Last fall, Kahn Brothers Group sold quite a bit of Merck, in order to buy more Pfizer — tripling its stake in the world’s largest public drugmaker.
Tonight however, the latest Kahn Brothers SEC Schedule 13F filing (as of 12.31.10) discloses that the house accelerated its unwinding of its Merck long position (sold off about twice as many shares as last quarter), but also sold off quite a bit of Pfizer and BMY as well, all prior to December 31, 2010 — per Bloomberg wires:
. . . .Merck | 1,444,712 shares | 33,188 decrease. . .
Pfizer | 2,631,403 shares | 168,675 decrease. . .
Bristol-Myers Squibb | 1,687,185 shares | 66,587 decrease. . . .
Of course, this is only current as of Year-End 2010 — but Kahn then likely got out at over $35, on most of those 33,000 Merck shares. Decidedly better than today’s $32 and change, on the NYSE.