A group of New York investors that manage about $1.3 billion has filed papers with the Securities and Exchange Commission declaring its intent to get more actively involved with the affairs of Tivity Health, which the money mangers consider to be undervalued.
Hudson Executive Capital executives before Christmas said they have added nearly 350,000 shares of Tivity since mid-November and now control more than 2.7 million shares, or 5.7 percent, of the Franklin-based company that runs fitness and weight loss businesses.
“The reporting persons have found their conversations to date with management and the board to be constructive,” Hudson Executive officials wrote in their filing. “The reporting persons may seek to have additional conversations with the management, the board, and stockholders of the company, and other persons to discuss the company’s business, strategies, corporate governance and other matters related to the company.”
The firm’s cost basis in Tivity is about $17.90. Shares of Tivity (Ticker: TVTY) ended last week’s trading at $19.51. Over the past six months, they have risen about 17 percent.
This story first ran in our sister publication the Nashville Post.