Guru Paul Singer (Trades, Portfolio) sold his stake in Family Dollar Stores Inc (FDO, Financial), a North Carolina-based variety store chain, earlier this week, selling 8,236,775 shares for an average price of $79.39 per share. The transaction had a -8.09% impact on Singer’s portfolio.
The day after Singer’s stock sale was announced, the merger of Dollar Tree Stores Inc’s (DLTR, Financial) $8.5 billion purchase of Family Dollar Stores was completed, ending Dollar Tree’s year-long quest to acquire its competitor and creating the largest dollar store chain in the continental U.S. and Canada. Annual revenue is expected to be around $19 billion.
Family Dollar Stores has a market cap of $9.09 billion and an enterprise value of $9.29 billion. It has a P/E of 39.1, a Price/Book of 4.9 and a Price/Sales of 0.9.
Singer was, by far, the largest FDO stockholder of the gurus we follow. Now that Singer has sold his stake, Jim Simons (Trades, Portfolio)’ 338,000-share stake is the largest of the remaining gurus who have invested in FDO. Besides Simons, George Soros (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and Louis Moore Bacon (Trades, Portfolio) have shares of Family Dollar Stores in their portfolios.
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