Billionaire Leon Cooperman Desperately Clutching Onto eBay Inc (EBAY), Citigroup Inc (C), Actavis plc (ACT) and Apple Inc. (AAPL) To Dig Himself Out Of the Hole in 2015

Cooperman’s Citigroup Inc (NYSE:C) holding was slashed by 17%, as he sold 915,200 shares during the fourth quarter. The financial services holding company still forms a significant part of Cooperman’s portfolio at 3.94%, with the stake valued at nearly $229.72 million. Robert Hockett’s Covalent Capital Partners and David Tepper’s Appaloosa Management have also shed stakes in Citigroup after considering the litigation charges that are weighing heavily on the company’s financials.

Trading at a forward earnings multiple of 8.86, Citigroup Inc (NYSE:C) also has investors on its side that deem the stock cheap. Dan Loeb of Third Point is one such hedge fund manager, who has initiated a new position in Citi by purchasing 5.0 million shares.

Cooperman increased his investment fund’s exposure in Actavis plc (NYSE:ACT) by a staggering 33% by purchasing an additional 237,100 shares. The stake which is now valued at $242.89 million forms about 4.15% of value of his portfolio, and is the most valuable position he holds.

Actavis plc (NYSE:ACT) acquired the Botox maker Allergan, Inc.(NYSE:AGN) last year for $66 billion which has given its product a monopoly of sorts in the medical field of ophthalmology and aesthetic treatments. Botox is also becoming popular for therapeutic uses, and since there are significant entry barriers in terms of both finances and complexity in manufacturing Botox, Actavis looks set to rake in significant revenues from its newly acquired product in the future.

Actavis is up nearly 11.6% year to date, and is currently trading at a forward earnings multiple of 17.26. The company’s stock recently reached its all time high, which will definitely help the company’s management as it heads into the announcement of its quarterly earnings report today.

Apple Inc. (NASDAQ:AAPL) is one stock that might have been a considerable source of regret for Cooperman. He cut his fund’s exposure to the tech company by 67% as he sold 808,000 shares of the world’s largest company, in terms of market capitalisation. Currently, Omega’s stake in Apple is valued at $42.36 million, comprising 1.77% of the portfolio value.

Shares of Apple Inc. (NASDAQ:AAPL) are up a hefty 15.5% just this year, and may be heading even higher depending on the success of the company’s latest venture into the smart watch arena, with a rumored entry into the electric car market also worth keeping an eye on.

Disclosure: None