Billionaire Stephen Mandel‘s Lone Pine Capital filed a Form 13G with the SEC yesterday in which it reported acquiring 7.14 million common shares of Expedia Inc. (NASDAQ:EXPE), which account for 5.21% of the company’s float. The acquisition represents a new addition to Lone Pine Capital’s portfolio and is valued at about $840 million, which would rank it as Lone Pine’s ninth-most valuable position based on the value of its public equity holdings on June 30.
Expedia Inc. (NASDAQ:EXPE) is one of the world’s largest online travel companies. Since the beginning of the year, the company’s stock has lost 5.29%. In its financial results for the second quarter of 2016, Expedia reported adjusted EPS of $0.83 and revenue of $2.2 billion, compared to EPS of $0.89 and revenue of $1.66 billion for the corresponding quarter in 2015. Earlier this month, Royal Bank of Canada boosted its price target on Expedia’s stock to $165 from $160 and has an ‘Outperform’ rating on it. The $165 price target suggests 40% upside potential for the stock.
67 investors from within Insider Monkey’s database were long Expedia Inc. (NASDAQ:EXPE) at the end of June, up by two from the end of March. Among the bullish investors were Brad Gerstner’s Altimeter Capital Management, which held $478.15 million worth of Expedia’s shares, Jason Karp’s Tourbillon Capital Partners, which owned a position valued at $333.38 million, Philippe Laffont’s Coatue Management, Curtis Macnguyen’s Ivory Capital (Investment Mgmt), Eric Bannasch’s Cadian Capital, and Robert Pohly’s Samlyn Capital.
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You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Lone Pine Capital | 0 | 7,143,331 | 0 | 7,143,331 | 7,143,331 | 5.21% |
| Stephen F. Mandel, Jr | 0 | 7,143,331 | 0 | 7,143,331 | 7,143,331 | 5.21% |
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Page 1 of 8 – SEC Filing
| SECURITIES AND EXCHANGE COMMISSION | |
| Washington, D.C. 20549 | |
| SCHEDULE 13G | |
| Under the Securities Exchange Act of 1934 | |
| (Amendment No.[__])* | |
| Expedia, | |
| (Name of Issuer) | |
| Common Stock, | |
| (Title of Class of Securities) | |
| 30212P303 | |
| (CUSIP Number) | |
| September | |
| (Date of Event Which Requires Filing of This Statement) | |
| Check the appropriate box to designate the rule pursuant to which this Schedule is filed: | |
| ¨ | Rule 13d-1(b) |
| X | Rule 13d-1(c) |
| ¨ | Rule 13d-1(d) |
| (Page 1 of 8 Pages) | |
______________________________
*The remainder of this cover page shall
be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall
not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
