Thu, May 21, 9:17 AM
- New additions to Goldman's hedge fund hotels - 50 stocks which most frequently appear among the largest ten holdings of hedge funds: AerCap (NYSE:AER), Assured Guaranty (NYSE:AGO), Baker Hughes (NYSE:BHI), Citizens Financial (NYSE:CFG), Colony Capital (NYSE:CLNY), Dresser-Rand (NYSE:DRC), Family Dollar (NYSE:FDO), Hospira (NYSE:HSP), Netflix (NASDAQ:NFLX), NXP Semi (NASDAQ:NXPI), Pharmacyclics (NASDAQ:PCYC), Visa (NYSE:V), and Walgreens (NASDAQ:WBA).
- Since 2001, the basket has outperformed the S&P 500 in 66% of quarters by an average of 73 basis points. YTD, however, it has underperformed by nine bps. Goldman notes the current basket overweights Consumer Discretionary (22%) and underweights Consumer Staples (2%).
- Looking at the full list, Actavis (NYSE:ACT) leads the way, with 77 funds naming the stock as a top 10 holding. Next up is Apple (NASDAQ:AAPL) with 69, then Facebook (NASDAQ:FB) at 42. For the entire list of 50, the average is 26 funds making a stock a top 10 holding.
- The rest in order: Valeant (NYSE:VRX), Microsoft (NASDAQ:MSFT), DirecTV (NASDAQ:DTV), Citigroup (NYSE:C), Time Warner (NYSE:TWC), Delta (NYSE:DAL), Cheneire (NYSEMKT:LNG), Yahoo (NASDAQ:YHOO), Liberty Global (NASDAQ:LBTYK), AIG, SunEdison (NYSE:SUNE), Air Products (NYSE:APD), Amazon (NASDAQ:AMZN), GM, BofA (NYSE:BAC), JPMorgan (NYSE:JPM), Macquarie Infrastructure (NYSE:MIC), American Airlines (NASDAQ:AAL), Charter Communications (NASDAQ:CHTR), Google (GOOG, GOOGL), Ally Financial (NYSE:ALLY), NorthStar Realty (NYSE:NRF), Priceline (NASDAQ:PCLN), eBay (NASDAQ:EBAY), MasterCard (NYSE:MA), Alibaba (NYSE:BABA), Micron (NASDAQ:MU), Williams (NYSE:WMB), Gilead (NASDAQ:GILD), Berkshire Hathaway (BRK.A, BRK.B), Dolar General (NYSE:DG), NorthStar Asset (NYSE:NSAM), Brookdale Senior (NYSE:BKD), DISH Network (NASDAQ:DISH).
- See also: Goldman updates list of hedge funds most-shorted stocks (May 21)
Thu, May 7, 4:26 PM| Comment!
Wed, May 6, 5:35 PM
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Thu, Apr. 9, 11:21 AM
- Under pressure from activist investor Sandell Asset Management, Brookdale Senior Living (BKD +0.2%) is mulling a sale of its real estate to HCP (HCP -2%) or Ventas (VTR -1.6%), according to dealReporter, which says talks between BKD and the possible buyers are underway.
- Brookdale management prefers to postpone any sale for about six months while it completes the integration of Emeritus Senior Living - purchased last year for $1.4B.
- Previously: Brookdale Senior +3% on potential real estate sale (April 8)
Wed, Apr. 8, 3:10 PM| 3 Comments
Tue, Mar. 17, 9:28 AM
- The portfolio of 35 private-pay senior housing communities from Chartwell Retirement Residences has 5,025 units. The portfolio will be purchased using a RIDEA joint venture structure, with HCP owning 90% and Brookdale (NYSE:BKD) 10%.
- Brookdale has operated the communities since 2011 and will continue to do so post-closing.
- The portfolio is located in eight states with concentrations in Florida, Texas, and Colorado; it's expected to generate a first year cash yield of about 6.6%.
- Closing is expected in Q3.
- Source: Press Release
Fri, Feb. 6, 3:55 PM
- Brookdale Senior Living (BKD +6.4%) jumps on a 2.5x surge in volume in response to the public disclosure of a letter and white paper from activist shareholder Sandell Asset Management imploring management to unlock the intrinsic $49 per share value of the company, principally by separating its owned real estate assets into a REIT via a tax-free spin-off to shareholders.
- Sandell CEO Tom Sandell says, "We are disappointed that the Board has not committed to unlocking the significant value we believe is embedded in the company's owned real estate portfolio, especially with senior living real estate valuations at all-time highs. By their own admission, management has classified its owned portfolio as having great "scarcity" value given its scale and desirability."
- In a open response to the letter, Brookdale management says the company is committed to acting in the best interests of shareholders and it is considering Sandell's suggestions.
- BKD shares currently exchange hands at ~$36.50.
Wed, Feb. 4, 4:25 PM| Comment!
Tue, Feb. 3, 5:35 PM
- ACXM, ADEP, AFFX, AFOP, ALL, APU, ATML, AWH, BDN, BGC, BKD, BMR, CATM, CBG, CDNS, CEB, CINF, CLW, CMRE, CNW, DATA, ENS, EPM, ESS, EXAR, FBHS, FEIC, FMC, FORM, FOXA, G, GEOS, GIL, GLUU, GMCR, GPRE, HI, HUBG, ININ, IRBT, LCI, LNC, MAA, MAC, MTGE, MTRX, MUSA, NE, NXPI, ORLY, OSUR, PAA, PAGP, PMT, PNNT, PRE, PRU, PSEC, QUIK, RE, RRTS, RXN, SPB, SU, SYA, THG, TTMI, TWO, TYL, UA, UGI, UHAL, WFT, WGL, WSTL, YUM
Mon, Jan. 26, 11:29 AM
- Brookdale Senior Living (BKD -10%) slumps on a 3x spike in volume after the company announced that it expects to report Q4 cash from facility operations (CFFO) of $0.53 per share, which is $0.10 lower that Q3's $0.63.
- Management lowered its 2015 CFFO guidance to $2.60 - 2.75 from $2.95 - 3.10.
- The company plans to report Q4 and full-year results on February 4 after the close. The conference call be held the next day, February 5, at 10:00 am ET.
- Consensus view for Q4 and 2014 are EPS of $0.64 and $2.60 on revenues of $1.23B and $3.81B, respectively.
Nov. 17, 2014, 7:29 AM| 1 Comment
Nov. 5, 2014, 5:08 PM
Nov. 4, 2014, 5:35 PM
- ABTL, ACAS, ACLS, ALNY, ALSK, ANDE, AR, AREX, ASH, ATO, ATSG, AVG, AWK, BALT, BCOR, BIOS, BKD, BREW, BWC, CBS, CDE, CF, CLR, CODI, CPE, CSOD, CTL, CVG, CXO, DATA, DEPO, DK, DPM, DRYS, DVR, DYN, ECOL, ECYT, EFC, ENS, ENSG, ETE, ETP, EXAR, EXXI, FMI, FNV, G, GNW, GPOR, GSM, HOLX, HTCH, IL, INWK, IO, JCOM, KGC, KW, LBTYA, LHCG, LPSN, MBI, MCHX, MCP, MDR, MDWD, MED, MHLD, MIDD, MRIN, MTDR, MTRX, MUSA, MWE, NDLS, NLY, NVAX, NWSA, OILT, ORA, ORIG, OSUR, PAA, PLNR, PMT, PODD, POWR, PPO, PRGN, PRU, PTC, QCOM, QEP, QUAD, RGP, RNDY, RUTH, SB, SBY, SCTY, SD, SKUL, SLF, SSNI, SSRI, STMP, SUSP, SWIR, SWM, SXL, SYMC, SZYM, TCAP, TEAR, TEG, TERP, THOR, TNGO, TPC, TRAK, TROX, TRUE, TS, TSLA, TSRO, TTEC, TXTR, UHAL, VVUS, WBMD, WFM, WMC, WMGI, WR, WTI, WWWW, XPO, Z
Sep. 9, 2014, 9:22 AM
- The offering was upsized to 8.955M shares from 8.75M and it priced at $33.50 each for net proceeds of about $287.1M. The underwriters have a greenshoe option to buy another 1.343M shares at that price.
- Proceeds will be used to fund the exercise of purchase options on certain communities currently leased to the company. Brookdale (NYSE:BKD) will also pay of certain debt carrying a weighted-average interest rate of 7.3%.
- Source: Press Release
- Shares -0.9% premarket to $34.20.
Sep. 2, 2014, 8:50 AM
- The $1.2B joint venture will initially own a portfolio of 14 entry fee continuing care retirement communities, with HCP investing $324M of cash into the JV. Brookdale (NYSE:BKD) will continue to manage the communities.
- In addition, the two closed on amendments to the triple-net leases on 202 HCP-owned senior housing communities formerly operated by Emeritus Corporation (which Brookdale acquired in July).
- Source: Press Release
Aug. 6, 2014, 7:09 PM
- Brookdale Senior Living (BKD -1.4%) Q2 results: Total Revenues: $748.4M (+4.4%); Resident Fees: $653.5M (+5.2%); Operating Expenses: $717.7M (+4.3%); Operating Income: $30.7M (+8.1%); Net Loss: ($3.3M) (+36.5%); Loss Per Share: ($0.03) (+25.0%); Quick Assets: $50.9M (-13.0%); CF Ops (1H): $144.2M (-0.4%).
- 2015 Guidance: Cash from facility operations: $2.95 - 3.10 per share.
BKD vs. ETF Alternatives
Brookdale Senior Living Inc is an operator of senior living communities in the United States with a total capacity of approximately 143 communities in 46 states and the ability to serve approximately 111,000 residents.
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