Institutional Portfolio Shifts
L2 Asset Management Expands Tapestry Stake Amid Notable Institutional Portfolio Shifts
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Key Points
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Tapestry CEO Joanne C. Crevoiserat sold 27,761 shares on Aug. 19 at an average price of $132.47, reducing her direct stake by about 4% to 666,149 shares (roughly $88.24 million) under a pre-arranged 10b5-1 plan.
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Elevation Point Wealth Partners LLC opened a new Tapestry position in the second quarter by purchasing 6,462 shares worth about $946,000.
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Norges Bank acquired a new stake in Tapestry during the fourth quarter, a position valued at roughly $345.3 million, highlighting continued interest from large sovereign wealth funds.
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Hedge funds and other institutional investors own about 87.17% of Cardinal Health stock, indicating a high level of institutional ownership surrounding the company.
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Algert Global LLC boosted its Royal Gold holdings by 62.2% in the second quarter to 54,060 shares worth about $10.79 million, with institutional ownership of Royal Gold standing at approximately 83.65%.
L2 Asset Management added to its luxury and healthcare holdings in the second quarter, buying 59,310 shares of Tapestry for $8.68 million and 36,690 shares of Cardinal Health for $8.72 million. watchlistnews reported that Tapestry now represents roughly 0.9% of L2's portfolio and ranks as its 25th largest holding, while Cardinal Health holds the same weight at 24th place. The moves signal continued diversification across consumer and healthcare sectors as institutional investors adjust positions.
Tapestry CEO Cuts Holdings Amid Investor Buildup
Tapestry's CEO Joanne C. Crevoiserat sold 27,761 shares on August 19 at $132.47 per share under a pre-arranged plan. watchlistnews reported that this reduced her direct stake by about 4% to 666,149 shares, worth roughly $88.24 million. Meanwhile, other investors like Elevation Point Wealth Partners opened new positions, buying 6,462 Tapestry shares worth $946,000 in the second quarter.
Norges Bank, a major sovereign wealth fund, acquired a new Tapestry stake valued at $345.3 million in the fourth quarter. watchlistnews noted this highlights sustained interest from large institutional players in the luxury retailer despite management selling activity.
Cardinal Health Dominated by Institutional Money
Hedge funds and institutional investors own approximately 87.17% of Cardinal Health's stock, according to watchlistnews. L2's $8.72 million stake represents just a small slice of the healthcare distributor's heavily institutional shareholder base. This concentration signals strong confidence from large money managers in the company's direction.
Algert Increases Bets on Royal Gold Royalties
Algert Global LLC boosted its Royal Gold holdings by 62.2% during the second quarter, purchasing shares worth $10.79 million. tickerreport reported Algert now holds 54,060 shares of the precious metals royalty company. Institutional investors control approximately 83.65% of Royal Gold's outstanding stock, reflecting the asset class's appeal to large money managers seeking steady dividend income.
Broader Institutional Rotation Continues
These moves by L2 and other funds follow a wider reshuffling of positions across multiple sectors in the second quarter. watchlistnews noted that large institutions like Legal & General purchased billions in new stakes across energy, semiconductors, and industrial companies. The activity reflects ongoing portfolio rebalancing as asset managers respond to shifting economic conditions and valuations.
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