Third Point Trims Baxter International Stake ~ market folly

Friday, March 3, 2017

Third Point Trims Baxter International Stake

Dan Loeb's hedge fund firm Third Point has filed an amended 13D and a Form 4 with the SEC regarding its stake in Baxter International (BAX).  Per the filing, Third Point now owns 8.5% of BAX with just over 46 million shares.

Per the Form 4, they sold over 5.9 million shares on February 28th at $50.35.  As detailed in our Hedge Fund Wisdom newsletter, Baxter has been Third Point's top position for some time, with a stake worth over $2 billion.  You can view the rest of Third Point's portfolio in the brand new issue.

Per Google Finance, Baxter International is "provides a portfolio of essential renal and hospital products, including home, acute and in-center dialysis; sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition; biosurgery products and anesthetics, and pharmacy automation, software and services. The Company operates through two segments: Hospital Products and Renal. Its Hospital Products business manufactures IV solutions and administration sets, premixed drugs and drug-reconstitution systems, pre-filled vials and syringes for injectable drugs, IV nutrition products, infusion pumps, inhalation anesthetics, and biosurgery products. The business also provides products and services related to pharmacy compounding, and drug formulation. The Renal business provides products and services to treat end-stage renal disease, or irreversible kidney failure and acute kidney injuries."

For more on this hedge fund, also check out Third Point's Q4 letter.

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