Carl Icahn

Carl Icahn

Last Update: 11-23-2015

Number of Stocks: 24
Number of New Stocks: 2

Total Value: $27,876 Mil
Q/Q Turnover: 9%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Carl Icahn Watch

  • Billionaire Investor Carl Icahn Tells Fox Business That He Intends to Buy Even More Apple Stock

    Billionaire investor Carl Icahn (Trades, Portfolio) spoke with FOX Business Network’s (FBN) Charlie Gasparino about his positions in Apple (NASDAQ:AAPL) and Herbalife. He discussed his $500 million purchase of Apple stock today, saying, “we think it's really very undervalued, and the board is doing a major disservice by not using this greatest horde of cash in history.” Icahn went on to say Apple is “doing me a favor, because they're letting me buy the stock here at this value instead of buying it themselves.” When asked whether he plans to buy more Apple stock, Icahn said, “yes, we presently intend - at these values - to continue.  I think it's very cheap.” Icahn also commented on Herbalife (NYSE:HLF) saying, he hasn’t “sold any shares” and that he thinks “it is very undervalued.”

    Excerpts from the interview are below.


  • Why Apple Should Increase Its Buyback in Seven Pages by Carl Icahn

    Dear Fellow Apple Shareholders,

    Over the course of my long career as an investor and as Chairman of Icahn Enterprises, our best performing investments result from opportunities that we like to call "no brainers." Recent examples of such "no brainers" have been our investments in Netflix, Hain Celestial, Chesapeake, Forest Labs and Herbalife, just to name a few. In our opinion, a great example of a "no brainer" in today's market is Apple (NASDAQ:AAPL). The S&P 500's price to earnings multiple is 71% higher than Apple's, and if Apple were simply valued at the same multiple, its share price would be $840, which is 52% higher than its current price.1 This is a dramatic valuation disconnect that simply makes no sense to us, and it seems that the company agrees with us on this point. Tim Cook himself has expressed on more than one occasion that Apple is undervalued, and as the company states, it already has in place "the largest share repurchase authorization in history." We believe, however, that this share repurchase authorization can and should be even larger, and effectuating that for the benefit of all of the company's shareholders is the sole intention of our proposal. The company has recommended voting against our proposal for various reasons. It seems to us that the basis of its argument against our proposal is that the company believes, because of the "dynamic competitive landscape" and because its "rapid pace of innovation require[s] unprecedented investment, flexibility and access to resources", it does not currently have enough excess liquidity to increase the size of its repurchase program. Assuming this indeed is the basis for the company's argument, we find its position overly conservative (almost to the point of being irrational), when we consider that the company had $130 billion of net cash as of September 28, 2013 and that consensus earnings are expected to be almost $40 billion next year. Given this massive net cash position and robust earnings generation, Apple is perhaps the most overcapitalized company in corporate history, from our perspective. Regardless of what liquidity it may require with respect to "unprecedented investment, flexibility and access to resources" for innovation moving forward, we believe the unprecedented degree to which the company is currently overcapitalized would overcompensate for any such investments (including possible investments in strategic M&A, to which the company does not refer). Said another way, we believe that the combination of the company's unprecedentedly enormous net cash balance, robust annual earnings, and tremendous borrowing capacity provide more than enough excess liquidity to afford both the use of cash for any necessary ongoing business-related investments in addition to the cash used for the increased share repurchases proposed.


  • Carl Icahn Just Added Another $500 Million of Apple to His Portfolio - Should You?

    The famous Carl Icahn (Trades, Portfolio) of Icahn Capital Management LP, who happens to be a very active and successful investor, very recently tweeted about his increased stake in the mighty Apple Inc. (NASDAQ:AAPL) and following this news, the price of the stock rose as much as 1.5%. The Princeton graduate has been very keen on Apple shares for some time now and in his words Apple is “one of the greatest no-brainers of all time.”

    With an addition of another $500 million worth of shares, Icahn’s total investment in the iPhone maker has moved well above $3 billion and he intends to buy even more. This is the third time that he has upped his stake in the company in the past six months. And it’s not just Icahn, but other hedge fund gurus as well who have huge faith in the stock. For David Einhorn (Trades, Portfolio) of Greenlight Capital, Apple happens to be one of his largest stock investments, and he has added to his stake in the company from time to time.


  • Carl Icahn Just Minutes After Discussing Apple Reveals eBay as Yet Another Target

    Warren Buffett (Trades, Portfolio) suggests that investors pretend they have a punchcard that allows them to make only a limited number of investments over their careers.

    If Carl Icahn (Trades, Portfolio) has one of those punchcards, he must have blisters from punching holes.


  • Carl Icahn Refutes Hertz Buying Rumors

  • Carl Icahn Discusses Apple After Buying $500 Million More Shares

  • Carl Icahn - Takeover Man (60 Minutes)

  • Apple’s Board Asks Shareholders to Reject Carl Icahn’s Newest Proposal and CEO Tim Cook Drops Shares

    On Dec. 27 Apple’s Board issued a preliminary proxy statement with the Securities & Exchange Commission (SEC) regarding its upcoming shareholder meeting in February. Among the proposals that are to be addressed in this shareholder meeting is Guru, Carl Icahn’s, buyback proposal. The guru, known for his activist investing, is not afraid of getting his hands a little dirty as we saw earlier this year with the Dell (NASDAQ:DELL) debacle.

    But in regards to Apple (NASDAQ:AAPL), Carl Icahn requested that the company buy back no less than $50 billion of its shares during the fiscal year ending in September. It is this proposal that Apple’s board is trying to deter its other shareholders from voting for.


  • Guru Investor of the Year 2013 – Carl Icahn

    GuruFocus readers several weeks ago nominated gurus who in their mind best navigated the unique circumstances of 2013. With 34.7% of total votes cast, they have now picked Carl Icahn as GuruFocus Guru of the Year. The multi-approach investor stole the spotlight this year, launching a number of high-stakes and highly publicized maneuvers. As second, readers ranked Warren Buffett’s two new managers at Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B), Todd Combs and Ted Weschler, with 24.2% of votes. Following them are David Tepper (18.6%), Bruce Berkowitz (17.3%) and David Einhorn (5.2%).

    Icahn invests through three vehicles: two hedge funds, Icahn Partners and Icahn Management LP, and a private equity firm, American Real Estate Partners. Over the past decade, he returned on average annually 20%.

    Icahn’s stock portfolio, valued at $24.6 billion, is diversified among a variety of sectors: industrials, energy, consumer capital, technology and health care. He also holds large, activist stakes in several companies, including Nuance Technologies (NUAN), Talisman Energy (NYSE:TLM), Hologic Inc. (NASDAQ:HOLX), Transocean Ltd. (NYSE:RIG) and Netflix (NASDAQ:NFLX).

    In decades past, the investor became known for strong arming companies into making changes. His approach has softened somewhat, though he made his mark on several companies this year that he felt were not serving shareholders to their fullest. In March, he famously attempted (and ultimately failed) to save Dell (DELL) investors from what he believed was a low-ball offer from its founder, Michael Dell, to take the company private. He also for several months ending in November battled (successfully) for Transocean (NYSE:RIG)’s board to increase its dividend to $3 and reduce its number of board seats.

    Perhaps most notable of Icahn’s escapades this year, in December he pressured Apple (NASDAQ:AAPL) CEO Tim Cook to return $50 billion to shareholders in the form of share buybacks. For months this year, he also insisted the company raise its dividend.

    In a stroke of genius on the open market, Icahn joined George Soros early in the year in making a long bet in favor of Herbalife (NYSE:HLF), just after Bill Ackman made a public short case against the company, imploding its stock. Year to date, Herbalife stock has soared 168%. In August, Icahn told Fox news he ultimately realized a $500 million profit on the position.

    Going forward, Icahn sees an unfavorable environment for stocks. He told Reuters in November: "I am very cautious on equities today. This market could easily have a big drop… Very simplistically put, a lot of the earnings are a mirage. They are not coming because the companies are well run but because of low interest rates."

    However, the outlook for his brand of activism holds more promise, in his view, as he said through Icahn Enterprises in November:

    “Most importantly to current IEP unit holders is that in my opinion there has never been a better time than today for activist investing, if practiced properly. Several factors are responsible for this: 1) extremely low interest rates, which make acquisitions much less costly and therefore much more attractive, and 2) the current awareness by many institutional investors that the prevalence of mediocre top management and non-caring boards at many of America's companies must be dealt with if we are ever going to end high unemployment and be able to compete in world markets. I believe that the greatly increasing need for a catalyst to make acquisitions possible and to make mediocre managements accountable will be of meaningful benefit to IEP in future years. As a corollary, I expect that low interest rates will greatly increase the ability of the companies IEP controls to make judicious, friendly or not so friendly, acquisitions.”

    He also reminded investors, “An investment in IEP stock made at the beginning of 2000 has increased by approximately 1,500%, or an average annual return of 22%, through October 31, 2013.”


    See Carl Icahn’s portfolio here.

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  • Apple Explains to Shareholders Why It Is Rejecting Carl Icahn's $50 Billion Buyback Proposal


    Shareholder Proposal of a Non-Binding Advisory Resolution Relating to the Company’s Capital Return Program


  • Herbalife: Is Bill Ackman Right or Wrong?

    It's tough to be sure whether Bill Ackman, the Pershing Square founder and a savvy investor, is right or wrong about his Herbalife (NYSE:HLF) short position. After all, the stock is up by more than 130% year-to-date and Ackman is losing well over $500 million. In addition, other great investors such as George Soros and Carl Icahn have made fortunes by betting on the company's shares. That said, it's tough to deny the company has been defending itself in dubious manners against the investor's tough accusations.

    Tough Accusations


  • The Cash Return Boom

    With interest rates still at record lows (borrowing money is still very cheap), the U..S economy healing fast and activist investors such as Daniel Loeb and Carl Icahn more active than ever, companies are returning cash at a steady pace. According to the Wall Street Journal, “Combined stock buybacks and cash dividends totaled $207 billion in the three months ended Sept. 30, which also marked the highest level since the fourth quarter of 2007.” Let's take a look at two companies that are among those large capitalization players that should keep increasing their cash returns to shareholders.


  • It Might Be the Time for Beer

    After a couple of capital increases and what looks like a weak strategy for its growth in different South American countries, Chile's beer king Compania Cervecerias Unidas (NYSE:CCU) – most commonly knows as CCU - is selling at a steep discount to its peers. In other words, being down by 23% year to date, I think it might be the time to start thinking of buying CCU's shares.

    A Weak Growth Strategy


  • Herbalife Spikes on News of Re-Audited Financials - Carl Icahn Says Stock Is Still Undervalued

    Herbalife (NYSE:HLF) got some good news with the results of its re-audited 2010 to 2012.  

  • Hologic’s Opportunity (Icahn Sees It. Do You?)

    Hologic Inc. (NASDAQ:HOLX) is a company that develops, manufactures and supplies medical imaging systems, and diagnostic and surgical products serving the health care needs of women. It has a very strong presence in breast health and diagnosis, the largest of their four market segments GYN surgical and skeletal health being the two other big ones. The firm sells and services its products in an overly competitive market through a combination of direct sales and service forces, and a network of independent distributors and sales representatives.

    Hologic’s sales this year have dropped by 5.4 percent while the firm’s debt remains substantial. So, one question arises: Is it time to sell or time to be patient?  

  • Five-Year lows: Frank’s International NV, Eldorado Gold Corp, TransAlta Corporation, CVR Refining LP

    According to GuruFocus list of five-year lows, these Guru stocks have reached their five-year lows: Frank’s International NV, Eldorado Gold Corp., TransAlta Corporation and CVR Refining LP.

    Frank's International NV (NYSE:FI) Reached the Five-Year Low of $26.39  

  • Apple: Supporting Carl Icahn

    A few months ago, Carl Icahn, who is one of Apple's (NASDAQ:AAPL) largest shareholders, asked for a $150 billion share buyback. Icahn agreed with another successful activist investor, David Einhorn, who also believed that through a $150 billion buyback Apple's shares could soar by a third. That said, the former corporate rider now seems to be satisfied with a much more humble $50 billion buyback. What has happened?

    A Master Negotiator  

  • Nominate Guru of the Year 2013

    A year of momentous events and generally upbeat market is winding down. Therefore, it’s time to look back at which money manager stood out the most and name them Guru of the Year 2013.

    Last year, the Fairholme Fund’s Bruce Berkowitz won the title with 46.7% of the votes, followed by David Tepper and Prem Watsa. Berkowitz garnered much notice last year as his fund returned from a 32.43% decline in 2011 to a 36.8% gain in 2012, when the troubled banks he bet too early on began to turn around.  

  • New Guru Stock Adds - Icahn and Nuance, Gabelli and Layne Christensen

    Carl Icahn made his second purchase of Nuance Communications (NASDAQ:NUAN) in the fourth quarter, boosting his holding by 1,376,600 shares to 60,310,323 shares on Dec. 6 to Dec. 10, according to GuruFocus Real Time Picks. This expands his ownership stake in the company from 18.99% to 19.06%.

    Corporate activist Carl Icahn has shown acute interest in Nuance Communications this year. He started a position with the company in the first quarter, buying just under 4 million shares when the price averaged $21. He then aggressively added to the position in the second and third quarters, buying more than 27 million shares and 20 million shares when the price averaged $20 and $19, respectively.  

  • On Following Great Investors

    According to the press, some great activist investors such as Carl Icahn and Daniel Loeb are now selling their stakes in different companies. As a matter of fact, last week, Icahn and Keith Meister, from Corvex Management, sold their stakes at Take-Two Interactive Software (NASDAQ:TTWO) and ADT Corporation (NYSE:ADT), respectively. Meanwhile Loeb liquidated his huge position in Yahoo (NASDAQ:YHOO) earlier this year. Should you always follow great investor’s moves?

    Follow Process Not Trades   

  • Billionaire Buzz on Three Tech Stocks

    Nuance Communications Inc. is creating a buzz with voice recognition and language-smart technologies that can enhance productivity across a number of industries. The company reported financial results for its fourth quarter of fiscal 2013, ended Sept. 30, 2013, with revenue of $472.2 million (GAAP), up from $468.8 million in the same quarter of fiscal 2012. Also in the fourth quarter of fiscal 2013, the company reported a net loss of ($32.3) million (GAAP), translating as a loss of ($0.10) per share. In the same quarter a year ago, Nuance’s net income was $117.6 million, with earnings of $0.36 per diluted share. The company reported $93.5 million cash flow from operations in the reporting quarter, compared to cash flow a year ago at $141.5 million.

    Here’s an update on NUAN, championed by Guru Carl Icahn, and two more technology stocks creating a billionaire buzz.  

  • Guinness Peat - Value Contest

    Guinness Peat Group (GPG) dominates its industry, is managed in the interest of shareholders, is financially strong and most importantly, it can be bought at a huge discount to its fair value.

    I - Business and History

  • Two Seats and a 3.3% Icahn Effect – Should We Buy Talisman Energy?

    The oil and gas industry is highly competitive, and this could adversely affect companies’ profitability, as well as their ability to grow and manage their businesses. Companies have implemented strategies like expanding in international markets, redirecting capex toward rich projects and asset divestitures for growing. Let's take a look at Icahn´s last trade and try to explain to investors the reasons of this investment in this complex environment.

    On Dec. 2, Carl Icahn bought Talisman Energy Inc. (NYSE:TLM), a company that engages in the exploration, development, production, transportation, and marketing of crude oil, natural gas, and natural gas liquids, mainly in North America, the North Sea and Southeast Asia.  

  • Nuance Seems to Be Icahn's Most Innovative Company

    On Dec. 4, Carl Icahn added Nuance Communications Inc. (NASDAQ:NUAN) for the sixth time in the last five months. Nuance provides speech, imaging and keypad solutions for businesses, organizations and consumers worldwide. Let's take a look at this company and try to explain to investors the reasons this is an apparently appealing investment opportunity.

    Next-Generation Dragon Drive  

  • Gurus' Favorite Euro Stocks for Europe's Drop

    Europe saw a steep market drop today. European stocks are down to three-week lows, with declines almost across the board, as 90% of the top 600 stocks are in negative territory, according to CNBC. Weak data precipitated the drop.

    This follows mixed results in November. According to Hedge Fund Research Inc.:  

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User Comments

ReplyRahmi23 - 4 days ago
good job Mr
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ReplyDrKrullebol - 1 month ago
This article also tells us half the story, in fact the half everybody who subscribes to GuruFocus already can find out by themselves.

The other, and much more interesting half is how he hedged his positions in these companies! Please elaborate!
ReplyBashe - 1 year ago
you got Icahn going from 6 million to 104 million you guys charge us for information you got to get the numbers right. does anyone there read the stuff you post?
ReplyRobertbradf@google - 1 year ago
Icahn is known for acquiring large stakes in companies with the intent of changing their corporate strategies.
ReplyTnguye48 - 2 years ago
Is APPLE missing in this portfolio?

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