Einhorn's Greenlight Capital Cuts Apple Stake, Confirms Perrigo Position

   By Ezequiel Minaya 
 

David Einhorn's Greenlight Capital Inc. cut its holdings in Apple Inc. by roughly a third in the first quarter, while confirming a new position of 1.7 million shares in drugmaker Perrigo Co.

Apple had been one of the firm's largest positions, but Mr. Einhorn continued trimming the stake in the first three months of the year by 32% to 3.97 million shares.

Several other money managers disclosed smaller positions in the iPhone maker in conjunction with Monday's 13F deadline. The stock has hit repeated highs in recent months amid investor enthusiasm for the release of the 10th-anniversary iPhone later this year.

Meanwhile, Mr. Einhorn revealed the size of his position in Perrigo, as of March 31, after saying last month in an investor letter that he had taken a long position in the pharmaceutical company. At the time, he touted the company's "dominant" place selling store-brand, over-the-counter drugs in the U.S.

Mr. Einhorn has also been active at General Motors Co. in recent weeks and has said it has a 3.6% stake in the automaker. He has pressed GM to create two classes of stock that would separate its dividend from its operations in a bid to invigorate the sagging stock. But GM has rejected the proposal, saying it "creates an unacceptable level of risk.

Greenlight's positions were disclosed in a 13F filing with the Securities and Exchange Commission, a quarterly requirement for investors managing more than $100 million. The report indicates the number of shares held and the value of each stake at the end of the quarter.

Write to Ezequiel Minaya at [e-mail]

(END) Dow Jones Newswires

May 15, 2017 18:12 ET (22:12 GMT)

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