Larry Robbins' Glenview Capital Adds to Rovi Stake ~ market folly

Monday, July 30, 2012

Larry Robbins' Glenview Capital Adds to Rovi Stake

Larry Robbins' hedge fund firm Glenview Capital just filed a 13G with the SEC regarding its position in Rovi Corp (ROVI).  Per the filing, Glenview has revealed a 7.09% ownership stake in Rovi with 7,866,100 shares.

This means they've increased their share count by over 1000% since the end of the first quarter.  Robbins' firm initiated a new position in the first quarter of this year, but only owned 711,000 shares at that time.

Glenview's original purchase in Q1 could have ranged from $25 to $37.  But the bulk of their stake seems to have been bought anywhere between $10 and $30.

However, given the drop in shares the past few weeks (from $18 down to $9), and the timing of this filing, they certainly took advantage of the recent volatility.  The 13G was required due to activity on July 18th.

Per Google Finance, Rovi is "focused on powering the discovery and enjoyment of digital entertainment by providing a set of integrated solutions that are embedded in its customers’ products and services and used by end consumers to simplify and guide their interaction with digital entertainment. The Company’s offerings include content discovery, video delivery and advertising."

For more on this hedge fund, we've posted Larry Robbins' Ira Sohn presentation on THC, HMA, HCA, LPNT and ITC.  We've also highlighted why Larry Robbins likes Life Technologies as well.

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