market folly

Larry Robbins' hedge fund Glenview Capital filed another Form 4 with the SEC revealing further purchases in Tenet Healthcare (THC).  We just posted up about how Glenview was buying THC shares last week.

The latest filing indicates that Glenview purchased an additional 200,000 shares of THC on October 19th at a weighted average price of $23.53.  This brings their total ownership to 13,839,339 shares.

To see why this hedge fund has been buying, check out why Glenview likes Tenet.

The company recently completed a 1:4 reverse stock split and confirmed they'd be buying up to $500 million in stock, issue $800 million in new debt, and use $400 million toward potential acquisitions.

It's worth noting that Glenview has also owned other hospital/healthcare plays, including HCA (HCA), Lifepoint (LPNT), and Health Management (HMA).

Per Google Finance, Tenet Healthcare is "an investor-owned health care services company whose subsidiaries and affiliates own and operate acute care hospitals, ambulatory surgery centers, diagnostic imaging centers and related health care facilities. Its core business is focused on providing acute care treatment, including inpatient care, intensive care, cardiac care, radiology services and emergency medical treatment, as well as outpatient services."