CardioNet/BioTelemetry Cut By Benjamin J. Taylor’s Hedge Fund

CardioNet/BioTelemetry: CardioNet, Inc. is yet another company that has been recently downsized in the equity portfolio of a hedge fund. According to a filing with the Securities and Exchange Commission, Benjamin J. Taylor‘s hedge fund, Sophrosyne Capital, recently disclosed ownership of around 1.03 million shares of the company, the value of the stake amounting to $9.5 million. In comparison with the stake disclosed in the most recent 13F equity portfolio of Sophrosyne, the hedge fund sold some 907,200 shares.

CardioNet has recently gone through some changes. At the beginning of August a new holding structure became effective, previously approved by its shareholders. In this way, the name CardioNet was switched to BioTelemetry Inc (NASDAQ:BEAT), a name that “more accurately reflects the focus of the organization,” Joseph Capper, President and Chief Executive Officer said in the report of the company’s financial results for the second quarter. The new holding structure of the company was set to improve its growth plan.

Aside from Sophrosyne Capital, we should mention some other hedge funds that disclosed ownership of CardioNet/BioTelemetry at the end of last quarter. Stephen Dubois’s Camber Capital Management disclosed ownership of 1.8 million shares. In second is Trigran Investments, managed by Douglas T. Granat, and Dmitry Balyasny’s Balyasny Asset Management holds 810,200 shares.

Recommended Reading:

Hedge Fund Returns in 2013: The Top 20

Is There Any Value in Bill Ackman’s Holdings?

The Only Warren Buffett Pick Signaling ‘Buy’ Right Now

Disclosure: none