Top 5 Stocks in Larry Robbins’ Portfolio

In this article, we will discuss top 5 stocks in Larry Robbins portfolio. If you want to read the detailed analysis of Robbins’ investment philosophy, net worth, and performance go directly to Larry Robbins Net Worth, Performance and Portfolio.

5. DXC Technology Co (NYSE:DXC)

Number of Hedge Fund Holders:23
Percentage of Glenview Capital’s Portfolio:5.02%

Together and its subsidiaries, DXC Technology Co (NYSE:DXC) offers information technology services and solutions while operating through two segments of Global Business Services and Global Infrastructure Services. The company delivers a full suite of Oracle Cloud Solutions and services as part of its effort to deliver innovative application services for accelerating business transformation.

After coming under immense pressure in the first half of the year, the stock has recouped all the losses and showing signs of edging higher. Glenview Capital holds 8.9 million shares in DXC Technology Co (NYSE:DXC), which is worth over $228.94 million, representing 5.02% of its portfolio.

At the end of Q1 2023, 23 hedge funds owned a stake in DXC Technology Co (NYSE:DXC), down from 31 in the preceding quarter.

4. Global Payments Inc (NYSE:GPN)

Number of Hedge Fund Holders:56
Percentage of Glenview Capital’s Portfolio:5.18%

Global Payments Inc. (NYSE:GPN), a provider of payment technology and software solutions, has benefited from the boom in the financial sector. The stock is already up by more than 8% for the year as it bounces back after a long period of consolidation. While operating through three segments: Merchant Solutions, Issuer Solutions, and Consumer Solutions, it pays a solid dividend yield of 0.92%

Securities filings reveal that Glenview Capital trimmed its stake in Global Payments Inc. (NYSE:GPN) by 7% during the first quarter of 2023. The fund presently owns 2.24 million shares of Global Payments Inc. (NYSE:GPN) worth over $236.18 million, representing 5.18% of the portfolio.

According to Insider Monkey’s database, 56 hedge funds were long Global Payments Inc (NYSE:GPN) as of Q1 2023. The total value of their holdings was $2.66 billion. Orbis Investment Management is a significant shareholder in the company, with 6.55 million shares valued at $689 billion.

Barclays analyst Ramsey El-Assal lifted the firm’s price target on Global Payments Inc. (NYSE:GPN) from $125 to $135 and reiterated an ‘Overweight’ rating on the stock on July 10.

Oakmark Funds made the following comment about Global Payments Inc. (NYSE:GPN) in its Q4 2022 investor letter:

“We eliminated four positions during the quarter: Philip Morris International, ConocoPhillips, Global Payments Inc. (NYSE:GPN) and Johnson Controls. We sold Global Payments to utilize a tax loss and to increase our position in Fiserv, a similar business that offers better fundamentals at a comparable valuation.”

3. Fiserv Inc (NASDAQ:FISV)

Number of Hedge Fund Holders:64
Percentage of Glenview Capital’s Portfolio:5.33%

Headquartered in Brookfield, Wisconsin, Fiserv Inc (NASDAQ:FISV) has carved a niche in offering financial technology services to clients across the financial services sector, including banks, credit unions, and security brokers. It also provides technology infrastructure that allows merchants to accept card payments.

Fiserv Inc (NASDAQ:FISV) is up by more than 24% for the year benefiting from the easing of pressure in the financial sector and the high-interest rate environment that has made banks’ stocks and the entire sector attractive.

Glenview Capital holds 2.15 million shares in Fiserv Inc (NASDAQ:FISV), which is worth over $243.10 million, representing 5.33% of its portfolio.

According to Insider Monkey’s database, 64 hedge funds owned stakes in the company at the end of the first quarter, down from 65 in the preceding quarter. Harris Associates held the biggest stake in Fiserv Inc (NASDAQ:FISV) at the end of Q1 2023 with 17.36 shares.

Renaissance Investment Management made the following comment about Fiserv, Inc. (NASDAQ:FISV) in its Q4 2022 investor letter:

“We made one change to the portfolio in the fourth quarter, adding a new position in the Information Technology sector with Fiserv, Inc. (NASDAQ:FISV), a leading financial services technology company that facilitates the movement of money, helping to run the financial operations of banks and merchants. The company enjoys a leading market position in a rational oligopoly in which the top three companies control 70% of the entire market. We also like the company’s strategy of being a “one-stop-shop” for banks and merchants, resulting in a large financial platform that has the operating scale to outcompete smaller rivals and a recurring revenue model that is highly attractive in uncertain macroeconomic environments.”

2. Tenet Healthcare Corp (NYSE:THC)

Number of Hedge Fund Holders:66
Percentage of Glenview Capital’s Portfolio:9.47%

Tenet Healthcare Corp (NYSE:THC), a diversified healthcare service company operating through three segments of hospital operations, ambulatory care, and conifer, has been among the best-performing stocks. It’s already up by more than 60%, outperforming the S&P 500, that’s up by about 15%.

The solid performance stems from the company completing several acquisitions and forming strategic partnerships that have helped scale the business operating capacity and geographical footprint. Mizuho maintained a ‘Buy’ rating on Tenet Healthcare Corp (NYSE:THC) and increased its price target to $94 on July 11.

Larry Robbins’ Glenview Capital held a significant stake in Tenet Healthcare Corp (NYSE:THC) at the end of Q1 2023. According to the 13F filings for the first quarter of 2023, the Larry Robbins stock portfolio had 7.27 million shares of Tenet Healthcare Corp (NYSE:THC), worth $431.84 million and representing 9.47% of the total holdings.

At the end of the first quarter of 2023, 66 hedge funds owned a stake in Tenet Healthcare Corp (NYSE:THC), up from 59 in the preceding quarter.

Greenlight Capital made the following comment about Tenet Healthcare Corporation (NYSE:THC) in its Q4 2022 investor letter:

“Though we believe we are in the middle stages of a bear market, we did establish a new medium-sized long position in Tenet Healthcare Corporation (NYSE:THC) during the fourth quarter.

THC is an operator of hospitals and ambulatory surgery centers (ASC). In recent years, the company has grown and transitioned its business mix towards its higher-margin ASCs. This shift has enabled the company to generate significant, and what we believe to be sustainable, cash flows.

During 2022, the company lowered its guidance due to COVID and inflationary headwinds, resulting in its shares declining by more than 50% year-to-date through late October. We believe this pullback offered an attractive opportunity to participate in the company’s transformation, as we expect its ASC growth to remain strong and its now smaller hospital portfolio to improve from both a cost and volume perspective. We acquired our shares from late December through the beginning of January for an average price of $48.61, or 8.7x 2023 consensus earnings. THC recently announced and began its plan to repurchase about 20% of the outstanding shares by the end of 2024.”

1. Cigna Group (NYSE:CI)

Number of Hedge Fund Holders:79
Percentage of Glenview Capital’s Portfolio:10.37%

Cigna Group (NYSE:CI) is one company that provides insurance and other related products and services in the US. It also offers coordinated and point-solution health services, including pharmacy benefits, care delivery, and management solutions to health plans.

While the stock is down by about 10% for the year, it has started bouncing back, rallying by more than 11% since June lows. Based on 6 buy ratings, 7 hold ratings and 0 sell ratings, Cigna Group (NYSE:CI) has a consensus rating of ‘Moderate Buy.’

Securities filings reveal that Glenview Capital increased its stake in Cigna Group (NYSE:CI) by 1% during the first quarter of 2023. The fund presently owns 1.85 million shares of Cigna Group (NYSE:CI) worth over $472.89 million, representing 10.37% of the portfolio.

The number of hedge funds tracked by Insider Monkey having stakes in Cigna Group (NYSE:CI) grew to 79 in Q1 2023, from 76 in the preceding quarter. Citadel Investment Group is the leading shareholder of Cigna Group (NYSE:CI), with 2.04 million shares worth over $520.40 million.

ClearBridge Investments mentioned The Cigna Group (NYSE:CI) in its investor letter for the first quarter of 2023, stating the following:

“At the same time, we exited health insurance company The Cigna Group (NYSE:CI), whose strong outperformance over the last year has resulted in shares trading at a significant premium relative to competitor CVS Health. Additionally, we view CVS Health’s underperformance as driven by temporary issues and believe it has a good likelihood of succeeding in its improvement initiatives following upgrades to the management team and its acquisition of Oak Street Health. As a result, we elected to swap our position in Cigna into CVS Health to capitalize on the valuation gap while maintaining similar exposure within the sector.”

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