Boston-based North Tide Capital has sold all of its 5.5 million shares of Franklin, Tenn.-based Community Health Systems, according to a recent filing with the Securities and Exchange Commission.
The hedge fund sold off its shares following CHS’ rocky 2016. The for-profit hospital operator ended the third quarter with a net loss of $79 million, compared to a $52 million profit in the same period of 2015. CHS’ stock has fallen about 70 percent since the beginning of last year.
To improve its finances, CHS put a turnaround plan into place in 2016. In an attempt to trim its debt