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A Big Hedge Fund Is Behind Mednax Soaring 12.7% Today

TheMotleyFool

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A Big Hedge Fund Is Behind Mednax Soaring 12.7% Today

Shares of Mednax (NYSE: MD) were up 12.7% at 3:30 p.m. EST Thursday after Paul Singer's Elliott Management revealed a 7% stake in the company and agreed to speak to management about ways to boost shareholder value.

Mednax is a large provider of neonatal and anesthesia services to medical facilities. The company's seen significant revenue growth over the past five years because of acquisitions, however, profit growth has slowed because of rising costs.

Image source: Getty Images.

Source: Fool.com