Long-term shareholders cut their stakes in Nashville, Tenn.-based HCA Healthcare in the second quarter of this year, just before the for-profit hospital operator's stock climbed to a new record high, according to Bloomberg.
Hedge funds cut their positions in HCA as the company's shares soared in late June. Glenview Capital Management, Highfields Capital Management, Wellington Management Group, Magellan Asset Management and Harris Associates sold a combined 17.3 million shares of HCA in the second quarter, according to Bloomberg, which cited the hedge funds' latest 13F filings.
HCA's share price has continued to rise since the end of the second quarter. Since the end of June, HCA's shares have climbed 27 percent, hitting a new record of $130.16 on Aug. 3.
Hospital operator stocks have rallied in 2018 after being under pressure for nearly two years, according to Bloomberg.
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