Larry Robbins (Trades, Portfolio), founder, portfolio manager and CEO of hedge fund Glenview Capital Management, raised his stake in Tenet Healthcare Corp. (THC, Financial) Wednesday by more than 11% with the purchase of 1,697,917 shares for an average price of $36.30 per share. The purchase had a 0.24% impact on Robbins’ portfolio.
Tenet has been in Robbins’ portfolio since the first quarter of 2012. Until the second quarter, however, Robbins had not added to his stake since 2013. After the transaction, his stake totaled 16,490,230 shares.
Dallas-based Tenet Healthcare was founded in 1967 and is an operator of hospitals and outpatient-surgery centers. Tenet’s facilities provide acute, coronary and critical care; operating and recovery rooms; clinical laboratories and pharmacies; and radiology, respiratory, oncology, orthopedic, physical therapy and organ transplant services.
It was confirmed last week that Tenet had formed a joint venture with Baptist Health System to administer a network of healthcare venues serving Birmingham and Central Alabama.
Tenet Healthcare has a market cap of $3.68 billion and an enterprise value of $18.35 billion. It has a P/E of 70.8, a forward P/E of 14.9, a P/B of 4.5 and a P/S of 0.2. It has a Financial Strength score of 6/10 and a Profitability and Growth score of 7/10.
Robbins is the leading shareholder in Tenet Healthcare among the gurus; Vanguard Health Care Fund (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) also have shares of Tenet Healthcare in their portfolios.
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