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Eric Mindich Sells Stakes in Catamaran and Alphabet in 3rd Quarter

Quarterly activity emphasizes sales

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Dec 02, 2015
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Eton Park was founded in 2004 by

Eric Mindich (Trades, Portfolio). It is a global alternative investment firm that seeks to provide investors with superior, risk-adjusted returns over the long term. Eton Park invests on behalf of charitable organizations, endowments, pension funds, family offices and others worldwide.

During the third quarter Mindich sold out 11 stakes and reduced another four; the following are his largest sales during the quarter.

Mindich sold out his stake in Catamaran Corp. (CTRX). He sold out his shares at an average price of $61.33 per share with an impact of -8.38% on the portfolio.

The company is a provider of pharmacy benefit management services (PBM) and health care IT solutions to the health care benefit management industry.

The stock is trading with a P/E ratio of 42.60 and has been as high as $18.36 and as low as $15.86 in the past year. It is currently 4.74% below its 52-week high and 10.28% above its 52-week low. According to the DCF calculator, at the current price of $61.47, the company looks overpriced by 32%.

During the third quarter, nine gurus sold out their stakes; the most important sales were from

Wallace Weitz (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio) and Jim Simons (Trades, Portfolio).

Mindich reduced his stake in Alphabet Inc. (GOOG), selling at the average price of $614.57 per share with an impact of -5.06% on the portfolio.

The company operates through subsidiaries including Google Inc., which is engaged in improving the ways people connect with information. Third quarter results show the strength of Google's business, particularly in mobile search in which revenue had a growth of 13% year over year

The stock is trading with a P/E ratio of 32.97 and has been as high as $762.71 and as low as $487.56 in the past year. It is currently 2.64% below its 52-week high and 52.31% above its 52-week low. According to the DCF calculator, at the current price of $742.6, the company looks overpriced by 20%.

Dodge & Cox is the largest guru shareholder with 0.48% of outstanding shares, followed by

PRIMECAP Management (Trades, Portfolio) with 0.37%, Chris Davis (Trades, Portfolio) with 0.22%, Mason Hawkins (Trades, Portfolio) with 0.19% and Andreas Halvorsen (Trades, Portfolio) who holds 0.16% of outstanding shares.

Mindich sold out his stake in AerCap Holdings NV (AER) at the average price of $44.2 per share with an impact of -3.83% on the portfolio.

It is an integrated aviation company, conducting aircraft leasing and trading aircraft. It also provides aircraft management services to other owners of aircraft.

The stock is trading with a P/E ratio of 7.91 and has been as high as $51.50 and as low as $36.56 in the past year. It is currently 11.77% below its 52-week high and 24.29% above its 52-week low. According to the DCF calculator, at the current price of $45.44, the company looks undervalued by 26%.

The company's largest shareholder among the gurus is Donald Smith (Trades, Portfolio) with 4.85% of outstanding shares followed by

David Einhorn (Trades, Portfolio) with 3.72% and Leon Cooperman (Trades, Portfolio) with 2.85%. Mindich holds 1.71% of outstanding shares.

The investor reduced his stake in Zimmer Biomet Holdings Inc. (ZBH) by 50.60% with an impact of -3.01% on the portfolio.

The company is engaged in designing, manufacturing and marketing orthopaedic reconstructive products; sports medicine, biologics, extremities and trauma products; spine, bone healing, craniomaxillofacial and thoracic products; dental implants, and related surgical products. For the third quarter net sales had an increase of 59.3% over the prior year period on a reported basis and an increase of 0.7% on an adjusted pro forma, constant currency basis, but diluted EPS decreased 89.1%.

The stock is trading with a P/E ratio of 90.89 and has been as high as $121.84 and as low as $88.77 in the past year. It is currently 17.10% below its 52-week high and 13.79% above its 52-week low. According to the DCF calculator, at the current price of $101.01, the company looks largely overpriced by 729%.

HOTCHKIS & WILEY is the largest guru shareholder with 1.2% of outstanding shares, followed by

Vanguard Health Care Fund (Trades, Portfolio) with 0.78%, John Rogers (Trades, Portfolio) with 0.62%, Jeremy Grantham (Trades, Portfolio) with 0.32% and Bill Frels with 0.26%.

Humana Inc. (HUM)’s stake was sold out at the average price of $184.79 per share with an impact of -1.85% on the portfolio.

The company is a health care company that offers insurance products and health and wellness services. Its segments include Retail, Employer Group and Healthcare Services.

The stock is trading with a P/E ratio of 19.36 and has been as high as $217.79 and as low as $137.18 in the past year. It is currently 23.26% below its 52-week high and 22.95% above its 52-week low. According to the DCF calculator, at the current price of $168.66, the company looks undervalued by 18%.

The company's largest shareholder among the gurus is

Larry Robbins (Trades, Portfolio) with 5.05% of outstanding shares followed by Vanguard Health Care Fund (Trades, Portfolio) with 3.18% and Andreas Halvorsen (Trades, Portfolio) with 2.6%.

The investor also sold out his stake in Motorola Solutions Inc. (MSI) at the price of $63.05 per share with an impact of -1.36% on the portfolio.

The company is a provider of mission-critical communication infrastructure, devices, software and services. Its communication products and services help government and enterprise customers improve their operations through increased effectiveness and efficiency of their mobile workforces. During the third quarter the company reported a 1% decrease for net sales and 32% growth for non-GAAP EPS from continuing operations.

The stock is trading with a P/E ratio of 29.10 and has been as high as $72.97 and as low as $56.40 in the past year. It is currently 1.63% below its 52-week high and 27.27% above its 52-week low.

Jeff Ubben (Trades, Portfolio) is the largest guru shareholder with 8.51% of outstanding shares, followed by

Leon Cooperman (Trades, Portfolio) with 1.27%, Wallace Weitz (Trades, Portfolio) with 0.53%, and George Soros (Trades, Portfolio) with 0.37%.

Mindich sold out his stake in Stryker Corporation (SYK) at the price of $99.06 per share with an impact of -0.9% on the portfolio.

The company offers medical technologies, including reconstructive, medical and surgical and neurotechnology and spine products. Its business segments are Orthopaedics, MedSurg and Neurotechnology and Spine. Third-quarter net sales grew 1.3%, diluted net earnings per share increased by 393.8% and adjusted diluted net earnings per share increased 8.7% .

The stock is trading with a P/E ratio of 31.40 and has been as high as $105.34 and as low as $89.81 in the past year. It is currently 8.43% below its 52-week high and 7.40% above its 52-week low. According to the DCF calculator, at the current price of $96.46, the company looks overpriced by 184%.

The company's largest shareholder among the gurus is Donald Yacktman (Trades, Portfolio) with 0.84% of outstanding shares followed by

Yacktman Fund (Trades, Portfolio) with 0.53% and Jeremy Grantham (Trades, Portfolio) with 0.45%.

Vodafone Group PLC. (VOD)’s shares have been sold out at the price of $35.57 per share and the trade had an impact of -0.88% on the portfolio.

It is a telecommunications provider. Its services include voice, data and fixed broadband. The geographic regions covered by the company include Europe and Africa, Middle East and Asia Pacific.

The stock is trading with a P/E ratio of 10.41 and has been as high as $39.46 and as low as $30.58 in the past year. It is currently 14.95% below its 52-week high and 30.58% above its 52-week low. The company had a growth of 1.9% for return on EBITDA during the first half of year and group organic service revenue grew by 1.0%.

HOTCHKIS & WILEY is the largest guru shareholder with 0.53% of outstanding shares, followed by James Barrow (Trades, Portfolio) with 0.07%,

First Pacific Advisors (Trades, Portfolio) by 0.05%, Jim Simons (Trades, Portfolio) by 0.04% and Steven Romick (Trades, Portfolio) with 0.04%.

Mindich reduced his stake in Office Depot Inc. (ODP) by 22.60% with an impact of -0.76% on the portfolio.

The company operates its business in three segments: North American Retail Division, North American Business Solutions Division and International Division.

The stock is trading with a forward P/E ratio of 10.89 and has been as high as $9.77 and as low as $6.13 in the past year. It is currently 23.55% below its 52-week high and 7.50% above its 52-week low.

The company's largest shareholder among the gurus is

Jeremy Grantham (Trades, Portfolio) with 2.47% of outstanding shares, then Eric Mindich (Trades, Portfolio) with 2.28% and Paul Singer (Trades, Portfolio) with 1.62%.

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