Glenview Capital, led by Larry Robbins, recently submitted its 13F with the Securities and Exchange Commission, disclosing the long positions held in its portfolio at the end of the third quarter. The value of the fund’s public equity portfolio stood at $20.2 billion at that time. Glenview Capital, founded by Robbins in 2001, returned over 300% from its founding until 2010, by holding a diversified portfolio, but one majority focused on healthcare. According to the latest filing, Glenview initiated new positions in eight stocks, while it sold out of stakes in 11 companies. In this article, we will be analyzing Flextronics International Ltd. (NASDAQ:FLEX) and Glenview’s four other top stocks.
#5 Flextronics International Ltd. (NASDAQ:FLEX)
– Shares held (as of September 30): 75.13 million
– Total Value (as of September 30): $791.88 million
Robbins’ stake in Flextronics International Ltd. (NASDAQ:FLEX) remained flat over the third quarter. Based in Singapore, Flextronics International is engaged in making intelligent products for a connected world. It has a market cap of $6.25 billion and does not pay a dividend. The company’s stock has gained 11.51% during the last three months. Last week, Michael M. McNamara, the chief executive officer of Flextronics International, unloaded a total of 483,675 shares of the company at an average price of $11.10. McNamara now owns 2.93 million shares of the company. In addition, on November 16 Flextronics International Ltd. (NASDAQ:FLEX) announced that it agreed to acquire Wink, the smart home platform enabling smart products to work together seamlessly, and connect and communicate globally, for an undisclosed amount. The deal, subject to customary closing conditions, is expected to close this month. Cliff Asness’ AQR Capital Management owned 11.97 million shares of Flextronics at the end of the third quarter.
#4 AbbVie Inc (NYSE:ABBV)
– Shares held (as of September 30): 16.17 million
– Total Value (as of September 30): $879.86 million
Glenview’s current position in biopharmaceutical company AbbVie Inc (NYSE:ABBV) represents a decrease of 1.69 million shares quarter-over-quarter. The company reported better-than-expected third quarter results, with its profit increasing to $1.24 billion compared to $506 million a year earlier. Sales grew by 8.40% year-over-year to $5.94 billion. Furthermore, AbbVie Inc (NYSE:ABBV) announced a five-year growth plan that is expected to have a positive impact on the company’s stock, which has lost 3.66% during the last three months. The company expects its sales to reach about $37 billion by 2020. Baker Bros. Advisors, run by Julian Baker and Felix Baker, also sees potential in AbbVie Inc (NYSE:ABBV), holding 14.37 million shares of it as of the end of September.
On the next page, we will talk about Glenview’s top three stocks.