Legendary corporate raider Carl Icahn announced a 7.94% activist stake WebMD Health Corp (WBMD) on October 21th, pushing the stock up by 2% in the same day. Carl Icahn did not report any share in WBMD in the second quarter. He began his transactions since August 22th and bought a few thousand of common share near $31. Later he focused on the call options and made the rest of his purchases. So far WBMD has dropped by 37%, and is in a bottoming process. WBMD is priced at $32.39 now.
In the second quarter twenty hedge funds invested in WBMD. Michael Lowenstein’s Kensico Capital had 2.03 million shares in the stock, or 3.55% stake. Phill Gross And Robert Atchinson’s Adage Capital Management had 630 thousand shares. Jim Simons’ Renaissance Technologies had 340 thousand shares.
Carl Icahn is an American business magnate and legendary corporate raider. He began his career on Wall Street in 1961. In 2007, he founded Icahn Capital LP, which is a wholly-owned subsidiary of Icahn Enterprises L.P. Carl Icahn recently announced that he will be returning $1.76 Billion back to his investors. He will continue investing his own money. He is an excellent insider to imitate because his moves are usually bigger than an average hedge fund’s and he has to report them more promptly on 13D forms because he usually takes activist positions.
WebMD Health Corp is a health information services company. The company provides branded health and wellness content, tools and services to consumers, physicians and other healthcare professionals, employers, and health planers through its online portals, mobile platforms and health-focused publications. The online portals include www.WebMD.com and www.Medscape.com, as well as other sites. The company was founded in 1995 and is headquartered in New York City, NY.