Einhorn's Greenlight Capital Cuts Apple Stake, Confirms Perrigo Position
May 15 2017 - 6:27PM
Dow Jones News
By Ezequiel Minaya
David Einhorn's Greenlight Capital Inc. cut its holdings in
Apple Inc. by roughly a third in the first quarter, while
confirming a new position of 1.7 million shares in drugmaker
Perrigo Co.
Apple had been one of the firm's largest positions, but Mr.
Einhorn continued trimming the stake in the first three months of
the year by 32% to 3.97 million shares.
Several other money managers disclosed smaller positions in the
iPhone maker in conjunction with Monday's 13F deadline. The stock
has hit repeated highs in recent months amid investor enthusiasm
for the release of the 10th-anniversary iPhone later this year.
Meanwhile, Mr. Einhorn revealed the size of his position in
Perrigo, as of March 31, after saying last month in an investor
letter that he had taken a long position in the pharmaceutical
company. At the time, he touted the company's "dominant" place
selling store-brand, over-the-counter drugs in the U.S.
Mr. Einhorn has also been active at General Motors Co. in recent
weeks and has said it has a 3.6% stake in the automaker. He has
pressed GM to create two classes of stock that would separate its
dividend from its operations in a bid to invigorate the sagging
stock. But GM has rejected the proposal, saying it "creates an
unacceptable level of risk.
Greenlight's positions were disclosed in a 13F filing with the
Securities and Exchange Commission, a quarterly requirement for
investors managing more than $100 million. The report indicates the
number of shares held and the value of each stake at the end of the
quarter.
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
(END) Dow Jones Newswires
May 15, 2017 18:12 ET (22:12 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Perrigo Company Plc Irel... (NYSE:PRGO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Perrigo Company Plc Irel... (NYSE:PRGO)
Historical Stock Chart
From Sep 2023 to Sep 2024