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January 07, 2016 12:00 AM

Leading Envision Healthcare shareholder sheds its stock

Dave Barkholz
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    Envision Healthcare, a giant hospital physician staffing firm, has seen its fifth-largest shareholder, Winslow Capital Management, sell its entire 4.6% stake in the company over the past three months, according to a financial disclosure filed Thursday.

    Winslow Capital owned 8.6 million shares of Envision Healthcare on Sept. 30. That was three weeks before Envision Healthcare reported lower-than-expected third-quarter earnings and its stock price fell by almost 33% on Oct. 22, from $36.49 to $25.40.

    In a U.S. Securities and Exchange Commission filing Thursday, Winslow Capital revealed that it no longer owns any Evision shares.

    Envision's price is still trading near the bottom of its 52-week range. Its price fell 93 cents,or 3.4%, Thursday to $26.41.

    Winslow Capital did not return phone calls seeking comment. Asked whether Winslow Capital's stock divestiture reflected on Envision Healthcare, Envision's investor relations vice president, Bob Kneeley, said every shareholder makes decisions based on the information they receive and their own investing goals.

    In an October earnings call, Envision CEO Bill Sanger acknowledged that the company's third-quarter earnings “were disappointing” given that adjusted EBITDA of $142.5 million was far lower than earlier guidance. Net revenue in the quarter grew 19% to $1.37 billion versus the year-earlier quarter.

    Envision was one of several hospital companies and physician services firms that missed analyst earnings targets. Stocks such as Tenet Healthcare Corp. and Community Health Systems also saw big price dips after their third-quarter announcements. Envision ranked 10th on Modern Healthcare's 2015 list of the largest investor-owned provider companies.

    Jeff Swearingen, managing director of healthcare investment banking firm Edgemont Capital Partners in New York City, said investors have started to worry that patient volume boosts from the Affordable Care Act's coverage expansions are starting to taper off. Those worries could be causing investors to rethink their positions in hospital companies and physician staffing companies, such as Envision, he said.

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    • News
      • Current News
      • Providers
      • Insurance
      • Government
      • Finance
      • Technology
      • Safety & Quality
      • Digital Health
      • Transformation
        • Patients
        • Operations
        • Care Delivery
        • Payment
      • ESG
      • People
      • Regional News
        • Midwest
        • Northeast
        • South
        • West
      • Digital Edition (Web Version)
    • Opinion
      • Bold Moves
      • Breaking Bias
      • Commentaries
      • Letters
      • Vital Signs Blog
      • From the Editor
    • Events & Awards
      • Awards
        • Nominate/Eligibility
        • 100 Most Influential People
        • 50 Most Influential Clinical Executives
        • Best Places to Work in Healthcare
        • Excellence in Governance
        • Health Care Hall of Fame
        • Healthcare Marketing Impact Awards
        • Top 25 Emerging Leaders
        • Top Innovators
        • Diversity in Healthcare
          • - Luminaries
          • - Top 25 Diversity Leaders
          • - Leaders to Watch
        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
        • Digital Health Transformation Summit
        • ESG: The Implementation Imperative Summit
        • Leadership Symposium
        • Social Determinants of Health Symposium
        • Women Leaders in Healthcare Conference
      • Galas
        • Best Places to Work Awards Gala
        • Health Care Hall of Fame Gala
        • Top 25 Diversity Leaders Gala
        • Top 25 Women Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Hospital at Home
        • - Workplace of the Future
        • - Digital Health
        • - Future of Staffing
        • - Hospital of the Future (Fall)
      • Webinars
    • Multimedia
      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
      • Video Series - The Check Up
      • Sponsored Video Series - One on One
    • Data Center
      • Data Center Home
      • Hospital Financials
      • Staffing & Compensation
      • Quality & Safety
      • Mergers & Acquisitions
      • Data Archive
      • Resource Guide: By the Numbers
      • Surveys
      • Data Points
    • Newsletters
    • MORE+
      • Contact Us
      • Advertise
      • Media Kit
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