Stocks Bought in Q3
Exact Sciences Corporation (NASDAQ:EXAS)
– Shares Bought During Q3: 1.16 million
– Value of Holding (as of September 30): $91.82 million
– Q4 Return (through December 14): -13.44%
– Forward P/E Ratio: -56.45
JANA opened a new position in Exact Sciences Corporation (NASDAQ:EXAS) during the previous quarter, a period in which shares dove sharply in late-July before rebounding even stronger a month later after the company struck a partnership deal with Pfizer Inc. (NYSE:PFE) for its Cologuard cancer screening test. Cologuard revenue jumped by 63% in Q3 to $118 million.
Keurig Dr Pepper Inc. (NYSE:KDP)
– Shares Bought During Q3: 3.25 million
– Value of Holding (as of September 30): $75.19 million
– Q4 Return (through December 14): +11.87%
– Forward P/E Ratio: 18.00
– Forward Dividend Yield: 2.31%
JANA took a new stake in Keurig Dr Pepper Inc. (NYSE:KDP) during Q3, the quarter in which the merger between Keurig Green Mountain and Dr Pepper Snapple Group was completed. Insiders were also buying the beverage company’s shares in Q3, and that insider buying has persisted into Q4, with dozens of purchases being made by some of the company’s leading executives, including Chief Corp. Affairs Officer Maria Sceppaguercio-Gever.
Falcon Minerals Corporation (NASDAQ:FLMN)
– Shares Bought During Q3: 1.92 million
– Value of Holding (as of September 30): $26.67 million
– Q4 Return (through December 14): -33.18%
– Forward P/E Ratio: 7.74
– Forward Dividend Yield: 5.17%
JANA owned 4.59 million shares of Falcon Minerals Corporation (NASDAQ:FLMN) on September 30, which has since been reduced to 3.99 million as of October 31). The company changed its name from Osprey Energy Acquisition Corp. during the third quarter following its acquisition of Royal Resources LP. JANA had owned 2.5 million shares of Osprey on June 30.
VanEck Vectors Gold Miners ETF (NYSEARCA:GDX)
– Shares Bought During Q3: 809,052
– Value of Holding (as of September 30): $18.32 million
– Q4 Return (through December 14): +8.64%
– Forward Dividend Yield: 1.15%
JANA was bullish on gold stocks in Q3, raising its long position in the VanEck Vectors Gold Miners ETF (NYSEARCA:GDX) by 449% while also hiking its call position in the ETF by 568%. Those moves have paid off thus far in Q4, as the market turmoil has caused a predictable rebound in gold prices and stocks in Q4. The ETF contains 49 holdings, with Newmont Mining Corp (NYSE:NEM) and Barrick Gold Corp (USA) (NYSE:ABX), which top the list of the 13 Biggest Gold Mining Companies in the World, also topping the ETF in combined weighting, at just under 20%.
Stocks Sold in Q3
Facebook, Inc. (NASDAQ:FB)
– Shares Sold During Q3: 651,493
– Value of Holding (as of September 30): $0
– Q4 Return (through December 14): -12.40%
– Forward P/E Ratio: 19.34
JANA decided to unfriend Facebook, Inc. (NASDAQ:FB) in Q3, selling off the $127 million position it had just opened during Q2. It was one of several hedge funds to dump Facebook in Q3, as the social media giant lost its perch atop the list of the 30 Most Popular Stocks Among Hedge Funds, being overtaken by Microsoft Corporation (NASDAQ:MSFT).
Disclosure: None
