David Einhorn’s Greenlight Capital Inc. said it bought new stakes in Best Buy Co., CVS Caremark Corp. (CVS) and General Motors Co. (GM), while selling health-care and financial stocks during the first quarter.
The New York-based hedge fund also built new positions in HCA Holdings Inc., Seagate Technology Plc (STX) and Amdocs Ltd. (DOX), according to a Securities and Exchange Commission filing today. A purchase of Yahoo! Inc. shares, also shown in the document, was already announced this month.
Einhorn opened his new position in GM by buying 3.42 million shares of the U.S. automaker, which is 33 percent owned by the Treasury Department, during the quarter that ended in March. He acquired 3.28 million shares in CVS Caremark, the largest U.S. provider of prescription drugs, and a 6 million share stake in Richfield, Minnesota-based Best Buy, boosting the fund’s equity weighting to stocks relying on consumers’ discretionary spending by 5.9 percent.
The firm increased its position in Pfizer Inc. (PFE), the world’s biggest drugmaker, to 24.95 million shares, added 1.39 million Microsoft Corp. (MSFT) shares to a total of 9.07 million and doubled his position in Travelers Cos. to 4.2 million.
Einhorn, who profited from betting against Lehman Brothers Holdings Inc. in 2008, decreased stakes in CIT Group Inc. (CIT), the commercial lender run by John A. Thain, and Fifth Street Finance Corp., while exiting Flagstar Bancorp Inc. (FBC), the Troy, Michigan- based lender, and Everest Re Group Ltd. (RE), the Bermuda-based insurer and reinsurer.
Greenlight divested all its 1.14 million shares of Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer, in the first quarter. The firm also sold stakes in health-care companies Cardinal Health Inc. (CAH) and CareFusion Corp. (CFN), and exited its positions in Health Net Inc. (HNT) and Health Management Associates Inc. (HMA)
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