13 Stocks to Sell Now According to Billionaire Larry Robbins

Published on September 20, 2022 at 9:03 am by Umar Farooq in Hedge Fund Analysis, Hedge Funds, News

In this article, we will discuss the 13 stocks to sell now according to billionaire Larry Robbins. If you want to skip the detailed analysis of Robbins’ investment philosophy, go directly to 5 Stocks to Sell Now According to Billionaire Larry Robbins.

American investor and philanthropist Larry Robbins was born in 1969. Glenview Capital Management, a New York-based hedge fund with over $7 billion in assets, was founded and is led by Larry Robbins. At Gleacher & Company, Robbins began his career in finance as an analyst. After that, he started working for Leon Cooperman’s legendary financial firm, Omega Advisors. The now-billionaire worked at Omega for six years, first as a U.S. equity analyst and then as a partner.

Larry Robbins’ current net worth is estimated by Forbes to be about $1.9 billion. Robbins has a reputation for having hot and cold streaks, with his earnings fluctuating significantly from year to year. He actively supports educational reform both in New York City and nationally through his Robbins Family Foundation. Robbins took over as chairman of the Robin Hood Foundation in 2017, which works to eradicate poverty in New York City.

Some of the notable names dumped by Larry Robbins’ hedge fund in the second quarter include DaVita Inc. (NYSE:DVA), Alibaba Group Holding Limited (NYSE:BABA) and Bausch Health Companies Inc. (NYSE:BHC).

Larry Robbins of Glenview Capital

Our Methodology

The stocks mentioned in the article are taken from Glenview Capital’s 13F filings as of the second quarter of 2022. 12 of these 13 stocks were completely dumped by Glenview Capital in the second quarter.

13.ironSource Ltd. (NYSE:IS)

Number of Hedge Fund Holders as of Q2 2022: 30

Israeli company ironSource Ltd. (NYSE:IS) was established in 2010. It runs a business platform for telecom companies and app developers both domestically and abroad.

Unity Software Inc. (NYSE:U) has agreed to buy ironSource Ltd. (NYSE:IS) in an all-stock deal valued at roughly $4.4 billion, in order to enhance the gaming platform’s advertising engine, which has suffered as a result of recent data-privacy limitations by Apple Inc. For Q2, a total of 30 hedge funds are holding a stake in ironSource Ltd. (NYSE:IS) as compared to 36 in the previous quarter.

On August 16, Gal Munda, an analyst at Wolfe Research, began covering ironSource (IS) with a Peer Perform rating.

In the second quarter, Glenview cut its stake in the company by 50%, ending the period with a stake valued at $8.4 million.

In its investor letter for Q1 2022, Argosy Investors has the following to say about ironSource Ltd. (NYSE:IS):

“I purchased ironSource Ltd. (NYSE:IS) early in the quarter and have seen IS decline in value nearly 32% through the end of the quarter, and further after the quarter. ironSource Ltd. (NYSE:IS) is a platform that helps game publishers maximize the financial success of their games and earns a cut of the revenues generated using its technology. They have grown extremely quickly in recent years, as gaming has become an increasingly popular outlet for free time. They grew 46% last quarter to over $150 million in quarterly revenue, at an operating margin of 18%. They expect to generate $800 million in revenue this year, and likely $0.15 per share of free cash flow in 2022, with the potential for $0.25 a few years from now. I believe that ironSource Ltd. (NYSE:IS) has a very profitable business model with the potential for a long runway of growth. At the same time, I could have chosen a better purchase price to make the investment, and that has become clear quite quickly. At current prices below $4 per share, returns from here can be attractive over the course of a few years.”

12. Flex Ltd. (NASDAQ:FLEX)

Number of Hedge Fund Holders as of Q2 2022: 50

Flex Ltd. (NASDAQ:FLEX) is a Singapore-based company that was founded in 1990. Original equipment manufacturers in Asia, the Americas, and Europe can turn to Flex Ltd. (NASDAQ:FLEX) for design, engineering, manufacturing, and supply chain services and solutions. Flex Ltd. (NASDAQ:FLEX) has a market cap of $8.90 billion.

Glenview Capital acquired Flex Ltd. (NASDAQ:FLEX) shares back in Q4, 2010.

In the second quarter, Glenview dumped its stake in the company.

11. Universal Health Services, Inc. (NYSE:UHS)

Number of Hedge Fund Holders as of Q2 2022: 33

Universal Health Services, Inc. (NYSE:UHS) owns and manages acute care hospitals as well as outpatient and behavioral health care centers. During Q2, Glenview Capital dumped its entire stake in Universal Health Services, Inc. (NYSE:UHS) of 618,871 shares valued at $89.70 million.

On July 29, Universal Health Services, Inc. (NYSE:UHS) price target was cut to $115 from $133 by Barclays analyst Sarah James, who also maintained an Underweight rating on the stock. The analyst has begun to predict the possibility of an inversion in 2023, with costs rising faster than price trends, which would result in a year with lower margins.

10. Union Pacific Corporation (NYSE:UNP)

Number of Hedge Fund Holders as of Q2 2022: 65

Founded in 1862, Omaha, Nebraska, serves as Union Pacific Corporation (NYSE:UNP) corporate headquarters. In the United States, Union Pacific Corporation (NYSE:UNP) participates in the railroad industry through its subsidiary, Union Pacific Railroad Company.

Glenview Capital sold its entire stake of 46,185 shares worth $12.618 million during Q2.

On September 14, Bernstein analyst David Vernon lowered Union Pacific Corporation (NYSE:UNP) rating from Outperform to Market Perform and lowered his price target from $234 to $230. The analyst agrees that railroad valuations have maintained their value well, service upgrades are on the way, and volume trends are improving, making the market more favorable toward the sector. Vernon contends that top-line growth and margin expansion until 2023 are at risk due to economic crosswinds, a pending truck market reset and increased wage inflation.

Union Pacific Corporation (NYSE:UNP) announced a quarterly dividend on July 28 of $1.30 per share. For 123 years, the business has paid common stock dividends without interruption, and for the past 15 years, it has steadily increased those dividend payments. The stock’s dividend yield was 2.45% as of September 19.

Carillon Tower Advisers mentioned Union Pacific Corporation (NYSE:UNP) in its Q1 2022 investor letter. Here is what the fund said:

“Union Pacific (NYSE:UNP) benefited from rising oil prices, which typically bring more demand for rail shipping as opposed to moving freight by truck. Rail transportation can be much more fuel-efficient than over-the-road trucking.”

09. Meritor, Inc. (NYSE:MTOR)

Number of Hedge Fund Holders as of Q2 2022: 28

Cummins Inc. (NYSE:CMI), a pioneer in power and technology worldwide, said on August 3 that it has successfully acquired Meritor, Inc. Meritor is a leading provider of drivetrain, mobility, braking, service, and electric powertrain solutions for the commercial vehicle and industrial industries. In both internal combustion and electric power applications, Cummins Inc. (NYSE:CMI) will be positioned as a leading provider of integrated powertrain solutions thanks to the integration of Meritor’s people, products, and skills in axle and brake technology. The addition of items from Meritor to Cummins Inc. (NYSE:CMI) component business also creates appealing growth prospects for the company’s assortment of power solutions and applications.

The Michigan-based company Meritor, Inc. (NYSE:MTOR) used to produce vehicle parts for customers in the defense, truck, off-highway, and aftermarket industries. Meritor, Inc. (NYSE:MTOR) serviced customers globally in the industrial and commercial vehicle industries through distribution centers and offices in 19 nations.

Glenview Capital held a sizeable stake in Meritor, Inc. (NYSE:MTOR) of 3.544 million shares worth roughly $126 million at the end of Q1. The entire stake has been dumped during Q2.

In addition to MTOR, Glenview also sold DaVita Inc. (NYSE:DVA), Alibaba Group Holding Limited (NYSE:BABA) and Bausch Health Companies Inc. (NYSE:BHC) in the June quarter.

08. Insperity Inc (NYSE:NSP)

Number of Hedge Fund Holders as of Q2 2022: 22

With its headquarters in Kingwood, Texas, the United States, Insperity, Inc. (NYSE:NSP) is a provider of business and human resource solutions. Businesses can choose from a number of solutions provided by the organization, including payroll processing, benefit and compensation management, compliance, training, and development.

Glenview Capital sold its entire stake in Insperity, Inc. (NYSE:NSP) of 381,875 shares worth roughly $38.348 million during Q2.

On August 10, Insperity, Inc. (NYSE:NSP) President and COO Arthur Arizpe announced the sale of 5,000 of the company’s common shares at a price of $110 each. Insperity’s vice president Daniel Herink also revealed in a regulatory filing that he sold 5,000 shares of the company’s stock on August 15 for a total transaction value of $575,500. The price per share was $115.10.

07. Evolus, Inc. (NASDAQ:EOLS)

Number of Hedge Fund Holders as of Q2 2022: 16

Performance beauty company Evolus, Inc. (NASDAQ:EOLS) was established in 2012 and has its main office in Newport Beach, California. Medical aesthetic products are offered by Evolus, Inc. to doctors and their patients in the US. The stock has delivered a 37% return year to date. It announced its latest quarterly earnings results on August 2, reporting an EPS GAAP actual of -$0.42 missing the estimate by $0.11, and a revenue actual of $37.16 million, beating the expectations by $517,140. Evolus, Inc. (NASDAQ:EOLS) has a market capitalization of $555.90 million as of September 19.

Glenview Capital held 394,810 shares of Evolus, Inc. (NASDAQ:EOLS), worth roughly $4.43 million at the end of Q1. The fund sold its entire stake during Q2.

06. Endo International plc (OTCMKTS:ENDPQ)

Number of Hedge Fund Holders as of Q2 2022: –

Endo International (ENDP), which had reached a restructuring assistance agreement with the majority of its first lien debt holders, submitted a bankruptcy petition on August 16, Reuter reports. According to the RSA, the debtholder group has agreed to offer the company’s assets for a total purchase price of almost $6 billion in the form of a credit bid, including the assumption of a number of liabilities. The purchase agreement stipulates that the buyer will hire all of Endo’s current team members, create voluntary trusts that will be funded with $550 million over 10 years, with future proceeds being set aside for specific opioid claims and limit net funded leverage to 4.5 times.

During Q2, a total of 1.126 million shares of Endo International (ENDP), valued at $2.602 million, were sold by Glenview Capital.

In the next part you will read about DaVita Inc. (NYSE:DVA), Alibaba Group Holding Limited (NYSE:BABA) and Bausch Health Companies Inc. (NYSE:BHC), among other stocks, which were sold by Larry Robbins’ fund in the second quarter.

Click to continue reading and see 5 Stocks to Sell Now According to Billionaire Larry Robbins.

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Published on May 1, 2024 at by Inan Dogan, PhD

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A New Dawn is Coming to U.S. Stocks

Published on May 2, 2024 at by Insider Monkey Staff

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Click to continue reading…

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