Billionaire Julian Robertson’s Moving Into Howard Hughes Corp (HHC), Likes Sirius XM Radio Inc (SIRI)

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Selling HCA. The filing showed Robertson closing his entire position in hospital company HCA Holdings Inc (NYSE:HCA), which had been one of his five largest single-stock positions three months earlier. At a trailing earnings multiple of 13,  HCA Holdings Inc (NYSE:HCA) is priced fairly cheaply in terms of its historical results. However, the first quarter of 2013 was a poor one for the company and even with some growth last quarter compared to the same period in the previous year net income remained down on a year to date basis.

We would be interested in taking a closer look at  HCA Holdings Inc (NYSE:HCA), but would need to become more confident that Q1 was a fluke and future results will be better. Howard Hughes Corp (NYSE:HHC) is priced a bit aggressively for our taste, but it is certainly notable that Robertson is directly engaging the housing market rather than merely service providers such as Ocwen Financial Corp (NYSE:OCN). SiriusXM and DigitalGlobe also carry earnings multiples which should be too high to interest value investors.

Disclosure: I own no shares of any stocks mentioned in this article.

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