Starboard Value Out Of Darden (DRI), In On Perrigo (PRGO), HP (HPE) in a Big Way

WestRock Co (NYSE:WRK)

– Shares Owned by Starboard Value LP (as of September 30): 3 million

– Value of Starboard Value LP’s holding (as of September 30): $145.44 million

In WestRock Co (NYSE:WRK), Starboard Value LP reduced its stake by 41% to 3 million shares worth $145.44 million as of the third quarter’s close. The company reported revenue of $3.61 billion for the fourth quarter of its fiscal year 2016, topping estimates by $10 million, while EPS of $0.71 was higher than expectations by $0.08. Shares of WestRock Co (NYSE:WRK) are up by 7.19% since the beginning of the year.

Hewlett Packard Enterprise Co (NYSE:HPE)

– Shares Owned by Starboard Value LP (as of September 30): 5.48 million

– Value of Starboard Value LP’s holding (as of September 30): $124.77 million

Starboard Value LP added a new position in Hewlett Packard Enterprise Co (NYSE:HPE) to its portfolio during the third quarter. The fund bought 5.48 million HPE shares, worth $124.77 million at the end of September. Hewlett Packard Enterprise Co (NYSE:HPE) recently entered into a $600 million agreement with Sykehuspartner which will see it work closely with the ICT provider, offering infrastructure and project services to it. Ken Griffin’s Citadel Advisors added 7.57 million HPE shares to its own portfolio in Q3, lifting its position to 11.56 million shares.

Darden Restaurants, Inc. (NYSE:DRI)

Lastly, Starboard Value LP dumped its stake in Darden Restaurants, Inc. (NYSE:DRI) during the third quarter. Restaurant companies continue to struggle with rising labor costs and falling same-store sales. Last week voters in Arizona, Colorado and Maine voted in favor of raising minimum wage to $12 in a phased manner, while Washington has agreed to increase minimum wage to $13.50 by 2020. Mr. Smith resigned from Darden’s board earlier this year, a board he completed overhauled after winning an epic proxy context against its former management team in 2014. Darden shares have gained about 50% since the middle of 2014.

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