Stephen Mandel’s Lone Pine Capital reported in its 13F filing with the Securities and Exchange Commission (SEC) that its equity portfolio has a market value of approximately $24.73 billion for the second-quarter ended June 30, 2014.
During the quarter, Lone Pine Capital initiated a new position across 15 companies, added his stake in 18 equities, reduced his position in 14 stocks and sold all of its shares in 14 corporations.
Lone Pine’s new stock acquisitions
Lone Pine Capital’s largest new stock acquisition during the period include Comcast Corporation (NASDAQ:CMCSA) Class A shares, Canadian Pacific Railway Limited (NYSE:CP), Williams Companies, Inc. (NYSE:WMB), Under Armour Inc (NYSE:UA) Class A shares and JD.Com Inc (ADR) (NASDAQ:JD).
The hedge fund acquired 12,151,289 shares of Class A shares of Comcast Corporation (NASDAQ:CMCSA) worth approximately $652.28 million.
Earlier this year, Comcast offered to acquire Time Warner Cable Inc (NYSE:TWC) for $45 billion, but the deal is increasingly facing regulatory hurdles. New York Mayor Bill de Blasio recently sent a letter of advise to the New York State Public Service Commission (PSC) to critically scrutinize the proposed merger before granting approval.
Lone Pine Capital purchased 3,509,260 shares of Canadian Pacific Railway Limited (NYSE:CP) worth around $635.66 million. Last month, the company reported strong financial results for the second quarter with a 12% increase in revenue to $1.68 billion. Its net income rose 48% from $252 million or $1.43 per diluted share or $371 million or $2.11 per diluted share.
During the period Lone Pine Capital bought 4,895,000 shares of Williams Companies, Inc. (NYSE:WMB) worth around $284.93 million. Zacks Equity Research recently reiterated its Neutral rating for the stock with a price target of $60 per share.
Lone Pine Capital acquired 4,748,964 Class A shares of Under Armour Inc (NYSE:UA) and 8,405,200 shares of JD.Com Inc (ADR) (NASDAQ:JD). Its stakes in the company have a market value of approximately $282.51 million and $239.63 million, respectively.
Lone Pine’s added positions
During the quarter, Lone Pine Capital increased its stake in Baidu Inc (ADR) (NASDAQ:BIDU), a Chinese-language search engine company. The hedge fund bought additional 1,110,061 shares bring his stake to total of 8,923,393 shares worth approximately $1.66 billion.
Baidu is the largest stockholding of Lone Pine Capital in his portfolio. The company recently delivered 35% increase in net income to $572.5 million and 58.5% increase in revenues to $1.94 billion for the second-quarter. The Chinese government issued a warning against Baidu and instructed the company to remove obscene contents on its online storage service.
Lone Pine Capital also boosted its stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 787,487 shares to $29,509,835 shares. Its stake in the company is worth $1.44 billion, its second largest stockholding.
The hedge fund also bought additional 1,272,748 million shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) and 1,504,812 shares of McGraw Hill Financial Inc (NYSE:MHFI).
Lone Pine Capital owns total of 10,089,450 shares of Valeant Pharmaceutical worth around $1.27 billion and 12,503,457 shares of McGraw Hill Financial worth approximately $1.03 billion.