Jacobson’s Highfields Trims Stake in McDonald’s, Sells Microsoftby
Highfields sold out of its position in Yahoo! in first quarter
Firm adds to consumer stakes, buying Marriott and Walgreens
The Boston-based firm sold 7.14 million shares in McDonald’s valued at $808 million as of March 31, according to a government filing Monday. It also sold 12.79 million shares of Microsoft for $709.7 million and 7.2 million shares in Yahoo! valued at about $239.5 million.
The Highfields sale comes as Satya Nadella attempts to turnaround Microsoft by transitioning to cloud and subscription-based products from dependence on one-time purchases that hurt revenue. McDonald’s stock has rallied as Steve Easterbrook, who became chief executive in March 2015, has slimmed down corporate staff and revamped drive-thru ordering. McDonald’s remains Highfields’ largest holding.
Highfields added to its consumer holdings, taking a new 6.86 million share stake in Marriott International Inc. valued at $488.3 million, and buying 2.79 million shares of Walgreens Boots Alliance Inc.
Money managers who oversee more than $100 million in equities must file a Form 13F within 45 days of each quarter’s end to list their U.S.-traded stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.