In this article, we discuss the top 5 stock picks of Seth Rosen’s Nitorum Capital. If you want to read our detailed analysis of Rosen’s history and hedge fund performance, go directly to Top 10 Stock Picks of Seth Rosen’s Nitorum Capital.
5. Webster Financial Corporation (NYSE:WBS)
Nitorum Capital’s Stake Value: $87.28 million
Percentage of Nitorum Capital’s 13F Portfolio: 4.15%
Number of Hedge Fund Holders: 20
Webster Financial Corporation (NYSE:WBS) is a Connecticut-based company with more than 170 branches and close to 320 ATMs in several states across the United States. The bank has 3,346 full-time employees and a market cap of $4.886 billion.
In the third quarter of 2021, Nitorum Capital’ Webster Financial Corporation (NYSE:WBS) held the second position in the company’s stakes with 1.6 million shares worth $87.28 million. The top position was held by Pzena Investment Management with 2.27 million shares worth $123.67 million.
4. Cannae Holdings, Inc. (NYSE:CNNE)
Nitorum Capital’s Stake Value: $106.26 million
Percentage of Nitorum Capital’s 13F Portfolio: 5.05%
Number of Hedge Fund Holders: 35
Cannae Holdings, Inc. (NYSE:CNNE) is a holding company headquartered in Las Vegas, Nevada. The principal investment firm mostly invests in restaurants, health care services, and financial services among a few others. Moreover, it takes both majority and minority stakes.
On December 21, RBC Capital analyst Kenneth Lee initiated coverage of Cannae Holdings, Inc. (NYSE:CNNE) with a $42 price target and an Outperform rating.
Cannae Holdings, Inc. (NYSE:CNNE) was mentioned by Madison Funds in its third-quarter 2021 investor letter. Here is what the firm said:
“Our investment in Cannae was raised to a more typical position size. The underlying business continue to perform well and as we’ve gotten to know the management teams better over the past year, our confidence in their companies’ futures have increased, even as the market continues to undervalue both stocks. Cannae shares trade a large discount to its net asset value as computed using the market prices of its holdings.”
3. eBay Inc. (NASDAQ:EBAY)
Nitorum Capital’s Stake Value: $122.92 million
Percentage of Nitorum Capital’s 13F Portfolio: 5.84%
Number of Hedge Fund Holders: 49
eBay Inc. (NASDAQ:EBAY) is a California-based multinational e-commerce company that provides customer-to-customer and retail sales services through its website. Auction Co., iBazar, GittiGidiyor, G-Market, and Half.com are some of the company’s subsidiaries.
UBS analyst Kunal Madhukar upgraded eBay Inc. (NASDAQ:EBAY) from Neutral to Buy on December 2. The analyst set a price target of $80 for the company.
2. Cerner Corporation (NASDAQ:CERN)
Nitorum Capital’s Stake Value: $128.97 million
Percentage of Nitorum Capital’s 13F Portfolio: 6.13%
Number of Hedge Fund Holders: 36
Cerner Corporation (NASDAQ:CERN) is an American health information technology company founded in 1979. On December 20, Oracle Corporation (NYSE:ORCL) purchased the company for roughly $28.3 billion.
According to the third-quarter 2021 13F filings, Nitorum Capital owned 1.8 million shares of Cerner Corporation (NASDAQ:CERN) worth $128.97 million, making up 6.13% of the fund’s portfolio. The largest stake in the company was owned by Starboard Value LP with 3.2 million shares worth $228.91 million.
After Cerner Corporation’s (NASDAQ:CERN) acquisition by Oracle Corporation (NYSE:ORCL) for $95 per share, Edward Jones analyst Ashtyn Evans downgraded the company’s shares from Buy to Hold on December 21.
Cooper Investors mentioned Cerner Corporation (NASDAQ:CERN) in their first-quarter 2021 investor letter. Here is what it said:
“The investment in Cerner, made just over a year ago, was based on what we perceived to be a Low-Risk Turnaround opportunity as a refreshed management team sought to increase margins, reduce capex and utilise balance sheet latency with buybacks and acquisitions. Taking account of the tough 2020 for Cerner’s hospital client base the company did a reasonable job executing on these initiatives. However, moving into 2021 more recent observations around intentionality and focus led to a reassessment of the investment proposition, particularly relative to the portfolio’s other technology and software investments.”
1. Churchill Downs Incorporated (NASDAQ:CHDN)
Nitorum Capital’s Stake Value: $195.83 million
Percentage of Nitorum Capital’s 13F Portfolio: 9.31%
Number of Hedge Fund Holders: 29
Churchill Downs Incorporated (NASDAQ:CHDN) is Nitorum Capital’s largest holding with a concentration of 9.31% of the fund’s total portfolio. The company started with a single horse racing track and now it is an online gaming, gaming, entertainment, and racing company.
You can also take a peek at 10 Top Stock Picks of Ray Dalio and 10 Artificial Intelligence Stocks in Cathie Wood’s Portfolio.
