Glenview Capital’s Q2 moves include selling Broadcom after just one quarter, exiting Meta

Billionaire Larry Robbins’ Glenview Capital Management in Q2 exited Broadcom (NASDAQ:AVGO), after holding a stake in the company for just one quarter, while also selling its position in Meta Platforms (NASDAQ:META) among a host of other moves.

Glenview Capital Management disclosed the information in its latest 13F filing for the three months ended June 30, 2024, published on Wednesday.

After picking up 20K shares in Broadcom (AVGO) in Q1, the fund sold its holdings in the chipmaker in Q2. Glenview also dumped its stake of 109.3K class A shares in Facebook-owner Meta (META).

The fund took several new positions in Q2, including the following: 816.5K class A shares in ride-hailing firm Lyft (NASDAQ:LYFT), 354.2K shares in dating company Match Group (NASDAQ:MTCH), and 233.9K shares in Ticketmaster-parent Live Nation Entertainment (NYSE:LYV).

Moves in Health Care Companies

Glenview was once again active across its portfolio of health care companies in Q2. The fund picked up new positions of 1.43M shares in health insurer Centene (CNC) and 1.31M shares in Canadian specialty pharmaceutical firm Bausch Health (BHC).

Glenview massively piled on to its stake in pharmacy operator CVS Health (CVS) in Q2, to 9.16M shares from 1.70M at the end of Q1. The fund also nearly tripled its position in diagnostics firm Exact Sciences (EXAS) to 629.5K shares from 227.6K.

Turning to generic drugmakers, the fund increased its stake in Viatris (VTRS) by 26.3% to 6.49M shares in Q2, and in Teva Pharmaceutical Industries (TEVA) by 22.1% to 9.16M American depositary shares.

Looking at cuts across the health care portfolio, Glenview trimmed its stake in managed care player Elevance Health (ELV) by 43.4% to 98.6K shares in Q2. The fund also decreased its holdings in hospital operators Universal Health Services (UHS) and Tenet Healthcare (THC) by 42.4% and 26.3%, respectively.

Moves in Other Companies

Glenview cut its stake in tech and retail behemoth Amazon (AMZN) by 13% to 350.4K shares.

The fund also reduced positions in chipmaker Marvell Technology (MRVL) by 37.1% to 862.7K shares in Q2; in agricultural chemicals and seeds provider Corteva (CTVA) by 25.3% to 5.07M shares; and in travel agency Expedia (EXPE) by 2.4% to 599.4K shares.

Conversely, Glenview added on to its stake in ride-hailing giant Uber Technologies (UBER) by 6.1% to 1.20M shares in Q2.

The fund also nearly tripled its holdings in car rental company Avis Budget (CAR) to 529.8K shares in Q2 from about 181K at the end of Q1.

According to Forbes, Larry Robbins’ real time net worth is $2.2B.

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