Billionaire Larry Robbins’ Biggest Q2 Moves in Healthcare Stocks

#4 Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA)

– Shares Owned by Glenview Capital (as of June 30): 3.08 Million

– Value of Holding (as of June 30): 154.85 Million

A 6.12% drop in  its stock during the second quarter coupled with Glenview Capital reducing its stake in the company by 44% during the same period relegated Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) to the 25th spot in the fund’s portfolio at the end of June from the 16th spot at the end of March. Another billionaire investor who lowered his stake in the pharma giant during the second quarter was Andreas Halvorsen (Viking Global), by 16% to 27.73 million shares. So far, 2016 hasn’t turned out to be a good year for the Israeli drug giant as it has lost over 20% of its market cap despite making notable acquisitions. After announcing its $40.5 billion acquisition of rival Allergan’s generic business in January, the company revealed earlier this month that it will acquire Allergan’s Anda, Inc. (ANDN) distribution business for an additional $500 million. Though some analysts have raised concerns about the aggressive inorganic growth strategy Teva Pharmaceutical is following currently, most analysts think that it is the right approach for a company that is competing in a highly consolidated industry. On August 25, analysts at Credit Suisse Group AG reiterated their ‘Neutral’ rating on the stock while lowering their price target to $51.63 from $59. The company suffered a notable drop in its popularity among hedge funds covered by us during the April-June period with its ownership declining by 15 to 55 funds and the aggregate value of their holdings in it shrinking by $1.12 billion to $6.21 billion.

#3 IMS Health Holdings Inc (NYSE:IMS)

– Shares Owned by Glenview Capital (as of June 30): 6.76 Million

– Value of Holding (as of June 30): $171.41 Million

IMS Health Holdings Inc (NYSE:IMS) was a new entrant in Glenview Capital’s equity portfolio during the second quarter. Shares of the healthcare-focused IT company has registered solid gains in the last few months after it announced that it has agreed to merge with Quintiles Transnational Holdings (NYSE:Q) in an all stock-deal.  Owing largely to this recent rally, the stock is currently trading up almost 17% year-to-date. While investors of IMS Health Holdings Inc (NYSE:IMS) have applauded this merger, some analysts think that the merger won’t be of much help to the company because its growth remains weak and is balance sheet is highly leveraged. For its most recent quarter, IMS Health Holdings Inc reported EPS of $0.41 on revenue of $802 million, compared to EPS of $0.39 on revenue of $632 million it had reported for the same quarter last year. Though the number of investors covered by us that were long IMS Health Holdings Inc declined by two to 21 during the second quarter, the aggregate value of their holdings in the company during the same time shot up by $260 million to $892.5 million. Peter Adam Hochfelder‘s Brahman Capital was another hedge fund that initiated a stake in IMS Health Holdings during the second quarter, by purchasing 7.2 million shares of the company.