GuruFocus Premium Membership

Serving Intelligent Investors since 2004. Only 96 cents a day.

Free Trial

Free 7-day Trial
All Articles and Columns »

Greenlight Capital Buys Boston Scientific Corp., Ralcorp Holdings Inc., Pfizer Inc., Becton Dickinson, Sells Smithfield Foods Inc., Teekay Corp.

After losing 17.6% in 2008, David Einhorn’s Greenlight Capital gained 32% in 2009. He is one of the few who made a nice profit in the past two years, and a young guru who is certainly worth to be followed. Like Warren Buffett, he also runs an insurance company, the publicly traded Greenlight Re.

In the fourth quarter of 2009. David Einhorn did more selling than buying. These are the details of the buys and sells.Greenlight Capital Inc. David Einhorn owns 41 stocks with a total value of $2.9 billion.

For the details of David Einhorn's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=David+Einhorn

This is the sector weightings of his portfolio:

Health Care 26%
Financials 22%
Consumer Services 12.1%
Technology 10.2%
Industrials 8.5%
Oil & Gas 5.2%
Consumer Goods 1.9%
Basic Materials 0.8%


These are the top 5 holdings of David Einhorn

  1. Boston Scientific Corp. (BSX) - 32,668,000 shares, 10.01% of the total portfolio
  2. Pfizer Inc (PFE) - 14,804,098 shares, 9.16% of the total portfolio
  3. Carefusion Corp. (CFN) - 8,718,724 shares, 7.42% of the total portfolio
  4. Cardinal Health Inc. (CAH) - 6,550,500 shares, 7.19% of the total portfolio
  5. CIT Group Inc. (CIT) - 6,320,922 shares, 5.94% of the total portfolio


Added: Pfizer Inc (PFE)

David Einhorn added to his holdings in Pfizer Inc by 23.5%. His purchase prices were between $16.15 and $18.85, with an estimated average price of $17.82. The impact to his portfolio due to this purchase was 1.74%. His holdings were 14,804,098 shares as of 12/31/2009.

Pfizer Inc is a research-based, global pharmaceutical company that discovers and develops innovative, value-added products that improve the quality of life of people around the world and help them enjoy longer, healthier, and more productive lives. Pfizer Inc has a market cap of $142.99 billion; its shares were traded at around $17.72 with a P/E ratio of 8.8 and P/S ratio of 2.9. The dividend yield of Pfizer Inc stocks is 4.1%. Pfizer Inc had an annual average earning growth of 11% over the past 10 years.

Added: Foster Wheeler Ag. (FWLT)

David Einhorn added to his holdings in Foster Wheeler Ag. by 92.89%. His purchase prices were between $27.89 and $33.73, with an estimated average price of $30.63. The impact to his portfolio due to this purchase was 0.35%. His holdings were 724,833 shares as of 12/31/2009.

Foster Wheeler AG, formerly Foster Wheeler Limited, along with its subsidiaries provide construction and engineering services to the oil and gas, oil refining, chemical/petrochemical, pharmaceutical, environmental, and power plant operation and maintenance sectors worldwide. Foster Wheeler Ag. has a market cap of $3.55 billion; its shares were traded at around $27.97 with a P/E ratio of 8.4 and P/S ratio of 0.5.

Added: Urs Corp. (URS)

David Einhorn added to his holdings in Urs Corp. by 4.81%. His purchase prices were between $38.12 and $45.75, with an estimated average price of $42.3. The impact to his portfolio due to this purchase was 0.25%. His holdings were 3,608,167 shares as of 12/31/2009.

URS Corporation offers a broad range of planning, design, and program and construction management services for transportation, hazardous waste, industrial processing and petrochemical, general building and water/wastewater projects. Urs Corp. has a market cap of $3.89 billion; its shares were traded at around $46.33 with a P/E ratio of 15.5 and P/S ratio of 0.4.

New Purchase: Boston Scientific Corp. (BSX)

David Einhorn initiated holdings in Boston Scientific Corp.. His purchase prices were between $7.99 and $10.29, with an estimated average price of $8.68. The impact to his portfolio due to this purchase was 10.01%. His holdings were 32,668,000 shares as of 12/31/2009.

Boston Scientific Corporation is a worldwide developer, manufacturer and marketer of minimally invasive medical devices. Boston Scientific Corp. has a market cap of $11.19 billion; its shares were traded at around $7.41 with a P/E ratio of 11.4 and P/S ratio of 1.4. Boston Scientific Corp. had an annual average earning growth of 11.6% over the past 10 years.

New Purchase: Cit Group Inc. (CIT)

David Einhorn initiated holdings in Cit Group Inc.. His purchase prices were between $26.04 and $29.64, with an estimated average price of $27.92. The impact to his portfolio due to this purchase was 5.94%. His holdings were 6,320,922 shares as of 12/31/2009.

CIT Group Inc. is a bank holding company that provides financing and leasing capital for commercial companies throughout the world. Cit Group Inc. has a market cap of $13.11 billion; its shares were traded at around $32.38 . Cit Group Inc. had an annual average earning growth of 27.2% over the past 5 years.

New Purchase: Ralcorp Holdings Inc. (RAH)

David Einhorn initiated holdings in Ralcorp Holdings Inc.. His purchase prices were between $53.44 and $60.68, with an estimated average price of $56.9. The impact to his portfolio due to this purchase was 1.83%. His holdings were 899,770 shares as of 12/31/2009.

Ralcorp Holdings, Inc. is primarily engaged in the manufacturing, distribution and marketing of private label and branded ready-to-eat cereal products and snacks, branded and private label crackers and cookies, and branded baby food and juices. Ralcorp Holdings Inc. has a market cap of $3.73 billion; its shares were traded at around $65.86 with a P/E ratio of 13.9 and P/S ratio of 1. Ralcorp Holdings Inc. had an annual average earning growth of 16% over the past 10 years. GuruFocus rated Ralcorp Holdings Inc. the business predictability rank of 4.5-star.

New Purchase: Becton Dickinson And Company (BDX)

David Einhorn initiated holdings in Becton Dickinson And Company. His purchase prices were between $66.6 and $79.72, with an estimated average price of $73.09. The impact to his portfolio due to this purchase was 1.78%. His holdings were 665,000 shares as of 12/31/2009.

Becton, Dickinson and Co. is engaged principally in the manufacture and sale of a broad line of supplies, devices and systems used by health care professionals, medical research institutions and the general public. Becton Dickinson And Company has a market cap of $18.22 billion; its shares were traded at around $76.91 with a P/E ratio of 15.3 and P/S ratio of 2.5. The dividend yield of Becton Dickinson And Company stocks is 1.9%. Becton Dickinson And Company had an annual average earning growth of 10.8% over the past 10 years. GuruFocus rated Becton Dickinson And Company the business predictability rank of 4.5-star.

New Purchase: Energy Partners Ltd. (EPL)

David Einhorn initiated holdings in Energy Partners Ltd.. His purchase prices were between $7.65 and $9.1, with an estimated average price of $8.46. The impact to his portfolio due to this purchase was 0.01%. His holdings were 42,574 shares as of 12/31/2009.

Energy Partners, Ltd. is an independent oil and natural gas exploration and production company based in New Orleans, LA and Houston. Energy Partners Ltd. has a market cap of $399.4 million; its shares were traded at around $9.98 . Energy Partners Ltd. had an annual average earning growth of 8.5% over the past 5 years.

Reduced: Sinclair Broadcast Group Inc. (SBGI)

David Einhorn reduced to his holdings in Sinclair Broadcast Group Inc. by 80.66%. His sale prices were between $2.95 and $5.03, with an estimated average price of $3.86. The impact to his portfolio due to this sale was -0.01%. David Einhorn still held 87,045 shares as of 12/31/2009.

Sinclair Broadcast Group is a diversified broadcasting company that owns or provides programming services pursuant to local marketing agreements to more television stations than any other commercial broadcasting group in the United States. Sinclair Broadcast Group Inc. has a market cap of $439.8 million; its shares were traded at around $5.51 with a P/E ratio of 8.9 and P/S ratio of 0.6.

Reduced: Nike Inc. (NKE)

David Einhorn reduced to his holdings in Nike Inc. by 53.85%. His sale prices were between $61.95 and $66.21, with an estimated average price of $64.27. The impact to his portfolio due to this sale was -0.01%. David Einhorn still held 3,000 shares as of 12/31/2009.

Nike, Inc.'s principal business activity involves the design, development and worldwide marketing of high quality footwear, apparel, equipment, and accessory products. Nike Inc. has a market cap of $31 billion; its shares were traded at around $63.65 with a P/E ratio of 16.7 and P/S ratio of 1.6. The dividend yield of Nike Inc. stocks is 1.7%. Nike Inc. had an annual average earning growth of 13.8% over the past 10 years. GuruFocus rated Nike Inc. the business predictability rank of 5-star.

Reduced: Huntsman Corp. (HUN)

David Einhorn reduced to his holdings in Huntsman Corp. by 89.66%. His sale prices were between $7.75 and $11.51, with an estimated average price of $9.46. The impact to his portfolio due to this sale was -0.04%. David Einhorn still held 99,800 shares as of 12/31/2009.

Huntsman Corporation is among the world's largest global manufacturers of differentiated and commodity chemical products for a variety of industrial and consumer applications. Huntsman Corp. has a market cap of $2.91 billion; its shares were traded at around $12.27 with and P/S ratio of 0.3. The dividend yield of Huntsman Corp. stocks is 3.3%.

Reduced: Endurance Specialty Holdings Ltd. (ENH)

David Einhorn reduced to his holdings in Endurance Specialty Holdings Ltd. by 29.02%. His sale prices were between $35.56 and $38.34, with an estimated average price of $36.94. The impact to his portfolio due to this sale was -0.07%. David Einhorn still held 181,959 shares as of 12/31/2009.

Endurance Specialty Holdings Ltd., through its wholly owned operating subsidiaries, is a global provider of property and casualty insurance and reinsurance. Endurance Specialty Holdings Ltd. has a market cap of $2.08 billion; its shares were traded at around $36.77 with a P/E ratio of 5 and P/S ratio of 1.1. The dividend yield of Endurance Specialty Holdings Ltd. stocks is 2.7%.

Reduced: Barrick Gold Corp. (ABX)

David Einhorn reduced to his holdings in Barrick Gold Corp. by 94.65%. His sale prices were between $34.58 and $47.93, with an estimated average price of $40.59. The impact to his portfolio due to this sale was -0.08%. David Einhorn still held 58,900 shares as of 12/31/2009.

Barrick Gold Corporation is a international gold producer with low-cost mines in North and South America. Barrick Gold Corp. has a market cap of $36.81 billion; its shares were traded at around $37.44 with a P/E ratio of 22.2 and P/S ratio of 4.7. The dividend yield of Barrick Gold Corp. stocks is 1.1%. Barrick Gold Corp. had an annual average earning growth of 4.2% over the past 10 years.

Reduced: Memc Electronic Materials Inc. (WFR)

David Einhorn reduced to his holdings in Memc Electronic Materials Inc. by 60.04%. His sale prices were between $11.98 and $16.3, with an estimated average price of $13.29. The impact to his portfolio due to this sale was -0.11%. David Einhorn still held 415,483 shares as of 12/31/2009.

MEMC Electronic Materials, Inc. is a global producer of polysilicon and silicon wafers. Memc Electronic Materials Inc. has a market cap of $2.88 billion; its shares were traded at around $12.86 with and P/S ratio of 2.5. Memc Electronic Materials Inc. had an annual average earning growth of 50% over the past 5 years.

Reduced: Bj Services Company (BJS)

David Einhorn reduced to his holdings in Bj Services Company by 26.65%. His sale prices were between $17.65 and $21.21, with an estimated average price of $19.18. The impact to his portfolio due to this sale was -0.29%. David Einhorn still held 1,687,053 shares as of 12/31/2009.

BJ Services Company is a provider of pressure pumping and other oilfield services serving the petroleum industry worldwide. Bj Services Company has a market cap of $6.37 billion; its shares were traded at around $21.7 with a P/E ratio of 241.1 and P/S ratio of 1.5. The dividend yield of Bj Services Company stocks is 0.9%. Bj Services Company had an annual average earning growth of 24.7% over the past 10 years.

Reduced: Pattersonuti Energy Inc. (PTEN)

David Einhorn reduced to his holdings in Pattersonuti Energy Inc. by 62.32%. His sale prices were between $14.29 and $17.7, with an estimated average price of $15.8. The impact to his portfolio due to this sale was -0.38%. David Einhorn still held 1,173,620 shares as of 12/31/2009.

Patterson is one of the providers of domestic land drillingservices to major & independent oil & natural gas companies. Pattersonuti Energy Inc. has a market cap of $2.53 billion; its shares were traded at around $16.47 with and P/S ratio of 3.2. The dividend yield of Pattersonuti Energy Inc. stocks is 1.2%. Pattersonuti Energy Inc. had an annual average earning growth of 26% over the past 10 years. GuruFocus rated Pattersonuti Energy Inc. the business predictability rank of 2.5-star.

Reduced: Teradata Corp (TDC)

David Einhorn reduced to his holdings in Teradata Corp by 66.15%. His sale prices were between $26.35 and $32.08, with an estimated average price of $29.6. The impact to his portfolio due to this sale was -1.48%. David Einhorn still held 2,097,717 shares as of 12/31/2009.

Teradata Corporation is the world's largest company focused on raising intelligence through data warehousing and enterprise analytics. Teradata Corp has a market cap of $5.05 billion; its shares were traded at around $29.48 with a P/E ratio of 19.9 and P/S ratio of 3.

Sold Out: Duke Realty Corp. (DRE)

David Einhorn sold out his holdings in Duke Realty Corp.. His sale prices were between $10.87 and $12.62, with an estimated average price of $11.63.

Duke Realty Corporation is the largest publicly traded office and industrial real estate company in the United States and a member of the Forbes Super 500. Duke Realty Corp. has a market cap of $2.46 billion; its shares were traded at around $10.96 with a P/E ratio of 7.2 and P/S ratio of 1.8. The dividend yield of Duke Realty Corp. stocks is 6.2%. Duke Realty Corp. had an annual average earning growth of 3.7% over the past 10 years.

Sold Out: Amkor Technology Inc. (AMKR)

David Einhorn sold out his holdings in Amkor Technology Inc.. His sale prices were between $5.48 and $7.4, with an estimated average price of $6.39.

Amkor is the world's largest independent provider of semiconductorpackaging and test services. Amkor Technology Inc. has a market cap of $1.17 billion; its shares were traded at around $6.37 with a P/E ratio of 15.9 and P/S ratio of 0.5. Amkor Technology Inc. had an annual average earning growth of 38.8% over the past 5 years.

Sold Out: Smithfield Foods Inc. (SFD)

David Einhorn sold out his holdings in Smithfield Foods Inc.. His sale prices were between $12.64 and $17.12, with an estimated average price of $15.2.

Smithfield Foods, Inc. is one of the world's largest pork processors and hog producer. Smithfield Foods Inc. has a market cap of $2.76 billion; its shares were traded at around $16.62 with and P/S ratio of 0.2. Smithfield Foods Inc. had an annual average earning growth of 1.9% over the past 10 years.

Sold Out: Teekay Corp. (TK)

David Einhorn sold out his holdings in Teekay Corp.. His sale prices were between $19.77 and $25.08, with an estimated average price of $23.42.

Teekay Shipping Corporation is a provider of international crude oil and petroleum product transportation services through the world's largest fleet of medium size oil tankers. Teekay Corp. has a market cap of $1.76 billion; its shares were traded at around $24.22 with and P/S ratio of 0.6. The dividend yield of Teekay Corp. stocks is 5.2%. Teekay Corp. had an annual average earning growth of 29.6% over the past 10 years. GuruFocus rated Teekay Corp. the business predictability rank of 2-star.

Sold Out: Aercap Holdings N.v. (AER)

David Einhorn sold out his holdings in Aercap Holdings N.v.. His sale prices were between $7.97 and $9.25, with an estimated average price of $8.71.

AERCAP HOLDINGS is an integrated global aviation company with a market position in aircraft and engine leasing, trading and parts sales. Aercap Holdings N.v. has a market cap of $705.8 million; its shares were traded at around $8.3 with a P/E ratio of 5.6 and P/S ratio of 0.6.

Sold Out: Echostar Corporation (SATS)

David Einhorn sold out his holdings in Echostar Corporation. His sale prices were between $17.85 and $20.94, with an estimated average price of $19.58.

ECHOSTAR CORP is a publicly traded company. They intend to operate two primary businesses, a digital set-top box business and a fixed satellite services business. Echostar Corporation has a market cap of $1.63 billion; its shares were traded at around $19.26 with and P/S ratio of 0.8.

Sold Out: Anixter International Inc. (AXE)

David Einhorn sold out his holdings in Anixter International Inc.. His sale prices were between $38.5 and $47.95, with an estimated average price of $44.11.

Anixter International Inc. is a global distributor of communication products used in building enterprise and service provider data, voice and video networks. Anixter International Inc. has a market cap of $1.44 billion; its shares were traded at around $41.99 with a P/E ratio of 19.8 and P/S ratio of 0.3. Anixter International Inc. had an annual average earning growth of 13% over the past 10 years.

Sold Out: Danaos Corporation (DAC)

David Einhorn sold out his holdings in Danaos Corporation. His sale prices were between $3.96 and $5.12, with an estimated average price of $4.5.

Danaos Corporation is a international owner of containerships, chartering vessels to many of the world's largest liner companies. Danaos Corporation has a market cap of $225.3 million; its shares were traded at around $4.13 with a P/E ratio of 2.9 and P/S ratio of 0.8.

Sold Out: Colonial Properties Trust (CLP)

David Einhorn sold out his holdings in Colonial Properties Trust. His sale prices were between $9.9 and $12.11, with an estimated average price of $11.11.

Colonial Properties Trust is one of the largest owners, developers and operators of multifamily, office and retail properties in the Sunbelt region of the United States. Colonial Properties Trust has a market cap of $763.9 million; its shares were traded at around $11.52 with a P/E ratio of 5.3 and P/S ratio of 2.2. The dividend yield of Colonial Properties Trust stocks is 5.2%.

Sold Out: General Cable Corp. (BGC)

David Einhorn sold out his holdings in General Cable Corp.. His sale prices were between $28.79 and $40.27, with an estimated average price of $32.65.

General Cable Corp. is a leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the communications, energy and electrical markets. General Cable Corp. has a market cap of $1.27 billion; its shares were traded at around $24.48 with a P/E ratio of 9 and P/S ratio of 0.3. General Cable Corp. had an annual average earning growth of 3.1% over the past 10 years.

Sold Out: Liberty Media Corp. Interactive Common S (LINTA)

David Einhorn sold out his holdings in Liberty Media Corp. Interactive Common S. His sale prices were between $10.27 and $12.13, with an estimated average price of $11.11.

Liberty Media Corporation owns a broad range of electronic retailing, media, communications and entertainment businesses and investments. Liberty Media Corp. Interactive Common S has a market cap of $6.24 billion; its shares were traded at around $11 with and P/S ratio of 0.9. Liberty Media Corp. Interactive Common S had an annual average earning growth of 20.8% over the past 5 years.

Sold Out: Belden Inc. (BDC)

David Einhorn sold out his holdings in Belden Inc.. His sale prices were between $22.1 and $26.52, with an estimated average price of $23.61.

Belden CDT Inc. is one of the largest U.S.-based manufacturers of high- speed electronic cables and focuses on products for the specialty electronics and data networking markets, including connectivity. Belden Inc. has a market cap of $1.03 billion; its shares were traded at around $21.97 with a P/E ratio of 18.9 and P/S ratio of 0.7. The dividend yield of Belden Inc. stocks is 0.9%.

Sold Out: Novatel Wireless Inc. New (NVTL)

David Einhorn sold out his holdings in Novatel Wireless Inc. New. His sale prices were between $7.77 and $12.36, with an estimated average price of $9.38.

Novatel Wireless, Inc. is a provider of wireless data modems and software for use with handheld computing devices and portable personal computers. Novatel Wireless Inc. New has a market cap of $230.4 million; its shares were traded at around $7.47 with and P/S ratio of 0.7.

Sold Out: Oshkosh Truck Corp. (OSK)

David Einhorn sold out his holdings in Oshkosh Truck Corp.. His sale prices were between $29.52 and $41.62, with an estimated average price of $36.74.

Oshkosh Corporation is a designer, manufacturer and marketer of a broad range of specialty access equipment, commercial, fire & emergency and military vehicles and vehicle bodies. Oshkosh Truck Corp. has a market cap of $3.53 billion; its shares were traded at around $39.42 with a P/E ratio of 21.3 and P/S ratio of 0.7. Oshkosh Truck Corp. had an annual average earning growth of 41.1% over the past 5 years.

Sold Out: Aircastle Ltd. (AYR)

David Einhorn sold out his holdings in Aircastle Ltd.. His sale prices were between $7.73 and $10.15, with an estimated average price of $9.07.

AIRCASTLE LTD are a global company that acquires and leases high utility commercial jet aircraft to passenger and cargo airlines throughout the world. Aircastle Ltd. has a market cap of $778.1 million; its shares were traded at around $9.82 with a P/E ratio of 6 and P/S ratio of 1.3. The dividend yield of Aircastle Ltd. stocks is 4.1%.

Sold Out: Crosstex Energy Inc. (XTXI)

David Einhorn sold out his holdings in Crosstex Energy Inc.. His sale prices were between $4.13 and $6.57, with an estimated average price of $5.25.

Crosstex Energy Inc. owns and controls the general partner of Crosstex Energy, L. Crosstex Energy Inc. has a market cap of $360.4 million; its shares were traded at around $7.75 with and P/S ratio of 0.1.


Rating: 3.0/5 (11 votes)

Comments

pwjones
Pwjones - 4 years ago
great article-very helpful-cannot say enough-
buffetteer17
Buffetteer17 premium member - 4 years ago
I took a cursory look at BSX and found it to be approximately fairly valued. There's a lot of uncertainty for them in the stent market. Recent average free cash flow per share is around $0.50, so to reach a fair value of $7.50, we need a multiplier of 15x. That multiplier requires strong future growth in free cash flow. Debt level is pretty high due to the acquistion of Guidant.

Evidently Einhorn sees something here that I do not. On the strength of his conviction, I will do a more in-depth review of the company. One of the reasons I like gurufocus: plenty of examples where a cursory look fails to turn up real bargains. The fact that a guru bought some stock does not automatically make me buy it, but I do take this a starting point for deeper research.

Please leave your comment:


Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK