HMA stock pushes higher

NAPLES — The stock of Health Management Associates has increased nearly 20% in the past month as a hedge fund continues to push for new oversight of the hospital company.

Naples-based HMA, which owns and operates 71 hospitals, set July 18 as the date on which shareholders can decide whether to elect a new slate of directors nominated by hedge fund Glenview Capital Management. Glenview owns nearly 15% of the company's publicly traded shares (symbol: HMA; recent price: $16.94).

In an updated securities filing on Wednesday, Glenview argues that the company's shareholders suffered a “lost decade” of returns. For the 10 years through Dec. 31, 2012, Glenview says HMA's total shareholder return has amounted to just 0.5% compared with 39% for the average of its hospital peers and 99% for the Standard & Poor's 500-stock index.

HMA has urged shareholders to reject Glenview's efforts to replace the board, including longtime chairman William Schoen. It also has hired investment-banking firm Morgan Stanley to consider a sale of the company.