#3 Zoetis Inc (NYSE:ZTS)
– Shares Owned by Catapult Capital Management (as of September 30): 195,525
– Value of Holding (as of September 30): $8.052 Million
With its shares falling by 14.45% during the third quarter coupled with Catapult Capital Management reducing its stake in the stock by 60% during the same period, Zoetis Inc (NYSE:ZTS) fell from being Catapult’s top stock pick, to third. Shares of Zoetis Inc (NYSE:ZTS) have largely been range-bound throughout the year and currently trade up by 8.71% year-to-date. On November 2, Zoetis Inc announced that it would be acquiring the world’s leading aquatic health group, PHARMAQ Holding AS, for $765 million. The popularity of Zoetis Inc saw a significant drop among hedge funds during the third quarter, with only 60 funds covered by Insider Monkey disclosing a stake in it by the end of the period, down from 70 at the start of it. Among the funds that sold its stake in the company during the third quarter was Dmitry Balyasny‘s Balyasny Asset Management.
#2 Edwards Lifesciences Corp (NYSE:EW)
– Shares Owned by Catapult Capital Management (as of September 30): 63,543
– Value of Holding (as of September 30): $9.034 Million
Though Catapult reduced its stake in Edwards Lifesciences Corp (NYSE:EW) by 48% during the July-to-September period, the company still managed to jump two spots quarter-over-quarter and become the fund’s second-ranked stock pick. Shares of the heart valve systems manufacturer have performed very well in the fourth quarter and trade up by 28.63% year-to-date. On November 19, the company announced that its shares will undergo a 2:1 split before the markets open for trade on December 14. The popularity of Edwards Lifesciences Corp (NYSE:EW) among hedge funds didn’t see any major change during the third quarter, with 46 firms long Edwards, unchanged during the quarter. Ken Griffin‘s Citadel Investment Group increased its Edwards Lifesciences holding by 78%, giving it ownership of over 2.2 million shares and making it the largest shareholder of the company in our database.
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#1 Allergan PLC (NYSE:AGN)
– Shares Owned by Catapult Capital Management (as of September 30): 42,500
– Value of Holding (as of September 30): $11.55 Million
Finally, the 325% boost to its Allergan PLC (NYSE:AGN) holding vaulted it to the top of Catapult’s portfolio. Interestingly, Allergan PLC (NYSE:AGN) was also the most held stock among hedge funds covered by Insider Monkey at the end of September, with 151 of the 720+ funds we cover reporting being long the stock. Shares of Allergan PLC rallied significantly in late-October after reports emerged that pharmaceutical giant Pfizer Inc. (NYSE:PFE) was in early talks to acquire the company. However, following the age-old mantra of ‘buy on rumor, sell on news’, the stock of Allergan PLC actually dropped on November 23 after it was formally announced that Pfizer Inc. will be buying it for $160 billion. Farallon Capital, founded by Thomas Steyer, was one of the hedge funds that reduced its stake in Allergan during the third quarter; it held 894,411 shares of it as of September 30.
Disclosure: None
