SAC Capital Boosts Its Psychiatric Solutions Stake by 10,611%

| About: Universal Health (UHS)
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In a 13G filed with the SEC, Steven Cohen's hedge fund firm SAC Capital has disclosed an 8.7% ownership stake in Psychiatric Solutions (OTCPK:PSYS) with 4,873,406 shares. The disclosure was made due to activity on March 12th, 2010 and this is a massive increase over SAC's previous position of only 45,498 shares from December 31st, 2009.

In the past three months, SAC has increased its stake by over 10,611%, adding 4,827,908 more shares. PSYS of course has been a takeover target as of late and it's clear that SAC thinks that a transaction will eventually occur.

SAC Capital finished 2009 up over 28% as noted in our post on hedge fund 2009 performance numbers. Famed manager Stevie Cohen of course was recently featured on Forbes' billionaire list as well.

Taken from Google Finance:

Psychiatric Solutions is "a provider of inpatient behavioral healthcare services in the United States. The Company’s other behavioral healthcare business primarily consists of its contract management and a managed care plan in Puerto Rico. Its contract management business involves the development, organization and management of behavioral healthcare and rehabilitation programs within medical/surgical hospitals."

In terms of other recent activity out of the famous hedge fund, we've previously detailed some of SAC's other portfolio moves for those interested.

Original article