According to a newly-amended 13D filing with the SEC, Jeffrey Smith‘s Starboard Value LP owns 5.64 million shares of Depomed Inc (NASDAQ:DEPO), which account for 9.2% of the company’s outstanding stock. Mr. Smith’s firm has added about 1.50 million shares to its position since it reported a holding of 4.14 million shares in a previous 13D filing. In that previous filing, the activist investor also voiced concerns about the board’s intention to strengthen itself, saying that it should instead be focused on working constructively with shareholders to increase shareholder value. Given that, Starboard Value LP revealed that it will recommend one or more candidates for the position of Director on the company’s board.
Among the funds tracked by Insider Monkey, at the end the December a total of 23 hedge funds were bullish on this stock. Richard Mashaal’s RIMA Senvest Management held the most valuable position in Depomed Inc (NASDAQ:DEPO), which was worth $74 million. Coming in second was Kevin Kotler’s Broadfin Capital, which reported a $13.2 million position in its latest 13F filing. Other investors that held long positions were Matthew Mark’s Jet Capital Investors, Paul Sinclair’s Blue Jay Capital Management, and Joseph Edelman’s Perceptive Advisors.
On the other hand, Carl Tiedemann and Michael Tiedemann’s TIG Advisors dumped the largest investment among the firms that we track, valued at close to $48.5 million in stock, followed by Thomas Steyer’s fund, Farallon Capital, which dumped about $30.3 million worth of shares. Total hedge fund interest in Depomed Inc (NASDAQ:DEPO) dropped by nine funds in the fourth quarter.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| STARBOARD VALUE | 5,640,000 | 5,640,000 | 5,640,000 | 5,640,000 | 5,640,000 | 9.2% |
| STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD | 4,346,917 | 5,640,000 | 4,346,917 | 5,640,000 | 4,346,917 | 7.1% |
| STARBOARD VALUE AND OPPORTUNITY S | 514,482 | 5,640,000 | 514,482 | 5,640,000 | 514,482 | Less than 1% |
| STARBOARD VALUE AND OPPORTUNITY C | 285,827 | 285,827 | 285,827 | Less than 1% | ||
| STARBOARD VALUE R | 285,827 | 285,827 | 285,827 | Less than 1% | ||
| STARBOARD VALUE R GP | 285,827 | 285,827 | 285,827 | Less than 1% | ||
| STARBOARD VALUE GP | 5,640,000 | 5,640,000 | 5,640,000 | 9.2% | ||
| STARBOARD PRINCIPAL CO | 5,640,000 | 5,640,000 | 5,640,000 | 9.2% | ||
| STARBOARD PRINCIPAL CO GP | 5,640,000 | 5,640,000 | 5,640,000 | 9.2% | ||
| JEFFREY C. SMITH | 16,450 | 16,450 | 5,640,000 | 9.2% | ||
| MARK R. MITCHELL | 5,640,000 | 9.2% | ||||
| PETER A. FELD | 5,640,000 | 9.2% | ||||
| GAVIN T. MOLINELLI | 16,450 | 0% | ||||
| PATRICK SULLIVAN | 0% | |||||
| JAMES P. FOGARTY | Less than 1% |
Follow Jeffrey Smith's Starboard Value LP
Page 1 of 26 – SEC Filing
(Name, Address and Telephone Number of Person
