At Holdings Channel , we have reviewed the latest batch of the 32 most recent 13F filings for the 12/31/2016 reporting period, and noticed that Medtronic PLC (Symbol: MDT) was held by 15 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look.
Before we proceed, it is important to point out that 13F filings do not tell the whole story, because these funds are only required to disclose their long positions with the SEC, but are not required to disclose their short positions. A fund making a bearish bet against a stock by shorting calls, for example, might also be long some amount of stock as they trade around their overall bearish position. This long component could show up in a 13F filing and everyone might assume the fund is bullish, but this tells only part of the story because the bearish/short side of the position is not seen .
Having given that caveat, we believe that looking at groups of 13F filings can be revealing, especially when comparing one holding period to another. Below, let's take a look at the change in MDT positions, for this latest batch of 13F filers:
Change In Share Count
Change In Market Value($ in 1000's)
Foyston Gordon & Payne Inc
Meiji Yasuda Life Insurance Co
Colonial Trust Advisors
New York State Common Retirement Fund
Nomura Holdings Inc.
Cibc World Markets Corp
Rikoon Group LLC
Schwab Charles Investment Management Inc.
ICICI Prudential Asset Management Co Ltd
Cambridge Investment Research Advisors Inc.
RPg Family Wealth Advisory LLC
Cannell Peter B & Co. Inc.
Zacks Investment Management
Smith Affiliated Capital Corp.
In terms of shares owned, we count 3 of the above funds having increased existing MDT positions from 09/30/2016 to 12/31/2016, with 9 having decreased their positions and 3 new positions.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the MDT share count in the aggregate among all of the funds which held MDT at the 12/31/2016 reporting period (out of the 2,240 we looked at in total). We then compared that number to the sum total of MDT shares those same funds held back at the 09/30/2016 period, to see how the aggregate share count held by hedge funds has moved for MDT. We found that between these two periods, funds reduced their holdings by 29,674,337 shares in the aggregate, from 465,573,722 down to 435,899,385 for a share count decline of approximately -6.37%. The overall top three funds holding MDT on 12/31/2016 were:
We'll keep following the latest 13F filings by hedge fund managers and bring you interesting stories derived from a look at the aggregate information across groups of managers between filing periods. While looking at individual 13F filings can sometimes be misleading due to the long-only nature of the information, the sum total across groups of funds from one reporting period to another can be a lot more revealing and relevant, providing interesting stock ideas that merit further research, like Medtronic PLC (Symbol: MDT).