Daniel Loeb, whose fund is posting negative returns this year, reported on Wednesday that he unloaded a portion of one of his highly profitable bets, health care company Baxter International. The sale resulted from the “portfolio concentration level” it had reached in the portfolio of his hedge fund, Third Point. Baxter had revenue growth of 2% to $2.8 billion, along with a 117% increase in net income to $544 million. Shares of Baxter International fell 0.7% on Thursday to $66.79 per share. They had a price-earnings ratio of 30.19, price-sales ratio of 3.92 and price-book ratio near a one-year low at 3.94.

Source: Forbes December 06, 2018 22:52 UTC