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Morning Brief: Glenview Enjoys 'Healthy Gains' on a Sickly Day
Larry Robbins’s hedge fund firm got a boost from two of its health care holdings.
Shares of hedge fund favorite Tenet Healthcare surged nearly 9 percent, to $20.77, on an otherwise down day for stocks. The hospital management company reported fourth-quarter revenues that easily beat expectations and delivered strong earnings guidance for 2018. At year-end, Larry Robbins’ Glenview Capital Management remained the largest shareholder, while Davidson Kempner Capital Management was the sixth-largest shareholder, according to regulatory filings.
Meanwhile, HCA, another hospital management company and Glenview’s largest U.S. long, gained 1.5 percent on Tuesday. Glenview is the company’s eighth-largest shareholder, according to filings.
Steven Cohen’s family office Point72 Asset Management disclosed in a fresh 13G filing that as of February 26 it owned roughly 2.4 million shares of Hyatt Hotels Corporation, or 5 percent of the total outstanding. Interestingly, it reported the same stake in its recently filed 13F filing covering U.S. equity holdings as of December 31, 2017.
Trian Fund Management trimmed long-time holding The Wendy’s Company, from 22.4 percent of the outstanding shares to 20.7 percent. The hedge fund firm’s co-founder Nelson Peltz remains chairman of the board of the fast-food giant, while Trian co-founder Peter May is vice chairman. Matthew Peltz, the son of Nelson, is also a director. He is a partner and senior analyst and a member of Trian’s investment team.