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Jeff Ubben Makes Large Transactions in Second Quarter

Jeff Ubben ( Trades , Portfolio )'s ValueAct Holdings LP likes to accumulate large stakes in undervalued companies. Ubben made some large buys - and sales - of his own in the second quarter.

Ubben's most significant second-quarter transaction was his sale of 4,389,616 shares from the most valuable stake in his portfolio, Valeant Pharmaceuticals International ( NYSE:VRX ), a Montreal-based pharmaceutical company, for an average price of $221.34 per share. The deal had a -4.82% impact on Ubben's portfolio.

Valeant Pharmaceuticals has a market cap of $71.45 billion and an enterprise value of $105.49 billion. It has a P/E of 99.0, a P/B of 11.8 and a P/S of 7.8.

Ruane Cunniff (Trades, Portfolio), Bill Ackman (Trades, Portfolio), John Paulson (Trades, Portfolio), Glenn Greenberg (Trades, Portfolio), Steve Mandel (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Chris Davis (Trades, Portfolio), Lou Simpson (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Jana Partners (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Lee Ainslie (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Private Capital (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Kyle Bass (Trades, Portfolio), George Soros (Trades, Portfolio) and Ken Fisher (Trades, Portfolio) have shares of Valeant Pharmaceuticals in their portfolios.

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Ubben also reduced his stake in Adobe Systems Inc. ( ADBE ), a San Jose, Calif.-based computer software company, selling 303,014 shares for an average price of $77.96 per share. The transaction had a -0.12% impact on Ubben's portfolio.

Adobe Systems, Ubben's sixth-most valuable stake, has a market cap of $41.74 billion and an enterprise value of $40.23 billion. It has a P/E of 116, a P/B of 6.1 and a P/S of 9.8. PRIMECAP Management (Trades, Portfolio), Frank Sands (Trades, Portfolio), Steve Mandel (Trades, Portfolio), Lee Ainslie (Trades, Portfolio), Eric Mindich (Trades, Portfolio), Dodge & Cox, Jim Simons (Trades, Portfolio) and Mario Gabelli (Trades, Portfolio) have shares of Adobe Systems in their portfolios.

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Ubben bought an 11,100,000-share stake in American Express Co. ( AXP ), a Manhattan-based financial services company, for an average price of $79.32 per share. The deal had a 4.54% impact on Ubben's portfolio.

American Express has a market cap of $74.91 billion and an enterprise value of $111.06 billion. It has a P/E of 13.1, a P/B of 3.4 and a P/S of 2.3.

Warren Buffett (Trades, Portfolio), Chris Davis (Trades, Portfolio), James Barrow (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Bill Frels (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Dodge & Cox, Tom Russo (Trades, Portfolio), John Rogers (Trades, Portfolio), Mark Hillman (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio) and Lee Ainslie (Trades, Portfolio) have shares of American Express in their portfolios.

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Ubben sold two stakes in his portfolio - Precision Castparts Corp. ( PCP ) and Wesco International Inc. ( WCC ).

Ubben sold his 569,185-share stake in Precision Castparts, a Portland, Ore.-based industrial goods company, for an average price of $209.95 per share. The transaction had a -0.66% impact on Ubben's portfolio.

Precision Castparts has a market cap of $31.49 billion and an enterprise value of $35.74 billion. It has a P/E of 22.5, a P/B of 2.8 and a P/S of 3.3.

Warren Buffett (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Jana Partners (Trades, Portfolio), Chris Davis (Trades, Portfolio), Lou Simpson (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Westport Asset Management (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Scott Black (Trades, Portfolio), Tom Russo (Trades, Portfolio), Ron Baron (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Michael Price (Trades, Portfolio), George Soros (Trades, Portfolio), Jim Simons (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Prem Watsa (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) have shares of Precision Castparts in their portfolios.

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Ubben divested himself of his 1,064,800-share stake in Wesco International, a Pittsburgh-based holding company, selling his holding for an average price of $71.68 per share. The deal had a -0.41% impact on his portfolio.

Wesco International has a market cap of $2.15 billion and an enterprise value of $3.46 billion. It has a P/E of 10.3, a P/B of 1.2 and a P/S of 0.3. Columbia Wanger (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Chris Davis (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Scott Black (Trades, Portfolio) and John Burbank (Trades, Portfolio) have shares of Wesco International in their portfolios.

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Ubben added to four existing stakes in the second quarter - Twenty-First Century Fox Inc. ( FOX ), Agrium Inc. (AGU), Halliburton Co. (HAL) and CBRE Group Inc. (CBG).

Ubben added 13,196,334 shares to his fourth-most valuable stake, Twenty-First Century Fox, a Manhattan-based mass media company, paying an average price of $33.16 per share. The transaction had a 2.24% impact on Ubben's portfolio.

Twenty-First Century Fox has a market cap of $52.99 billion and an enterprise value of $65.75 billion. It has a P/E of 6.8, a P/B of 3.1 and a P/S of 1.9.

Ubben is Twenty-First Century Fox's leading shareholder among the gurus; Donald Yacktman (Trades, Portfolio), Yacktman Focused Fund (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Paul Singer (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), MS Global Franchise Fund (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Chris Davis (Trades, Portfolio), Jim Simons (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) have shares of Twenty-First Century Fox in their portfolios.

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Ubben purchased 2,040,446 shares of Agrium, a Canadian agriculture products company and Ubben's eighth-most valuable stake, for an average price of $105.21 per share. The deal had a 1.14% impact on Ubben's portfolio.

Agrium has a market cap of $13.25 billion and an enterprise value of $17.4 billion. It has a P/E of 18.3, a P/B of 2.0 and a P/S of 0.9.

Ubben is Agrium's leading shareholder among the gurus; NWQ Managers (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Jim Simons (Trades, Portfolio), Westport Asset Management (Trades, Portfolio), David Dreman (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), John Buckingham (Trades, Portfolio) and Joel Greenblatt (Trades, Portfolio) have shares of Agrium in their portfolios.

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Ubben bought 3,761,500 shares in Halliburton, a Houston-based oilfield services and equipment company and Ubben's third-most valuable stake, for an average price of $46.04 per share. The transaction had a 0.85% impact on Ubben's portfolio.

Halliburton has a market cap of $31.69 billion and an enterprise value of $36.8 billion. It has a P/E of 20.9, a P/B of 2.0 and a P/S of 1.0.

Ubben is Halliburton's top shareholder among the gurus; Glenn Greenberg (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Jim Simons (Trades, Portfolio), Tweedy Browne (Trades, Portfolio) Global Value, Pioneer Investments (Trades, Portfolio), Stanley Druckenmiller (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Kyle Bass (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Arnold Van Den Berg (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Ronald Muhlenkamp (Trades, Portfolio), John Buckingham (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Ron Baron (Trades, Portfolio), David Dreman (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Michael Price (Trades, Portfolio), Dodge & Cox and Jeremy Grantham (Trades, Portfolio) also have shares of Halliburton in their portfolios.

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Halliburton reported this week that it will be sending out layoff notices in the next two weeks. Halliburton, which had cut about 16% of its global workforce by the end of June, did not specify how many jobs would be affected but confirmed that most will be in the United States.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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