Daniel Loeb, founder of Third Point LLC, a New York-based hedge fund managing over $2.3 billion in assets, bought 22 new stocks in the second quarter for his portfolio of 40 stocks. Read his thoughts on the market and his holdings in his second-quarter letter here.
The largest new buys are: UnitedHealth Group (UNH, Financial), News Corp. (NWSA, Financial), Cabot Oil & Gas Corp. (COG, Financial), Plains Exploration & Gas Corp. (PXP, Financial) and Coca-Cola Enterprises (CCE, Financial).
UnitedHealth Group (UNH)
Loeb bought 1.8 billion shares of UnitedHealth Group at an average price of $57 in the second quarter. The stock has declined 7% since.
UnitedHealth Group Inc. offers health care coverage and related services to help people achieve improved health and well-being through all stages of life. UnitedHealth Group Inc. has a market cap of $53.85 billion; its shares were traded at around $52.81 with a P/E ratio of 10.6 and P/S ratio of 0.5. The dividend yield of UnitedHealth Group Inc. stocks is 1.6%. UnitedHealth Group Inc. had an annual average earnings growth of 18.2% over the past 10 years. GuruFocus rated UnitedHealth Group Inc. the business predictability rank of 3.5-star.
News Corp. (NWS)
Loeb bought 4 million shares of News Corp. at an average price of $20 in the second quarter. The stock has since increased 17% from that price.
News Corporation's diversified global operations include the production and distribution of motion pictures and television programming; television, satellite and cable broadcasting; the publication of newspapers, magazines, books; the production and distribution of promotional and advertising products and services; the development of digital broadcasting; the development of conditional access and subscriber management systems; and the creation and distribution of popular online programming. News Corp. has a market cap of $57.16 billion; its shares were traded at around $23.54 with a P/E ratio of 16.9 and P/S ratio of 1.7. The dividend yield of News Corp. stocks is 0.7%.
Cabot Oil & Gas Corp. (COG)
Loeb bought 2 million shares of Cabot Oil & Gas Corp. at an average price of $34 in the second quarter of 2012. The stock has since advanced 24%. He owned a position of 930,000 shares of the company which he bought at an average price of $31 in the second quarter of 2008, and sold out at an average price of $22.50 in the third quarter of 2008.
Cabot Oil & Gas Corp. is an independent oil and gas company engaged in the exploration, development, acquisition and exploitation of oil and gas properties located in four areas of the U.S.: the onshore Texas and Louisiana Gulf Coast; the Rocky Mountains; Appalachia; and the Mid-Continent or Anadarko Basin. Cabot Oil & Gas Corporation has a market cap of $9 billion; its shares were traded at around $42.19 with a P/E ratio of 99.7 and P/S ratio of 9.2. The dividend yield of Cabot Oil & Gas Corp. stocks is 0.2%. Cabot Oil & Gas Corp. had an annual average earnings growth of 13.5% over the past 10 years. GuruFocus rated Cabot Oil & Gas Corp. the business predictability rank of 2.5-star.
Plains Exploration & Production Company (PXP)
Loeb bought 2.2 million shares of Plains Exploration & Production Company at an average price of $38 in the second quarter. He has traded the stock intermittently over the years. Most recently, he bought 2.1 million shares at an average price of $32 in the fourth quarter of 2011, and sold out the position at an average price of $42 in the first quarter of 2012.
Plains Exploration & Production Company is an independent oil and gas company primarily engaged in the activities of acquiring, developing, exploring and producing oil and gas properties primarily in the U.S. Plains Exploration & Production Company has a market cap of $5.28 billion; its shares were traded at around $41.44 with a P/E ratio of 25.9 and P/S ratio of 2.7.
Coca-Cola Enterprises (CCE)
Loeb bought 2.75 million shares of Coca-Cola Enterprises at an average price of $28 in the second quarter. He previously purchased 2,002,000 shares of the company at an average price of $23 in the first quarter of 2010. He sold out that position in the third quarter of 2010 at an average price of $29.
Coca-Cola Enterprises is the world's largest marketer, distributor and producer of bottle and can liquid nonalcoholic refreshment. Coca-cola Enterprises Inc. has a market cap of $8.83 billion; its shares were traded at around $29.22 with a P/E ratio of 13.6 and P/S ratio of 1.1. The dividend yield of Coca-Cola Enterprises Inc. stocks is 2.2%.
The largest position that Daniel Loeb sold out of are:
Google Inc. (GOOG)
Daniel Loeb sold 280,000 shares of Google in the second quarter of 2012 at an average price of $600. He had opened the position in the first quarter at an average price of $616.
Google is a public and profitable company focused on search services. Google has a market cap of $209.95 billion; its shares were traded at around $671.35 with a P/E ratio of 18.8 and P/S ratio of 5.5. Google had an annual average earnings growth of 51.9% over the past 10 years. GuruFocus rated Google the business predictability rank of 2.5-star.
Marvell Technology Group Ltd. (MRVL)
Loeb sold out his entire position of 9,250,000 shares of Marvell Technology Group at an average price of $13.50. He had opened the position with 10 million shares at an average price of $14 in the fourth quarter of 2011, and sold 750,000 shares at an average price of $16 in the first quarter of 2012.
Marvell Technology is a designer, developer and supplier of mixed-signal and digital signal processing integrated circuit for high-speed, high-density, digital data storage and broadband digital data networking markets. Marvell Technology Group Ltd. has a market cap of $6.82 billion; its shares were traded at around $12.085 with a P/E ratio of 11.9 and P/S ratio of 2. The dividend yield of Marvell Technology Group Ltd. stocks is 2%. Marvell Technology Group Ltd. had an annual average earnings growth of 32.3% over the past 10 years. GuruFocus rated Marvell Technology Group Ltd. the business predictability rank of 2.5-star.
Medco Health Solutions (MHS)
Loeb closed his entire position of 2 million shares of Medco Health Solutions at an average price of $65 in the second quarter of 2012. The company was acquired by Express Scripts (ESRX) in April for $29.1 billion.
Family Dollar Stores Inc. (FDO)
Loeb sold out his entire position of 2.15 million shares of Family Dollar Stores at an average price of $67 per share. He had initiated the position at an average price of $56 in the first quarter of 2012.
Family Dollar Stores is one of the fastest growing discount store chains in the U.S. Family Dollar Stores has a market cap of $7.45 billion; its shares were traded at around $63.605 with a P/E ratio of 18 and P/S ratio of 0.9. The dividend yield of Family Dollar Stores stocks is 1.3%. Family Dollar Stores had an annual average earnings growth of 10.8% over the past 10 years. GuruFocus rated Family Dollar Stores the business predictability rank of 4-star.
El Paso LLC (EP)
Loeb closed his position of 4 million shares of El Paso LLC at an average price of $29.55 in the second quarter of 2011. He initiated the position in the first quarter of 2011 at an average price of $16. El Paso Corp was acquired by Kinder Morgan Inc. (KMI) in May for $21.1 billion.
See Daniel Loeb’s portfolio here. Also check out the Undervalued Stocks, Top Growth Companies and High Yield stocks of Daniel Loeb.
The largest new buys are: UnitedHealth Group (UNH, Financial), News Corp. (NWSA, Financial), Cabot Oil & Gas Corp. (COG, Financial), Plains Exploration & Gas Corp. (PXP, Financial) and Coca-Cola Enterprises (CCE, Financial).
UnitedHealth Group (UNH)
Loeb bought 1.8 billion shares of UnitedHealth Group at an average price of $57 in the second quarter. The stock has declined 7% since.
UnitedHealth Group Inc. offers health care coverage and related services to help people achieve improved health and well-being through all stages of life. UnitedHealth Group Inc. has a market cap of $53.85 billion; its shares were traded at around $52.81 with a P/E ratio of 10.6 and P/S ratio of 0.5. The dividend yield of UnitedHealth Group Inc. stocks is 1.6%. UnitedHealth Group Inc. had an annual average earnings growth of 18.2% over the past 10 years. GuruFocus rated UnitedHealth Group Inc. the business predictability rank of 3.5-star.
News Corp. (NWS)
Loeb bought 4 million shares of News Corp. at an average price of $20 in the second quarter. The stock has since increased 17% from that price.
News Corporation's diversified global operations include the production and distribution of motion pictures and television programming; television, satellite and cable broadcasting; the publication of newspapers, magazines, books; the production and distribution of promotional and advertising products and services; the development of digital broadcasting; the development of conditional access and subscriber management systems; and the creation and distribution of popular online programming. News Corp. has a market cap of $57.16 billion; its shares were traded at around $23.54 with a P/E ratio of 16.9 and P/S ratio of 1.7. The dividend yield of News Corp. stocks is 0.7%.
Cabot Oil & Gas Corp. (COG)
Loeb bought 2 million shares of Cabot Oil & Gas Corp. at an average price of $34 in the second quarter of 2012. The stock has since advanced 24%. He owned a position of 930,000 shares of the company which he bought at an average price of $31 in the second quarter of 2008, and sold out at an average price of $22.50 in the third quarter of 2008.
Cabot Oil & Gas Corp. is an independent oil and gas company engaged in the exploration, development, acquisition and exploitation of oil and gas properties located in four areas of the U.S.: the onshore Texas and Louisiana Gulf Coast; the Rocky Mountains; Appalachia; and the Mid-Continent or Anadarko Basin. Cabot Oil & Gas Corporation has a market cap of $9 billion; its shares were traded at around $42.19 with a P/E ratio of 99.7 and P/S ratio of 9.2. The dividend yield of Cabot Oil & Gas Corp. stocks is 0.2%. Cabot Oil & Gas Corp. had an annual average earnings growth of 13.5% over the past 10 years. GuruFocus rated Cabot Oil & Gas Corp. the business predictability rank of 2.5-star.
Plains Exploration & Production Company (PXP)
Loeb bought 2.2 million shares of Plains Exploration & Production Company at an average price of $38 in the second quarter. He has traded the stock intermittently over the years. Most recently, he bought 2.1 million shares at an average price of $32 in the fourth quarter of 2011, and sold out the position at an average price of $42 in the first quarter of 2012.
Plains Exploration & Production Company is an independent oil and gas company primarily engaged in the activities of acquiring, developing, exploring and producing oil and gas properties primarily in the U.S. Plains Exploration & Production Company has a market cap of $5.28 billion; its shares were traded at around $41.44 with a P/E ratio of 25.9 and P/S ratio of 2.7.
Coca-Cola Enterprises (CCE)
Loeb bought 2.75 million shares of Coca-Cola Enterprises at an average price of $28 in the second quarter. He previously purchased 2,002,000 shares of the company at an average price of $23 in the first quarter of 2010. He sold out that position in the third quarter of 2010 at an average price of $29.
Coca-Cola Enterprises is the world's largest marketer, distributor and producer of bottle and can liquid nonalcoholic refreshment. Coca-cola Enterprises Inc. has a market cap of $8.83 billion; its shares were traded at around $29.22 with a P/E ratio of 13.6 and P/S ratio of 1.1. The dividend yield of Coca-Cola Enterprises Inc. stocks is 2.2%.
The largest position that Daniel Loeb sold out of are:
Google Inc. (GOOG)
Daniel Loeb sold 280,000 shares of Google in the second quarter of 2012 at an average price of $600. He had opened the position in the first quarter at an average price of $616.
Google is a public and profitable company focused on search services. Google has a market cap of $209.95 billion; its shares were traded at around $671.35 with a P/E ratio of 18.8 and P/S ratio of 5.5. Google had an annual average earnings growth of 51.9% over the past 10 years. GuruFocus rated Google the business predictability rank of 2.5-star.
Marvell Technology Group Ltd. (MRVL)
Loeb sold out his entire position of 9,250,000 shares of Marvell Technology Group at an average price of $13.50. He had opened the position with 10 million shares at an average price of $14 in the fourth quarter of 2011, and sold 750,000 shares at an average price of $16 in the first quarter of 2012.
Marvell Technology is a designer, developer and supplier of mixed-signal and digital signal processing integrated circuit for high-speed, high-density, digital data storage and broadband digital data networking markets. Marvell Technology Group Ltd. has a market cap of $6.82 billion; its shares were traded at around $12.085 with a P/E ratio of 11.9 and P/S ratio of 2. The dividend yield of Marvell Technology Group Ltd. stocks is 2%. Marvell Technology Group Ltd. had an annual average earnings growth of 32.3% over the past 10 years. GuruFocus rated Marvell Technology Group Ltd. the business predictability rank of 2.5-star.
Medco Health Solutions (MHS)
Loeb closed his entire position of 2 million shares of Medco Health Solutions at an average price of $65 in the second quarter of 2012. The company was acquired by Express Scripts (ESRX) in April for $29.1 billion.
Family Dollar Stores Inc. (FDO)
Loeb sold out his entire position of 2.15 million shares of Family Dollar Stores at an average price of $67 per share. He had initiated the position at an average price of $56 in the first quarter of 2012.
Family Dollar Stores is one of the fastest growing discount store chains in the U.S. Family Dollar Stores has a market cap of $7.45 billion; its shares were traded at around $63.605 with a P/E ratio of 18 and P/S ratio of 0.9. The dividend yield of Family Dollar Stores stocks is 1.3%. Family Dollar Stores had an annual average earnings growth of 10.8% over the past 10 years. GuruFocus rated Family Dollar Stores the business predictability rank of 4-star.
El Paso LLC (EP)
Loeb closed his position of 4 million shares of El Paso LLC at an average price of $29.55 in the second quarter of 2011. He initiated the position in the first quarter of 2011 at an average price of $16. El Paso Corp was acquired by Kinder Morgan Inc. (KMI) in May for $21.1 billion.
See Daniel Loeb’s portfolio here. Also check out the Undervalued Stocks, Top Growth Companies and High Yield stocks of Daniel Loeb.
