Billionaire Julian Robertson Takes Out Huge SPY Hedge, Grows Bearish on Transportation Stocks

Bristol-Myers Squibb Co (NYSE:BMY)

– Shares Owned by Tiger Management (as of September 30): 400,800

– Value of Tiger Management’s Holding (as of September 30): $21.61 million

Bristol-Myers Squibb Co (NYSE:BMY) was another new addition to Tiger Management’s portfolio during the third quarter, as the fund acquired 400,800 shares of the company worth $21.61 million at the end of the third quarter. The stock has lost over 17% in value year-to-date, so Tiger Management appears to like the entry point. Financial research firm Jefferies recently upped its price target to $58 from $54 on the medical company, which recently got FDA approval for its head and neck cancer drug, Opdivo. Bristol-Myers earned $0.77 a share on $4.83 billion in revenue in the third quarter, above the forecasts of $0.65 in EPS on $4.79 billion in revenue. As of the end of the third quarter, Jim Simons’ Renaissance Technologies owns 4.74 million shares of Bristol-Myers Squibb Co (NYSE:BMY).

 

Delta Air Lines, Inc. (NYSE:DAL)

– Shares Owned by Tiger Management (as of September 30): 103,375

– Value of Tiger Management’s Holding (as of September 30): $4.16 million

Tiger Management sold off 82% of its stake in Delta Air Lines, Inc. (NYSE:DAL) in the third quarter, ending the period with just 103,375 shares of the company which had a total value of $4.16 million. That move was in contrast to fellow legendary investor Warren Buffett‘s, whose holding company Berkshire Hathaway recently revealed a new position in the company of over 6.3 million shares and was bullish towards other airlines as well. The Atlanta-based airliner recently announced yet another pay raise for its employees and despite a slowdown in U.S business, Delta remains strong. The company’s profit for the first nine months of 2016 was up by 6% year-over-year. Alex Snow’s Lansdowne Partners owns 26.76 million shares of Delta Air Lines, Inc. (NYSE:DAL) as of September 30.

  

AMERCO (NASDAQ:UHAL)

Tiger Management dumped all 39,962 AMERCO (NASDAQ:UHAL) shares that it owned on June 30 during the third quarter, leaving no stake in the Nevada-based do-it-yourself moving and storage operator. In its fiscal 2017 second quarter, AMERCO experienced a 3.7% increase in revenue from the year-ago period, while adjusted earnings declined by about 12%, as the company earned $8.22 per share on $998.9 million in revenue. The stock is down by over 11% so far this year. 23 funds tracked by Insider Monkey were bullish on AMERCO (NASDAQ:UHAL) at the end of the June quarter.

Disclosure: None