The largest holder of Community Health Systems stock has cashed in a number of its chips after the shares popped more than doubled in two weeks.
In a filing with the Securities and Exchange Commission, officials with Shanda Media said they sold 5 million shares of Franklin-based CHS last week, taking in nearly $41.5 million. The sales — some of them made in the vicinity Shanda’s average purchase cost — trimmed its CHS stake to 18.8 percent from about 24 percent.
Shanda, which is controlled by Chinese billionaire Tianqiao Chen, first built a sizable holding in CHS in mid-2016, declaring a stake of nearly 10 percent. It pushed that holding past 20 percent a year later and eventually settling at 24 percent. Since then, the investor has been quiet: Its last public statement on CHS was an early-2018 show of support for the strategy — only recently completed — to sell a number of hospitals and cut the company’s debt load.
CHS officials declined to comment Monday on Shanda’s sales. The company’s shares (Ticker: CYH) fell 5 percent to $7.79 Monday, continuing a retreat from the double-digit territory they briefly entered last week.