Parnassus Portfolio Changes
Parnassus Investments Shifts Portfolio, Increasing Insulet Stake and Reducing Others.
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Key Points
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In Insulet (PODD), Parnassus’ stake change was accompanied by several other large institutional moves reported for the quarter, including Sei Investments Co. adding 29,584 shares (27.4% increase) to 137,643 shares, Cerity Partners adding 7,030 shares (68.7%) to 17,262, and the Treasurer of the State of North Carolina adding 791 shares (2.5%) to 32,752.
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For Bank of New York Mellon (BNY), an executive transaction was highlighted: EVP J. Kevin McCarthy sold 30,000 shares at an average price of $136.50 for about $4.095 million, after which he directly owned 50,238 shares (reported as a 37.39% decrease).
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The Allstate (ALL) report included additional company fundamentals beyond Parnassus’ position cut, including a debt-to-equity ratio of 0.25, current ratio of 0.36, quick ratio of 0.36, and—at the time of the report—metrics such as market cap of $56.57 billion, P/E of 4.85, beta of 0.18, and trading levels described with a 1-year low of $188.08 and high of $227.62.
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CBRE Group (CBRE) analyst coverage showed multiple specific rating/price-target shifts that were not in the summary: Evercore reaffirmed an “outperform” rating with a $179.00 price objective; UBS raised CBRE from “neutral” to “buy” and increased its price objective from $175.00 to $185.00; and Weiss Ratings downgraded CBRE from “buy (b-)” to a “hold (c+)”.
Parnassus Investments LLC boosted its stake in Insulet Corporation by 10.8%, bringing its holding to 166,904 shares worth about $47.4 million, according to MarketBeat. The San Francisco-based ESG fund made the move while trimming positions in Bank of New York Mellon, Allstate, and CBRE Group — a clear tilt toward healthcare technology and away from banking and real estate.
The portfolio shifts come as analyst sentiment on Insulet stays mixed. TD Cowen issued a "hold" rating on June 1 and cut its price target to $294.00. Analyst Matthew Blackman said the Omnipod 5 is "capturing patients at an outsized rate" but warned that its "advantages vs. peers likely will narrow," according to Investing.com.
Other Institutions Also Pile Into Insulet Shares
Parnassus was not alone in buying Insulet. Sei Investments Co. added 29,584 shares — a 27.4% jump — to reach 137,643 shares total, according to MarketBeat. Cerity Partners went even further, adding 7,030 shares for a 68.7% increase to 17,262 shares. Even the Treasurer of the State of North Carolina added 791 shares, a 2.5% increase to 32,752.
The buying spree reflects a "buy the dip" mentality among big institutions. Despite fears that GLP-1 weight-loss drugs could hurt demand for insulin pumps, Insulet has held onto roughly 21–23% revenue growth expectations for 2026. The stock's consensus rating stands at "Moderate Buy" across 27 analysts, per MarketBeat.
BNY Mellon Insider Sells $4 Million in Shares
While Parnassus trimmed its BNY position by 5.8% to 2,359,440 shares — worth about $273.9 million — an insider move drew extra attention. EVP and General Counsel J. Kevin McCarthy sold 30,000 shares on April 17 at an average price of $136.50, netting roughly $4.095 million, according to Stock Titan. That cut his direct ownership by 37.39%, leaving him with 50,238 shares.
BNY recently reported Q1 earnings per share of $2.25, well above the $1.94 consensus estimate. The stock has been trading near 52-week highs around $137.54. Some analysts read McCarthy's sale as a signal that the stock may be near a short-term valuation ceiling, per MarketBeat.
Analysts Split on CBRE as Parnassus Cuts Its Stake
Parnassus trimmed its CBRE Group stake by 5.7% to 1,694,034 shares, worth about $272.4 million. The cut came amid a sharp divide in analyst opinion. On April 24, Evercore ISI reaffirmed an "outperform" rating with a $179.00 price target. UBS upgraded CBRE from "neutral" to "buy" on February 22 and raised its target to $185.00, with analyst Alex Kramm arguing that "AI fears present a rare buying opportunity," per UBS Research.
But not everyone is bullish. On May 26, Weiss Ratings downgraded CBRE from "buy (B-)" to "hold (C+)," citing valuation concerns, according to Weiss Ratings. Across 13 analysts, the average price target sits at $178.33 with a high of $200. Parnassus' trim suggests a hedge against volatility in commercial real estate, even as tech-focused bulls point to CBRE's data-center revenue potential.
Parnassus Also Cuts Allstate Amid Thin Valuation Metrics
Parnassus reduced its Allstate position by 7.8% to 201,460 shares, valued at roughly $41.9 million. The insurer's fundamentals paint a cautious picture. Its debt-to-equity ratio stands at just 0.25, and both its current and quick ratios sit at 0.36 — a sign of tight short-term liquidity, per MarketBeat. The stock's P/E ratio of 4.85 looks cheap, but its 52-week range of $188.08 to $227.62 shows meaningful price swings.
Parnassus' move away from Allstate and into Insulet fits the firm's broader pattern. CIO Todd Ahlsten has historically sought "asymmetric return potential" — bigger upside than downside risk. Insulet's expansion into the Type 2 diabetes market offers that kind of growth story. Allstate, facing climate-driven claims pressure and low margins, increasingly does not.
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