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Healthsouth Corp (HLS): Billionaire Glenn Russell Dubin’s Highbridge Capital Nearly Doubles Stake

Billionaire Glenn Russell Dubin‘s Highbridge Capital Management recently filed a Form 13G with the SEC to report an increase to its stake in Healthsouth Corp (NYSE:HLS). The fund now holds ownership over 5.07 million common shares (which include 5.04 million common shares issuable upon the exercise of warrants), which amass 5.3% of the company’s outstanding stock. Previously, the fund’s stake consisted of 2.59 million shares, as per its 13F filing for the reporting period of June 30.

Healthsouth is a company that owns and runs inpatient rehabilitative hospitals, providing post-acute healthcare services. Since the beginning of the year, the company’s shares have increased by 16.2%. For the second quarter of 2016, the company disclosed earnings per share of $0.69 and revenue of $920.7 million, with both figures beating analysts’ estimates, which had predicted $0.60 in EPS and $906.67 million in revenue. At the beginning of this month, SunTrust Banks Inc. set a price target of $54 on HealthSouth’s stock, while keeping its ‘Buy’ rating on it. The price target is 34% higher than the stock’s current price.

Investors in our database that were bullish on Healthsouth Corp (NYSE:HLS) at the end of June, aside from Highbridge Capital Management, included Arthur B Cohen and Joseph Healey’s Healthcor Management LP, which held a $56.29 million position, Jim Simons’ Renaissance Technologies, with a position valued at $14.66 million, Kris Jenner, Gordon Bussard, and Graham Mcphail’s Rock Springs Capital Management, and Chuck Royce’s Royce & Associates.

Some of the new investors in Healthsouth Corp (NYSE:HLS) during the second quarter included Principal Global Investors’ Columbus Circle Investors, which initiated a $10.36 million position, and Dmitry Balyasny’s Balyasny Asset Management, which had $3.05 million invested in the company at the end of June.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Highbridge Capital Management 0 5,066,918 0 5,066,918 5,066,918 5.3%

Page 1 of 6 – SEC Filing


Page 2 of 6 – SEC Filing

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