMC & Tenet Stakes, Trims Flextronics & Community Health Stakes ~ market folly

Monday, October 26, 2015

Glenview Capital Adds To FMC & Tenet Stakes, Trims Flextronics & Community Health Stakes

Larry Robbins' hedge fund firm Glenview Capital has made numerous portfolio adjustments recently.  Below are the details of the various SEC filings they've made.

Increases FMC Position

Glenview has filed a 13G with the SEC on shares of FMC Corporation (FMC).  Per the filing, Glenview now owns 5.01% of the company with over 6.69 million shares.

This is up from the 4.8 million shares they owned at the end of the second quarter.  The filing was made due to activity on October 12th.

Per Google Finance, FMC is "a diversified chemical company. The Company serves agricultural, consumer and industrial markets with solutions, applications and products around the world. The Company operates in three business segments: FMC Agricultural Solutions, FMC Health and Nutrition, and FMC Lithium. The Company's FMC Agricultural Solutions segment develops, markets and sells three classes of crop protection chemicals, which include insecticides, herbicides and fungicides. The FMC Health and Nutrition segment focuses on food, pharmaceutical ingredients, nutraceuticals, personal care and similar markets. The pharmaceutical additives are used for binding, encapsulation and disintegrant applications. The Company's FMC Lithium segment manufactures lithium products."

Reduces Flextronics Exposure

Second, the hedge fund has also filed a Form 4 with the SEC regarding its position in Flextronics (FLX).  Per the filing, Glenview sold 20 million shares at $11.1 on October 22nd.  After this transaction, they still own 55.13 million shares.

Per Google Finance, Flextronics is "a Singapore-based provider of global supply chain solutions. The Company designs, builds, ships and serves packaged electronic products for its original equipment manufacturers (OEMs) in various groups. The Company offers a range of design and engineering services that relate to manufacturing (including enclosures, metals, plastic injection molding, precision plastics, machining, and mechanicals), system integration and assembly and test services, materials procurement, inventory management, logistics and after-sales services (including product repair, warranty services, re-manufacturing and maintenance), supply chain management software solutions and component product offerings (including rigid and flexible printed circuit boards and power adapters and chargers)."

Trims Community Health Systems Stake

Third, Larry Robbins' hedge fund has filed a Form 4 with the SEC indicating they've reduced their stake in Community Health Systems (CYH).  Per the filing, Glenview sold 279,074 shares on October 22nd at weighted average prices of $27.7284 and $26.8947 with about a third of the sales occurring at $30.08.

After these sales, Glenview still owns 11.81 million shares of CYH.

Per Google Finance, Community Health Systems is "a hospital company and an operator of acute care hospitals in communities across the United States. The Company provides healthcare services through the hospitals that it owns and operates in non-urban and selected urban markets throughout the United States. It operates in two operating segments: hospital operations and home care agencies operations. Its hospital operations include the Company's acute care hospitals and related healthcare entities that provide inpatient and outpatient healthcare services. Its home care agencies operations provide in-home outpatient care. Services provided through its hospitals and affiliated businesses include general acute care, emergency room, general and specialty surgery, critical care, internal medicine, obstetrics, diagnostic, psychiatric and rehabilitation services. It provides a range of hospital healthcare services and other outpatient services to patients in the communities in which the Company is located.."

Adds to Tenet Healthcare Position

Last, Glenview also increased its holdings of Tenet Healthcare (THC).  Per a Form 4 filed with the SEC, Glenview acquired 500,000 shares total on October 22nd at weighted average prices of $28.8656 and $29.8034.  After these buys, Glenview now owns over 16.99 million shares of THC.  As we've detailed previously, Glenview has previously been out buying THC in October.

Per Google Finance, Tenet Healthcare is "a healthcare services company. The Company operates regionally focused, integrated healthcare delivery networks in large urban and suburban markets. As of December 31, 2014, it operated 80 hospitals, 210 outpatient centers, six health plans and Conifer Health Solutions, LLC (Conifer), which provides healthcare business process services in the areas of revenue cycle management, value-based care and patient communications. It provides operational management for revenue cycle functions, including patient access, health information management, revenue integrity and patient financial services. It also offers communications and engagement solutions to optimize the relationship between providers and patients. Conifer operates a management services business that supports value-based performance through clinical integration, financial risk management and population health management. It has two operating segments: Hospital Operations and other, and Conifer.."

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