Billionaire James Dinan Betting On These Stocks To Recover Losses

During the third quarter, York Capital Management decreased its stake in Air Products & Chemicals, Inc. (NYSE:APD) by 9% to 793,622 shares worth $102 million. Andreas Halvorsen‘s Viking Global also reported selling 2.2 million shares of the stock during the quarter, reducing its holding to 5.2 million shares worth $724 million. Air Products & Chemicals, Inc. (NYSE:APD) has gained more than 11% over the last year, in line with the broader S&P Index, which also gained 11.08%. Air Products & Chemicals, Inc. (NYSE:APD) has a market capitalization of $31.3 billion and gives a healthy dividend yield of 2.38%. For its latest quarter, the company posted earnings per share of $2.01, which beat analysts’ estimates of $1.99, while revenue also came in slightly ahead of estimates at $2.46 billion, topping the $2.45 billion consensus figure. While the number of funds that we track long Air Products & Chemicals, Inc. (NYSE:APD) remained the same at 56 during the third quarter, the value of their holdings declined to $4.33 billion from $5 billion during the quarter.

James Dinan reduced his fund’s holding in Shire PLC (ADR) (NASDAQ:SHPG) by 44% during the third quarter, though the stock still remained his largest healthcare holding, amounting to 515,947 shares valued at $100 million. Though the stock has fallen by 12% over the last 52 weeks, 24 out of the 29 analysts who cover it remain confident, having it rated as a ‘Buy’. Their average target price for Shire PLC (ADR) (NASDAQ:SHPG) is $230, which implies a 35% increase from the current market price. The company posted revenue of $3.4 billion during its latest quarter, more than doubling its top-line compared to the year-ago quarter. The hedge funds that we track were less bullish on the stock in the third quarter however, with their numbers declining to 50, down from 64 with bullish positions at the end of June.

Lastly, York Capital Management initiated a large new position in Coca-Cola European Partners Plc. (NYSE:CCE) during the quarter, by buying 2.3 million shares worth $92.4 million at the end of September. Larry Robbins’ Glenview Capital also started a new position in the stock during the period, buying 1.4 million shares. Coca-Cola European Partners Plc.  (NYSE:CCE) was created on May 28, 2016 after the merger of the three main bottling companies of The Coca-Cola Company (NYSE:KO) in Western Europe, creating the world’s largest independent Coca-Cola bottler.  Coca-Cola European Partners currently has a market value of $15.8 billion and is trading near the low point of its 52-week trading range.

Disclosure: None