The fund has increased its investment in online travel company Priceline.com Inc (NASDAQ:PCLN) by 55% (qoq), and it currently owns 230,993 shares worth a reported value of $159 million. Priceline shares have gained 27% in 2013, and a forward P/E of 17.65 indicates that there’s, amazingly, still some value here. Obviously, this low multiple is dependent on overly bullish bottom line estimates from the Street, but it’s worth noting that for the first quarter of 2013, the company reported earnings of $5.76 per share and revenues of $1.3 billion, beating consensus. This is a rare GARP (growth at a reasonable price) play in the travel space; ardent investors would be smart to snag it.
Dubin also made a massive 149% boost in its Transocean LTD (NYSE:RIG) stake. At the end of the first quarterof 2013, the fund disclosed that it held 2.9 millionshares of the energy giant, worth about $150 million. Now trading around the $95 mark, high multiples and a lack of an income-friendly history may concern some investors, but for those willing to dig a little bit deeper, it’s worth pointing out that Transocean LTD (NYSE:RIG) just approved its first-ever dividend outlay of $2.24 a share. Though shareholders did reject Carl Icahn’s $4 proposal, any improvement over a no-yield scenario is a net positive, and it’s likely that Mr. Market will agree moving forward.
Unlike many of its sector-focused peers, Highbridge Capital has a wide range of top equity investments, each supported by a clear, simple and easy-to-understand bullish thesis. While Cosan Limited (NYSE:CZZ) is a bet on higher ethanol and corn prices, DISH Network Corp. (NASDAQ:DISH) is a potential M&A play, Hertz Global Holdings, Inc. (NYSE:HTZ) is one of the most underrated defensive investments out there, and Priceline.com Inc (NASDAQ:PCLN) and Transocean LTD (NYSE:RIG) each have their own growth driver moving forward. Continue preparing for 13F-filing season here.