Billionaire James Dinan Loaded Up On These Stocks For Q4

#3 Allergan PLC (NYSE:AGN)

 – Shares Owned by York Capital Management (as of September 30): 1.15 Million

 – Value of Holding (as of September 30): $312.15 Million

Moving on, the over 10% correction that shares of Allergan PLC (NYSE:AGN) underwent during the third quarter might be among the reasons why York Capital Management increased its stake in the company by 34% or 286,844 shares during that period. Although shares of the company have recovered significantly from the levels they saw in third quarter, they still trade down 18% year-to-date. On November 23 Pfizer Inc. (NYSE:PFE) announced that it would be acquiring Allergan PLC in a $160 billion deal. If this deal does get completed, the combined firm will keep Allergan PLC’s Irish legal domicile. On November 4, Allergan PLC came out with mixed numbers for its third quarter. Richard Gerson and Navroz D. Udwadia’s Falcon Edge Capital also increased its stake in the company during the July-to-September period and held 592,542 shares of Allergan PLC (NYSE:AGN) at the end of September.

#2 Baxter International Inc (NYSE:BAX)

 – Shares Owned by York Capital Management (as of September 30): 10.37 Million

 – Value of Holding (as of September 30): $340.61 Million

Baxter International Inc (NYSE:BAX) lost almost half of its market cap after the company completed the spinoff of Baxalta Inc (NYSE:BXLT) on July 1. It seems that York Capital Management sees this spinoff as a favorable development for Baxter International Inc (NYSE:BAX), as the fund increased its stake in the company by 29% during the third quarter. On November 27, Baxter International Inc reported its first quarterly earnings since the Baxalta spinoff. Whereas analysts had expected the company to report EPS of $0.29 on revenue of $2.46 billion, Baxter International Inc declared EPS of $0.41 on revenue of $2.49 billion. Following the earnings release, analysts at Leerink Swann reiterated their ‘Outperform’ rating and $42 price target on the stock. Marc Lehmann‘s Riverloft Capital Management was one of the hedge funds that initiated a stake in Baxter International Inc during the third quarter; it held 199,400 shares of the company at the end of September.

#1 Perrigo Company plc Ordinary Shares (NYSE:PRGO)

 – Shares Owned by York Capital Management (as of September 30): 3.07 Million

 – Value of Holding (as of September 30): $482.82 Million

Finally, Perrigo Company plc Ordinary Shares (NYSE:PRGO) is the only stock among York Capital Management’s top five equity holdings in which the fund reduced its stake during the third quarter. Nevertheless, even after disposing of 244,368 shares of the company, the fund continued to count as its largest equity holding. The stock of Perrigo Company plc experienced an inverted U-shaped move between March and September of this year and currently trades down by more than 10% year-to-date. In April, Mylan NV (NASDAQ:MYL) made a $26 billion offer for Perrigo Company, however the majority of Perrigo shareholders rejected the bid. On November 23, analysts at B. Riley reiterated their ‘Buy’ rating and $229 price target on Perrigo Company plc Ordinary Shares (NYSE:PRGO)’s stock. Billionaire John Paulson‘s Paulson & Co. initiated a stake in the company during the third quarter by purchasing almost 3.0 million shares.

Disclosure: None