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Third Point Exits Baxter, Raytheon Technologies

GuruFocus.com
·4 min read

- By Tiziano Frateschi

Daniel Loeb (Trades, Portfolio)'s Third Point Management sold shares of the following stocks during the third quarter, which ended on Sept. 30.


Baxter International

The firm closed its stake in Baxter International Inc. (NYSE:BAX). The trade had an impact of -4.73% on the portfolio.

The medical products manufacturer has a market cap of $42 billion and an enterprise value of $44 billion.

Third Point Exits Baxter, Raytheon Technologies
Third Point Exits Baxter, Raytheon Technologies

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The return on equity of 11.41% and return on assets of 4.83% are outperforming 68% of companies in the medical devices and instruments industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 0.63 is below the industry median of 1.94.

The company's largest guru shareholder is Al Gore (Trades, Portfolio) with 2.10% of outstanding shares, followed by the Vanguard Health Care Fund (Trades, Portfolio) with 1.21% and Pioneer Investments (Trades, Portfolio) with 0.25%.

Raytheon Technologies

The Raytheon Technologies Corp. (NYSE:RTX) position was closed, impacting the portfolio by -4.46%.

The aerospace and defense company has a market cap of $100 billion and an enterprise value of $126 billion.

Third Point Exits Baxter, Raytheon Technologies
Third Point Exits Baxter, Raytheon Technologies

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of -4.88% and return on assets of -1.69% are underperforming 71% of companies in the aerospace and defense industry. Its financial strength is rated 5 out of 10. The cash-debt ratio 0.29 is below the industry median of 0.55.

The largest guru shareholder of the company is Dodge & Cox with 2% of outstanding shares, followed by Chris Davis (Trades, Portfolio) with 0.73% and Barrow, Hanley, Mewhinney & Strauss with 0.43%.

Far Point

The firm exited its position in Far Point Acquisition Corp. (NYSE:FPAC).The portfolio was impacted by -2.21%.

The company has a market cap of $845 million and an enterprise value of $844 million.

Third Point Exits Baxter, Raytheon Technologies
Third Point Exits Baxter, Raytheon Technologies

The return on equity -0.32% and return on assets of -0.31% are outperforming 100% of companies in the diversified financial services industry.

Nike

The firm exited its Nike Inc. (NYSE:NKE) holding, impacting the portfolio by -1.68%.

The athletic footwear and apparel brand has a market cap of $201 billion and an enterprise value of $204 billion.

Third Point Exits Baxter, Raytheon Technologies
Third Point Exits Baxter, Raytheon Technologies

GuruFocus gives the company a profitability and growth rating of 9 out of 10. The return on equity of 29.97% and return on assets of 9.36% are outperforming 93% of companies in the manufacturing, apparel and accessories industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 0.73 is above the industry median of 0.47.

The largest guru shareholder of the company is Frank Sands (Trades, Portfolio) with 0.43% of outstanding shares, followed by Ken Fisher (Trades, Portfolio) with 0.43% and Pioneer Investments with 0.27%.

Evergy

The investment firm exited Evergy Inc. (NYSE:EVRG). The trade had an impact of -1.22% on the portfolio.

The regulated electric utility has a market cap of $12 billion and an enterprise value of $22 billion.

Third Point Exits Baxter, Raytheon Technologies
Third Point Exits Baxter, Raytheon Technologies

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity of 7.33% and return on assets of 2.41% are underperforming 54% of companies in the utilities, regulated industry. Its financial strength is rated 3 out of 10. The cash-debt ratio of 0.04 is far below the industry median of 0.25.

The largest guru shareholder of the company is Jim Simons (Trades, Portfolio)' Renaissance Technologies with 1.81% of outstanding shares, followed by Pioneer Investments with 0.67% and Mario Gabelli (Trades, Portfolio)'s GAMCO Investors with 0.24%.

Activision Blizzard

The investment firm closed its Activision Blizzard Inc. (NASDAQ:ATVI) position. The trade had an impact of -1.71% on the portfolio.

The video game publisher has a market cap of $59.94 billion and an enterprise value of $56.12 billion.

Third Point Exits Baxter, Raytheon Technologies
Third Point Exits Baxter, Raytheon Technologies

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 16.74% and return on assets of 11.18% are outperforming 74% of companies in the interactive media industry. Its financial strength is rated 7 out of 10. The cash-debt ratio of 2.06 is below the industry median of 4.47.

The largest guru shareholder of the company is PRIMECAP Management (Trades, Portfolio) with 0.90% of outstanding shares, followed by Pioneer Investments with 0.35%.

Disclosure: I do not own any stocks mentioned.

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This article first appeared on GuruFocus.