In this article, we discuss the 5 stocks that Larry Robbins is selling. If you want to read about some more stocks that Larry Robbins is selling, go directly to 13 Stocks to Sell Now According to Billionaire Larry Robbins.
05. DaVita Inc. (NYSE:DVA)
Number of Hedge Fund Holders as of Q2 2022: 28
DaVita Inc. (NYSE:DVA) is a Colorado-based company that provides kidney dialysis services. Warren Buffett’s Berkshire Hathaway is the largest shareholder of DaVita Inc. (NYSE:DVA) holding 36 million of its shares worth roughly $2.886 billion. Glenview Capital sold 129,100 DaVita Inc. (NYSE:DVA) shares worth roughly $14.603 million during Q2.
04. Biohaven Pharmaceutical Holding Company Ltd. (NYSE:BHVN)
Number of Hedge Fund Holders as of Q2 2022: 58
Connecticut-based Biohaven Pharmaceutical Holding Company Ltd. (NYSE:BHVN) is a biopharmaceutical business. The company reported losses per share of $3.82 for the second quarter of 2022 on August 5, missing market expectations by $1.57.
During Q2, Glenview Capital sold its entire stake of 158,301 shares of Biohaven Pharmaceutical Holding Company Ltd. (NYSE:BHVN) valued at $18.770 million.
03. Bausch Health Companies (NYSE:BHC)
Number of Hedge Fund Holders as of Q2 2022: 39
Founded in 1959, Bausch Health Companies Inc. (NYSE:BHC) is a Quebec, Canada-based pharmaceutical company with a $2.66 billion market capitalization. On September 9, analyst David Amsellem with Piper Sandler decreased his price target for Bausch Health from $7 to $6 while maintaining a Neutral rating on the shares.
Glenview Capital sold all of its shares of Bausch Health Companies Inc. (NYSE:BHC) during Q2, totaling 9.2 million, valued at $211.5 million.
In its Q2 2022 investor letter, Miller Value Partners Opportunity Trust Fund mentioned Bausch Health Companies Inc. (NYSE:BHC) and explained its insights for the company. Here is what the fund said:
“Bausch Health Companies Inc. (NYSE:BHC) declined during the quarter as the company consummated its Bausch+Lomb IPO at valuations far below expectations, reported disappointing Q1 2022 results, and delayed its plan to spin out its Solta (aesthetics) business due to difficult market conditions. While the company spun off 10% of Bausch+Lomb (BCLO) they retained 90% of the company which they intend to distribute once they have met their target leverage ratio of 6.5-6.7x. The future spin-off value of the Bausch+Lomb piece represents a value of $12.55 per share, 39% above where Bausch Health is currently trading. The company recently appointed John Paulsen as Chair of the Board, which should accelerate value realization.”
02. AmerisourceBergen Corporation (NYSE:ABC)
Number of Hedge Fund Holders as of Q2 2022: 36
AmerisourceBergen Corporation (NYSE:ABC) is a Conshohocken, Pennsylvania-based drug wholesale company. AmerisourceBergen Corporation (NYSE:ABC) posted solid Q2 results in August with an EPS normalized actual of $2.62, exceeding the analyst estimates of $2.56. The revenue of $60.06 billion also outperformed the forecasts by $1.04 billion. Glenview Capital dumped its entire stake in AmerisourceBergen Corporation (NYSE:ABC) during Q2, selling 752,648 of its shares, having a value of $116.442 million.
Heartland Advisors, in its Q3 2021 investor letter, mentioned AmerisourceBergen Corporation (NYSE:ABC) and discussed its stance on the firm. Here is what the fund said:
“The ABCs of quality.AmerisourceBergen Corp. (ABC), a leading national pharmaceutical distributor, provides an example of our approach. The company has been quietly bolstering its business model during the past few years to include animal health products for the European market and an expanded line of higher-margin, value-added services that reach beyond drug distribution. During these efforts, valuations for the company have been under pressure due to liability issues stemming from opioid litigation as well as concerns about increased scrutiny of drug prices by politicians.
Our team has been following these developments and believes the strides management has made on the business side are not being fully recognized by the market. As more clarity has emerged related to opioid litigation, we’ve increased the portfolio’s stake in AmerisourceBergen and believe the investment provides the portfolio with additional exposure to a high-quality business that is well positioned to grow despite operating in a mature industry.”
On August 4, following the release of quarterly results, Credit Suisse analyst A.J. Rice cut his price target for AmerisourceBergen Corporation (NYSE:ABC) from $180 to $175 and maintained an Outperform rating on the shares. According to the analyst, the company had sales growth outperformance in the U.S. Healthcare segment, which was partially fueled by a contract-holding mail order customer who expanded market share and boosted the company’s mail order volume. Despite the fact that mail order margins are lower than typical, Rice notes that the strength helps drive profit and cash flow.
01. Alibaba Group Holding Limited (NYSE:BABA)
Number of Hedge Fund Holders as of Q2 2022: 106
On August 8, Alibaba Group Holding Limited (NYSE:BABA) price target was increased by Deutsche Bank analyst Leo Chiang to $160 from $155 while maintaining a Buy recommendation for the stock. According to Chiang, Alibaba Group Holding Limited (NYSE:BABA) June quarter net income exceeded expectations, and adjusted net margins topped expectations, mainly because losses from new projects were reduced more quickly than anticipated.
Glenview sold 78,789 shares of Alibaba Group Holding Limited (NYSE:BABA) during Q2, worth roughly $8.572 million.
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