Activist Keith Meister’s New Additions to His Fund’s Portfolio Include Yum! Brands, Inc. (YUM), MGM Resorts International (MGM)

Next on Corvex’s list is MGM Resorts International (NYSE:MGM), with the fund owning nearly 3.90 million shares valued at $81.99 million. The company’s stock has slumped by about 24% over the last year amid a decline in gaming revenue from Macau. In its financial results for the first quarter MGM Resorts International (NYSE:MGM) beat top line estimates but the bottom line fell short of expectations despite an EBIDTA growth of 10% year-over-year. York Capital Management also initiated a position in MGM Resorts International (NYSE:MGM) during the first quarter of some 9.94 million shares valued at $209.09 million.

On the financial front, Corvexadded a new position of 1.52 million shares of CIT Group Inc. (NYSE:CIT) valued at $68.49 million, to its equity portfolio. The $8.05 billion bank holding company delivered an EPS of $0.59 for the first quarter, which was $0.14 lower than estimates and revenues of $423.80 million also came in $32.94 million lower than estimates. Clint Carlson’s Carlson Capital holds 3.6 million shares of CIT Group Inc. (NYSE:CIT) valued at $162.90 million.

Meister acquired 856,500 shares of Yum! Brands, Inc. (NYSE:YUM) valued at $67.42 million in the first quarter. However, at the Ira Sohn Conference last month, Meister disclosed that his hedge fund now owns about $1.5 billion worth of Yum! Brands, Inc. (NYSE:YUM)’s stock, putting his fund among the top five shareholders of the company and vaulting the position into the second spot in his public equity portfolio in terms of value. He also expressed the idea that the company should spin off its China unit, which has been hit by food-related safety issues over the last couple of years. Dan Loeb’s Third Point held about 3.3 million shares of Yum! Brands, Inc. (NYSE:YUM) valued at $259.78 million at the end of the first quarter.

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