Glenview Capital Management, founded in 2000 by Larry Robbins (Trades, Portfolio), is a privately held investment management firm. Robbins’ investments are primarily focused on the U.S. with a smaller amount of exposure in Western Europe.
The following are his most notable trades during the third quarter.
Robbins increased his stake in Cigna Corp. (CI) by 62.89% with an impact of 1.19% on the portfolio. The holding is 3.08% of his total assets and 1.78% of the company’s outstanding shares.
The company is a health services organization with insurance subsidiaries that are providers of medical, dental, disability, life and accident insurance and related products and services. In the U.S., the majority of these products and services are offered through employers and other groups and in selected international markets. The company reported a 7% increase for consolidated revenues, and adjusted income from operations had a growth of 11%.
GuruFocus gives Cigna a profitability and growth rating of 7 out of 10 with good returns (ROE 19.08%, ROA 3.76%) that are overperforming 59% of the companies in the Global Health Care Plans industry. Financial strength has a rating of 7 out of 10 with a weak cash-to-debt of 0.46 that is below the industry median of 1.57.
Dodge & Cox is the company's largest shareholder among the gurus with 5% of outstanding shares followed by Vanguard Health Care Fund (Trades, Portfolio) with 2.22%.
Robbins sold out his stake in McDonald's Corp. (MCD) with an impact of -1.09% on the portfolio.
The company franchises and operates McDonald's restaurants in the food service industry. These restaurants serve a broad menu at various price points in more than 100 countries around the world. During the third quarter global comparable sales grew by 4.0% and consolidated revenues had a decrease of 5%.
GuruFocus gives McDonald's a profitability and growth rating of 7 out of 10 with strong returns (ROE 38.95%, ROA 12.97%) that are overperforming 88% of the companies in the Global Restaurants industry. Financial strength has a rating of 8 out of 10 with a weak cash-to-debt of 0.14 that is far below the industry median of 0.62.
The company's largest shareholder among the gurus is Mason Hawkins (Trades, Portfolio) with 0.92% of outstanding shares followed by First Eagle Investment (Trades, Portfolio) with 0.63% and Jeremy Grantham (Trades, Portfolio) with 0.2%.
Robbins increased his stake in Monsanto Co. (MON) by 21.94% with an impact of 1.03% on the portfolio. The holding is 5.72% of his total assets and 3.07% of the company’s outstanding shares.
Monsanto is a provider of agricultural products for farmers. It offers corn, soybean, cotton, wheat, canola, sorghum and sugar cane seeds. Its segments are Seeds and Genomics and Agricultural Productivity. The company delivered solid results for the third quarter in which gross profit was 60% compared to 55% in the same quarter of a year before.
GuruFocus gives Monsanto a profitability and growth rating of 8 out of 10 with strong returns (ROE 30.23%, ROA 10.34%) that are overperforming 86% of the companies in the Global Agricultural Inputs industry. Financial strength has a rating of 8 out of 10 with a weak cash-to-debt of 0.41 that is above the industry median of 0.33.
Robbins is the company's largest shareholder among the gurus followed by Frank Sands (Trades, Portfolio) who holds 2.81% of outstanding shares and PRIMECAP Management (Trades, Portfolio) with 2.7%.
Robbins reduced his stake in VCA Inc. (WOOF) by 36.93% and with an impact of -1.02% on the portfolio. The holding is 2.11% of his total assets and 10.01% of outstanding shares of the company.
VCA is a national animal health care company operating in the United States and Canada. It provides veterinary services and diagnostic testing to support veterinary care and sells diagnostic imaging equipment and other medical technology products and related services to the veterinary market.
GuruFocus gives VCA a profitability and growth rating of 7 out of 10 with strong returns (ROE 14.52%, ROA 7.48%) that are overperforming 70% of the companies in the Global Medical Care industry. Financial strength has a rating of 8 out of 10 with a weak cash-to-debt of 0.09 that is far below the industry median of 0.30.
Robbins is the company's largest shareholder among the gurus followed by Jim Simons (Trades, Portfolio) who holds 1.77% of outstanding shares and Steven Cohen (Trades, Portfolio) with 0.39%.
Robbins reduced his stake in Citigroup Inc. (C) by 77.31% with an impact of -0.9% on the portfolio. The holding represents 0.3% of his total assets.
It is a financial services holding company, whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking, credit cards, corporate and investment banking, securities brokerage and wealth management. During the third quarter net interest margin was 2.94% and year-to-date return on Tangible Common Equity was 10.0%.
GuruFocus gives Citigroup a profitability and growth rating of 5 out of 10 with weak returns (ROE 6.22%, ROA 0.78%) that are underperforming 66% of the companies in the Global Banks - Global industry. Financial strength has a rating of 6 out of 10, with a cash-to-debt of 0.68 that is below the industry median of 1.55
James Barrow (Trades, Portfolio) is the company's largest shareholder among the gurus with 0.73%% of outstanding shares followed by HOTCHKIS & WILEY with 0.55% and Ken Fisher (Trades, Portfolio) with 0.4%.
Robbins reduced his stake in Fidelity National Financial Inc. (FNF) by 70.25% with an impact of -0.81% on the portfolio. The holding is 0.41% of his total assets.
Fidelity National Financial is a provider of title insurance, technology and transaction services to the real estate and mortgage industries.
GuruFocus gives Fidelity National Financial a profitability and growth rating of 6 out of 10 with a strong ROA 5.51% that is overperforming 71% of the companies in the Global Insurance - Specialty industry. Financial strength has a rating of 6 out of 10 with a weak cash-to-debt of 0.36 that is far below the industry median of 4.67.
The company's largest shareholder among the gurus is Steve Mandel (Trades, Portfolio) with 1.84% of outstanding shares followed by RS Investment Management (Trades, Portfolio) with 0.7% and Larry Robbins (Trades, Portfolio) with 0.67%.
Robbins reduced his stake in T-Mobile US Inc. (TMUS) by 80.45% with an impact of -0.8% on the portfolio. The holding is 0.25% of his total assets.
The company provides wireless communications services, including voice, messaging and data services in the postpaid, prepaid and wholesale markets. During the third quarter it had 2.3 million total net adds which is the 10th consecutive quarter of more than 1 million. The company delivered 11% service revenue growth and 42% growth in adjusted EBITDA compared to the third quarter of 2014.
GuruFocus gives T-Mobile US a profitability and growth rating of 7 out of 10 with weak returns (ROE 3.17%, ROA 0.95%) that are underperforming 55% of the companies in the Global Telecom Services industry. Financial strength has a rating of 6 out of 10 with a weak cash-to-debt of 0.12 that is below the industry median of 0.41.
John Paulson (Trades, Portfolio) is the company's largest shareholder among the gurus, with 2.89%% of outstanding shares followed by Daniel Loeb (Trades, Portfolio) with 0.8% and Steven Cohen (Trades, Portfolio) with 0.19%.
Robbins bought 4,585,170 shares of Agilent Technologies Inc. (A) with an impact of 0.78% on the portfolio. The holding is 0.78% of his total assets and 1.38% of the company’s outstanding shares.
Agilent Technologies is a measurement company, providing core bioanalytical and electronic measurement solutions to the life sciences, chemical analysis, communications and electronics industries.
GuruFocus gives Agilent Technologies a profitability and growth rating of 8 out of 10 with strong returns (ROE 9.07%, ROA 4.91%) that are overperforming 68% of the companies in the Global Diagnostics & Research industry. Financial strength has a rating of 8 out of 10, with a positive cash-to-debt of 1.25; even so it is still below the industry median of 3.06.
The company's largest shareholder among the gurus is Vanguard Health Care Fund (Trades, Portfolio) with 2.41% of outstanding shares followed by PRIMECAP Management (Trades, Portfolio) with 1.56% and Larry Robbins (Trades, Portfolio) with 1.38%.
The investor increased his stake in McKesson Corp. (MCK) by 76.48% with an impact of 0.72% on the portfolio. The holding is 1.66% of his total assets and 0.79% of the company’s outstanding shares, making Robbins the third-largest shareholder among the gurus.
The company delivers pharmaceuticals, medical supplies and health care information technology that make health care safer while reducing costs. The company operates in two segments.
GuruFocus gives McKesson a profitability and growth rating of 6 out of 10 with a strong ROE of 20.58% that is overperforming 86% of the companies in the Global Medical Distribution industry. Financial strength has a rating of 8 out of 10, with a weak cash-to-debt of 0.57 that is at the same level of the industry median of 0.59.
Vanguard Health Care Fund (Trades, Portfolio) is the company's largest shareholder among the gurus, with 2.81% of outstanding shares followed by Andreas Halvorsen (Trades, Portfolio) with 0.99%.
