Big Hedge Funds Washed Their Hands of These Companies in Q1

Yum! Brands, Inc.(NYSE:YUM)

Let’s move on to another company operating in the quick service restaurants industry that Soros Fund Management sold out of during the first quarter, liquidating 655,000 Yum! Brands, Inc.(NYSE:YUM) shares. Like shares of McDonald’s, Yum’s stock has also posted strong gains this year, amounting to 10.9%. On May 3 Yum filed with the SEC to spin off its China operations into a separate publicly-traded company. China contributes about 35% to the company’s top line and that figure is on the rise. KFC, which is Yum’s bestselling brand in the world’s second-largest economy, posted 12% same-store sales growth year-over-year in the first quarter. Contrary to Soros, Dan Loeb‘s Third Point was extremely bullish on the company in the first trimester, boosting its stake to 5.5 million shares.

Priceline Group Inc (NASDAQ:PCLN)

Andreas Halvorsen‘s Viking Global gave up on the $63 billion provider of travel and restaurant reservations and related services during the first quarter, as it dumped its 393,200 shares of the company. Priceline Group Inc (NASDAQ:PCLN)’s stock is trading nearly sideways on a year-to-date basis and the company beat both the top and bottom-line expectations with its first quarter financial results. However, an air of uncertainty looms over Priceline’s future as it continues to search for a new CEO after former CEO Darren Huston resigned following the revelation that he had an inappropriate relationship with an employee. Tiger Global Management, which is led by Chase Coleman, cut its Priceline Group Inc (NASDAQ:PCLN) holding by 28% to about 551,000 shares during the first three months of this year.

Valeant Pharmaceuticals Intl Inc (NYSE:VRX)

Short interest in Valeant is receding, with it currently standing at 6.53% of the float as of the end of April. Nonetheless, Lone Pine disposed of its 5.83 million Valeant Pharmaceuticals Intl Inc (NYSE:VRX) shares during the first quarter, shares which have seen their value depreciate by over 70% so far this year. Valeant shares have gained slight upward momentum recently however, after the company announced that it will offer discounts on two of its key heart drugs, Isuprel and Nitropress, as well as on the news that Andrew Left, the man who exposed Valeant’s dubious relationship with pharmacies, has taken a long position in the stock. Bill Ackman’s Pershing Square, a long-time Valeant Pharmaceuticals Intl Inc (NYSE:VRX) bull, upped its stake in the company by 31% during the first quarter to about 21.60 million shares .

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