Appaloosa Management Snaps Up Allergan Shares In 4th Quarter

Billionaire hedge-fund investor David Tepper's Appaloosa Management was a big buyer of biopharmaceutical firm Allergan PLC in the fourth quarter, according to a Tuesday regulatory filing. Between the end of the third and fourth quarter, Appaloosa boosted its stake in Allergan by more than 3.043 million shares, or 249%, to a total of more than 4.261 million shares, according to filings-tracker Whalewisdom.com, making Allergan the fund's top holding. Appaloosa also reduced its holdings of put options on the SPDR S&P 500 ETF , which give the holder the right but not the obligation to sell the underlying security at a set price. In other moves, Appaloosa bought shares of Teva Pharmaceutical and PNC Financial Services , while selling its stake of 4.165 million shares of Synchrony Financial . Large investors are required to reveal their long equity holdings at the end of each quarter in filings with the Securities and Exchange Commission.