Gabe Hoffman, the manager of Accipiter Capital Management, has reduced his exposure to Triple-S Management Corp. (NYSE:GTS), a $431 million company engaged in managed care and related products. According to a newly amended filing, Accipiter owns around 1.19 million class B shares of the company, down from 1.39 million reported earlier, and from 1.62 million shares held at the end of last year. Following the decrease, Accipuiter’s stake amasses 4.8% of the outstanding class B shares of Triple-S.
The stock of the Puerto Rico-based company declined by almost 19% so far this year, and trails a P/E of around 7, which is one of the lowest among accident and health insurance companies, and is below the average of approximately 10.00. Triple-S Management Corp. (NYSE:GTS) has missed its earnings estimates in the past couple of years, reporting EPS of $1.36 for 2013, down in comparison with $1.74 posted a year earlier. For the current year, analysts expect the company to deliver earnings worth some $1.2 per share.
Lakewood Capital Management, led by Anthony Bozza, reported ownership of 1.45 million shares of Triple-S Management Corp. (NYSE:GTS) in its latest 13F, which is up by over 20% over the quarter. On the other hand, Thomas Ellis and Todd Hammer‘s North Run Capital, almost halved its stake, holding 946,400 shares at the end of 2013. Cliff Asness‘ Aqr Capital Management also raised his bets on Triple-S Management, adding over 68,000 shares and bringing its stake to 146,500 shares.
Accipiter’s $78.5 million equity portfolio is divided primarily among Financial, Healthcare and Technology stocks, with the second largest holding, after Triple-S Management Corp. (NYSE:GTS), being represented by Hewlett-Packard Company (NYSE:HPQ), of which the fund owns 500,000 shares. Hoffman’s fund also holds 348,800 shares of Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) and 165,600 shares of Aetna Inc (NYSE:AET) as of the end of last year.