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Envestnet and Dave & Buster's Stock See Action From Activist Investors -- Barrons.com

Barron's · 01/06/2023 18:35
By Ed Lin

These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity's attaining more than 5% in any class of a company's securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Dec. 29, 2022 through Jan. 4, 2023. Source: VerityData

Activist Holdings

Envestnet (ENV) Impactive Capital revealed an interest in the financial-technology firm of 4,151,033 shares, or 7.5% of the tradable stock. In November, Impactive had disclosed that it was "assessing the magnitude of the changes required at [Envestnet's] board ahead of the company's coming nomination window," given what it believed to be Envestnet's poor performance. On Jan. 4, Impactive nominated four candidates for the board, including Impactive co-founder Lauren Wolfe, for election at the 2023 annual shareholders meeting.

Increases In Holdings

Dave & Buster's (PLAY) Hill Path Capital increased its position in the restaurant and arcade chain to 7,119,765 shares. Hill Path purchased 624,790 Dave & Buster's shares, at prices ranging from $34.14 to $34.97, from Dec. 22 to 30. Hill Path now holds 14.7% of Dave & Buster's outstanding stock. Dave & Buster's entered a revised cooperation agreement in mid-2022 that caps Hill Path's stake at 20%, including the impact of any derivative securities.

Hill Path Partner James Chambers has been a Dave & Buster's director since December 2020. As long as he or another Hill Path representative serves on the board, the 20% maximum will remain in place.

On Jan. 4, Dave and Buster's co-founder James "Buster" Corley died at the age of 72.

Decreases In Holdings

AutoNation (AN) Edward Lampert trimmed his interest in the auto-parts retailer to 5,761,833 shares. That figure includes 4,408 shares held in a liability account overseen by Lampert's ESL Investments as well as 162,002 shares owned by The Lampert Foundation.

Lampert sold 563,934 AutoNation shares, at prices ranging from $103.26 to $117.91, from Dec. 8 through 30. Those were the latest sales in a long run in which he has trimmed his interest to 11.6% from the 15.5% reported in early May 2022.

Immunocore Holdings (IMCR) General Atlantic Partners decreased its stake in the UK-based pharmaceutical company to 3,840,669 American depositary receipts. From Dec. 21 through Jan. 3, General Atlantic sold 516,223 Immunocore ADRs at prices ranging from $57.10 to $57.92. It now owns 8.5% of Immunocore.

General Atlantic disclosed that it had adopted a 10b5-1 trading plan on Dec. 30 to sell potentially all its Immunocore shares. The plan will end on May 12, 2023, regardless of the number of shares sold. General Atlantic Partners Rob Perez serves on Immunocore's board.

In mid-December 2022, Goldman Sachs Group upgraded Immunocore stock to Buy from Neutral, and raised the target price to $80 from $33.

Write to Ed Lin at edward.lin@barrons.com

(END) Dow Jones Newswires

January 06, 2023 18:35 ET (23:35 GMT)

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