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Accipiter Capital Management Trims Stake in Triple-S Management Corp. (GTS)

Accipiter Capital Management, led by Gabe Hoffman, have decreased their position in Triple-S Management Corp. (NYSE:GTS), a newly amended filing with the SEC showed. The fund disclosed owning around 1.39 million class B shares of the company, versus 1.76 million reported previously. Following the decrease of the stake, Accipiter owns 5.6% of the company’s class B outstanding stock, versus 7.0% held earlier.

Triple-S Management Corp. (NYSE:GTS)

Accipiter had also unloaded shares of Triple-S Management in late November, 2013. The hedge fund had decreased its holding from 2.28 million shares to 1.76 million shares.

With $108.86 million under its equity portfolio, Accipiter Capital Management focuses on Healthcare, Financial and Technology sectors. Apart from Triple-S Management, the fund has substantial holdings in Teva Pharmaceutical Inds Ltd (ADR) (NYSE:TEVA). The fund held 438,000 shares worth $16.55 million in the company at the end of the third quarter of 2013. The fund also held approximately 139,000 shares worth $11.60 million in Wellpoint Inc (NYSE:WLP) as well as 175,000 shares worth $10.79 million in Express Scripts Inc (NASDAQ:ESRX).

Triple-S Management Corp. (NYSE:GTS) provides managed care in Puerto Rico and serves approximately 1.7 million members. The Company is engaged in a wide range of customer segments – from corporate accounts, individuals, local government and federal employees to Medicare and Medicaid recipients apart from offering life insurance, disability and accident insurance as well as property and casualty insurance. The company announced its quarterly results in November, posting operating revenues of 585.90 million for the quarter, slightly above the analysts’ expectations of $ 585.30 million, while its EPS of $0.22 missed the analysts’ expectations of $0.44 by a wide margin. The company had reported EPS of $0.41 for the same quarter of 2012.

Apart from Accipiter Capital Management, Thomas Ellis and Todd Hammer managed North Run Capital held 1.62 million shares worth $29.86 million in the company at the end of the third quarter. Anthony Bozza’s Lakewood Capital Management also held 1.15 million shares worth $21.21 million in the company.

Disclosure: none

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