Billionaire Rosenstein Out of AutoNation, Talks ConAgra, Walgreens

ConAgra Foods Inc (NYSE:CAG) represented JANA’s largest position, as the fund held 18.04 million shares worth $862.32 million at the end of June. The stock has gained 12% since the beginning of the year and is trading at 42 times its earnings. The CEO of this giant food company is looking at selling a few businesses to strengthen its existing brands and cut annual costs. Though he cut his position in this stock during the third quarter, Rosenstein said he is impressed with ConAgra’s management and believes that the company will benefit from its collection of brands that have the potential to grow earnings in double digits, and through attractive acquisitions. The company expects revenue and EPS to grow at 1%-2% and 10% CAGR, respectively, over the next four years. The number of funds from our database that held shares of ConAgra went up by two to 41 between April and June.

Walgreens Boots Alliance Inc (NASDAQ:WBA) is amongst the top four holdings of JANA Partners with the fund owning 4.58 million shares valued at $381.30 million. However, in the third quarter, JANA trimmed its exposure to the stock and Barry Rosenstein also left his position on the board of Walgreens. Rosenstein stated that Walgreens is a great company and have achieved a tremendous growth. During the second quarter, the number of funds tracked by us holding the stock came down to 67 from 72. Walgreens Boots Alliance Inc (NASDAQ:WBA) has been growing both revenues and operating income over the last five years. 

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