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Starboard Value made a quick buck on medical information site WebMD.
The activist hedge fund run by Jeffrey Smith reported a new 425,000 share stake in WebMD for the second quarter ended in June. The stake was valued at around $24.9 million, according to Starboard's quarterly regulatory filing, which is due about six weeks after a quarter ends.
Last month, KKR announced it planned to buy WebMD for $2.8 billion, a tidy 20 percent gain from where the stock closed before the sale was announced. WebMD's shares are up 33 percent this year, 20 percent in the last three months.
Starboard also reported a new 2 million share stake in real estate investment trust Spirit Realty Capital, and it doubled its holdings of Hewlett Packard Enterprise, to 10.5 million shares, valued at approximately $174 million at the end of the period.
The REIT stake was valued at $14 million.