Billionaire Larry Robbins Confidently Piles Into CBS, Anthem, As Merger Battles Continue

AbbVie Inc (NYSE:ABBV)

– Shares Owned by Glenview Capital (as of September 30): 6.03 million

– Value of Glenview Capital’s Holding (as of September 30): $380.32 million

Glenview Capital sold more than half of its stake in AbbVie Inc (NYSE:ABBV) in the third quarter, unloading over 6.42 million shares of the Illinois-based pharmaceutical company. The firm now owns $380.32 million stake in the company according to the most up-to-date 13F data. AbbVie recently said its Hepatitis C drug achieved 97.5% sustained viral response after eight weeks of treatment during a study. AbbVie (NYSE: ABBV) reported EPS of $1.21 on $6.43 billion revenue in the third quarter, versus the consensus estimate of $1.20 EPS and $6.56 billion revenue.  57 funds tracked by Insider Monkey were long AbbVie Inc (NYSE:ABBV) at the end of the second quarter, down from 65 funds a quarter earlier.

Hertz Global Holdings, Inc (NYSE:HTZ)

– Shares Owned by Glenview Capital (as of September 30): 6.60 million

– Value of Glenview Capital’s Holding (as of September 30): $265.17 million

Glenview Capital sold 40% of its stake in Hertz Global Holdings, Inc (NYSE:HTZ) in the third quarter, moving into the fourth quarter with 6.60 million shares of the company which had a market value of $256.17 million. Hertz Global’s stock has lost some 44% year-to-date. The car rental company posted third quarter EPS of $1.58 on $2.5 billion revenue, worse than the estimates of $2.75 EPS and $2.6 billion revenue. The company expects full year 2016 EPS to come in between $0.51-$0.88, much lower than the consensus of $2.94. In earnings call, CEO John Tague said that the vehicle depreciation rate review, lower than expected rental volume, higher net operating and administrative expenses dented the company’s performance in the quarter. At the end of the June quarter, 37 funds had owned stakes in Hertz Global Holdings, Inc (NYSE:HTZ).

ManpowerGroup Inc. (NYSE:MAN)

– Shares Owned by Glenview Capital (as of September 30): 2.87 million

– Value of Glenview Capital’s Holding (as of September 30):   $207.39 million

Glenview Capital unloaded 14% of ManpowerGroup Inc. (NYSE:MAN) shares from its portfolio in the third quarter, concluding the period with 2.87 million shares of the company. The aggregate market value of the new position is $207.39 million. The stock is up just over 3.6% so far this year. The Wisconsin-based human resource company topped analysts’ forecasts for its third quarter earnings with EPS of $1.87 and $5.1 billion revenue, versus the estimated EPS of $1.71 and $4.99 billion revenue. For the fourth quarter, ManpowerGroup expects to earn $1.65-$1.73 a share, versus the consensus of $1.64. Cliff Asness’ AQR Capital Management reported owning 1.36 million shares of ManpowerGroup Inc. (NYSE:MAN) at the end of the third quarter.

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