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Billionaire Larry Robbins Confidently Piles Into CBS, Anthem, As Merger Battles Continue

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Larry Robbins is a billionaire investor and businessman who founded the New York-based hedge fund Glenview Capital in 2000. Mr. Robbins worked in Leon Cooperman’s Omega Advisors for 6 years before launching his own firm. Glenview’s 13F portfolio has a total worth of over $13.98 billion. Robbins’ fund declined 10.9% in the first half of 2016, and 18% last year. Let’s take a closer look at Glenview’s biggest moves of the third quarter.

GLENVIEW CAPITAL

CBS Corporation (NYSE:CBS)

– Shares Owned by Glenview Capital (as of September 30): 13.50 million

– Value of Glenview Capital’s Holding (as of September 30): $739.03 million

Glenview Capital boosted its stake in CBS Corporation (NYSE:CBS) by a massive 84% in the third quarter, buying over 6.20 million shares of the company. The updated stake has a net worth of $739.03 million. Recently, Reuters claimed that the much talked about merger of CBS and Viacom had hit a stumbling block due to matters involving board members and name of the new company. Despite the Reuters report, many bulls believe that the merger will go through, as media magnate Sumner Redstone and his daughter Shari Redstone, who together have a majority of the voting shares of both companies, are for a merger.  CBS recently crushed analysts’ estimates with its third quarter results, reporting adjusted earnings of $1.05 per share and $3.40 billion revenue. Analysts had projected EPS of $0.98 and $3.34 billion revenue. A total of 59 hedge funds tracked by Insider Monkey were bullish on CBS Corporation (NYSE:CBS) in the third quarter.

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Anthem Inc (NYSE:ANTM)

– Shares Owned by Glenview Capital (as of September 30): 5.597 million

– Value of Glenview Capital’s Holding (as of September 30): $701.39 million

Glenview loaded up on Anthem Inc (NYSE:ANTM) during the third quarter, upping its stake in the Indiana-based health insurance company by a whopping 41%, ending the period with 5.597 million Anthem shares which have a total worth of $701.39 million. The Federal Court for the District of Columbia recently launched a hearing of the $48 billion Anthem- Cigna merger, which was challenged by the Justice Department. Anthem’s merger with Cigna would create an industry behemoth, which would cover about 17% of the US population. Jean-Marie Eveillard’s First Eagle Investment Management owned 2.82 million shares of Anthem Inc (NYSE:ANTM) as of the end of the third quarter.

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