At Holdings Channel, we reviewed the latest set of the 37 most recent 13F filings for the 12/31/2023 reporting period, and noted that Medtronic PLC (Symbol: MDT ) was held by 14 of these funds. When hedge fund managers seem to think alike, we find it’s a good idea to take a closer look.
Before we continue, it is important to point out that 13F filings do not tell the whole story, as these funds are only required to disclose their long positions with the SEC, but are not required to disclose theirs short positions A fund making a bearish bet against stocks by shorting calls, for example, might also be long some stocks as they trade around their overall bearish position. This long component might appear on a 13F filing and everyone might assume the bottom is bullish, but this only tells part of the story. because the bearish/short side of the position is not seen.
Having given that warning, we believe that looking groups of 13F filings can be revealing, especially when comparing one holding period to another. Below, let’s look at the change in MDT positions, for this latest set of 13F filings:
Fund | New Position? | Change In Share Number | Change In Market Value ($ in 1000’s) |
---|---|---|---|
Hardman Johnston Global Advisors LLC | existing | –2,215 | +$732 |
Vaughan David Investments LLC IL | existing | –4,914 | +$991 |
Garland Capital Management Inc. | existing | –1,170 | +$89 |
Xcel Wealth Management LLC | existing | –2,549 | –$153 |
Company Information Company Name Bay Colony Advisory Group Inc Brief Description: Bay Colony Advisors | existing | –4,327 | –$328 |
Glassy Mountain Advisors Inc. | existing | –224 | +$118 |
Beverly Hills Private Wealth LLC | existing | –3,029 | –$209 |
Conning Inc. | existing | +1,490 | +$258 |
Carnegie Capital Asset Management LLC | existing | –4,842 | –$286 |
Vontobel Holding Ltd. | existing | +8,770 | +$4,338 |
River Street Advisors LLC | existing | –1986 | –$120 |
Keene & Associates Inc. | existing | –364 | +$128 |
Kades & Cheifetz LLC | existing | +16 | +$34 |
DHJJ Financial Advisors Ltd. | existing | UNCH | +$1 |
Total Change: | –15,344 | +$5,593 |
In terms of shares owned, we count 3 of the above funds as having increased existing MDT positions from 09/30/2023 to 12/31/2023, with 10 decreasing their positions. It is worth noting that NewEdge Wealth LLC, included in this recent set of 13F filings, issued MDT common stock effective 12/31/2023.
Looking beyond these particular funds in this set of most recent filings, we calculated the MDT share count overall among everyone of the funds that held MDT at the reporting period of 12/31/2023 (out of the 1,966 we looked at in total). We then compared that number to the sum of MDT shares held by those same funds at the 09/30/2023 period, to see how the aggregate share count held by hedge funds moved for MDT. We found that between these two periods, funds increased their holdings by 1,771,915 shares in total, from 66,684,835 to 68,456,750 for a share count increase of approximately 2.66%. The total top three funds holding MDT on 12/31/2023 were:
We will continue to follow the latest 13F filings by hedge fund managers and bring you interesting stories derived from looking at the aggregate information across groups of managers between filing periods. Looking at individual 13F filings can sometimes be misleading due to the long-only nature of the information, the sum total groups of financials from one reporting period to another can be much more revealing and relevant, providing interesting stock ideas that merit further investigation, such as Medtronic PLC (Symbol: MDT).
10 S&P 500 Components Hedge Funds Are Buying »
See also:
• Institutional Holders of LGI
• Funds Holding GBUY
• LFEQ YTD Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.