Greenlight Capital Buys CI, CVH, UNH Adds To ABX, XRX, Sells DELL

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Greenlight Capital Buys CI, CVH, UNH Adds To ABX, XRX, Sells DELL
David Einhorn InsiderMonkey (CC BY-ND 2.0)

David Einhorn’s Greenlight Capital holds nearly $6 billion worth of assets under management (AUM) (as reported on the 13F), invested in 40 different stocks, across eleven different sectors. A majority of its investments are in the Information Technology sector, while the materials sector holds the least value for the hedge fund. The fund is up 3.4% as of June 30th.

Greenlight Capital Buys CI, CVH, UNH Adds To ABX, XRX, Sells DELL

Portfolio Sector Distribution

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Greenlight Capital has invested 28.50% of its funds in the Information Technology sector, making the sector the most attractive to the company’s investments strategies. Healthcare is also another favourite for David Einhorn, after having put 18.90% of the company’s funds in the sector.

The technology industry holds 15.53% of the company’s AUM, while consumer discretionary is at 9.54%.The Services Sector, Financials, Energy, and Telecommunication Sector hold 8.07%, 4.54%, 4.41% and 3.99% respectively of the company’s portfolio, while Consumer Goods, Industrial, and Materials hold 3.46%, 1.73%, and 1.33% of the overall portfolio.

Top Buys

Greenlight Capital has acquired 6,435,000 shares of Cigna Corporation (NYSE:CI), a health services organization based in Bloomfield, CT, which also, through its subsidiaries, provides various insurance related products. Cigna Corporation (NYSE:CI) company has a market capitalization of 12.58 billion. The company’s stock is down $0.36 per share from Greenlight Capital’s average purchase price of $44.00 per share.

Another purchase was filed under Coventry Health Care, Inc. (NYSE:CVH), whereby the company acquired 6,660,000 shares at an average price of $31.79 per share, which is 3.57% of the portfolio.  Coventry Health Care, Inc. (NYSE:CVH)’s total cash for the June 30th quarter, stood at $1.69 billion.

These two buys as well as other changes were mentioned in Einhorn’s second quarter letter.

Greenlight Capital also acquired stake in UnitedHealth Group Inc. (NYSE:UNH), buying 2,285,000 shares, at an average price of $58.50 per  share, representing 2.26% of the hedge fund’s portfolio. The company has 1.03 billion shares outstanding. UnitedHealth Group Inc. (NYSE:UNH) has a market cap of $53.67 billion.

Additions

The fund added 10,604,700 shares to its existing stake in Xerox Corporation (NYSE:XRX). Xerox Corporation (NYSE:XRX) has a profit margin of 5.64%, and an operating margin of 7.95% for the trailing twelve months (ttm), and a market capitalization of $9.39 billion for its 1.26 billion shares floated.

Greenlight also added to Seagate Technology PLC (NASDAQ:STX), whereby, the company bought 8,660, 900 additional shares, to up the stock’s share in the portfolio to 9.58%, only second to Apple Inc. (NASDAQ:AAPL). Apple Inc. (NASDAQ:AAPL) holds 14.34% of Greenlight Capital’s stated assets, despite the slight reduction of 0.63%. Einhorn thinks Apple Inc. (NASDAQ:AAPL) could be the first $1 trillion market cap company.  Seagate Technology PLC (NASDAQ:STX) on the other hand has some impressive results for the trailing twelve months, with a profit margin of 14.78%, and an operating margin of 17.12%.

Exit positions

David Einhorn’s Greenlight capital offloaded the entire stake held in Dell Inc. (NASDAQ:DELL), which consisted of 11,964,405 shares. Dell Inc. (NASDAQ:DELL) has 1.75 billion shares outstanding. Dell Inc. (NASDAQ:DELL) reported a total cash of $13.72 billion for the most recent quarter ending on June 30.

Another major offload was HCA Holdings Inc. (NYSE:HCA), with 4,175,000 shares, or 100% sold out to represent a 2.01% change in portfolio. HCA Holdings Inc. (NYSE:HCA has a market cap of $11.98 billion, with 440.65 million shares outstanding.

 

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