Blue Harbour Group has gone public with a new activist
position. The Greenwich, Connecticut hedge fund firm disclosed
on Monday it owns more than 3.3 million shares of WebMD Health,
or 8.99 percent of the online health care-related content
company. This is up from nearly 1.8 million shares held at
year-end. Blue Harbour now appears to be the second-largest
shareholder in the company.
In a new regulatory filing, Blue Harbour said the shares are
undervalued and that it has met or spoken with management in
the past and plans to do so again in the future. Otherwise, it
does not lay out specific plans, requests or demands. Shares of
WebMD, which has a market capitalization of about $1.9 billion,
rose about 1 percent, to close at $52.53. This is just slightly
above its 52-week low.
Paul Tudor Jones II’s
Tudor BVI Global Fund declined 1.95 percent through the
first two months of the year after dropping about 1.2 percent
February. This is the newer class of the fund, launched in
1986. The macro fund gained less than 1 percent last year.
UBS aggressively raised its price target on Netflix
— the "N" of the so-called FANG stocks — from
$136 to $172, stressing it sees upside to first-quarter
subscriber guidance due to momentum in Europe and Latin America
and what it describes as modest improvements in Japan.
"Netflix is certainly well-liked and not inexpensive, but we
do see the potential for Netflix to exceed Street subscriber
growth expectations and believe that concerns regarding
competition and content costs are misplaced," UBS tells clients
in a note sent on Monday.
At the end of the fourth quarter, the stock was not ranked
among the 50 most popular hedge fund stocks. However, it was a
big favorite among funds with roots in
Julian Robertson Jr.’s Tiger Management. It is
the largest U.S. long of SRS Investment Management, the
Tybourne Capital Management, the eighth-largest of
Coatue Management, and the tenth-largest of
Viking Global Investors. Shares of Netflix Monday rose 2
percent, to close at $141.94.
Toscafund Asset Management participated in the roughly $101
million funding of Atom Bank, a U.K.-based, mobile-only bank.
The London hedge fund firm had previously invested in the
Valeant Pharmaceuticals International fell another 5
percent, to close at $12.41. The stock is now down nearly 15
percent for the year.