TD Asset Management Portfolio Rebalance
TD Asset Management Reduces Stakes in Tech and Banking, Increases CRH Holdings
Anonymous
TD Asset Management Inc disclosed multiple changes to its equity holdings across sectors, trimming positions in GE Aerospace, Gilead Sciences, Lam Research, and Canadian Imperial Bank of Commerce while adding to CRH. The firm reduced its GE Aerospace stake slightly (by 0.5%), held roughly 906,445 shares worth about $279 million, and remained within a market environment where analysts were mixed on the stock, with some maintaining buy calls while others lowered targets or downgraded ratings. TD also cut Gilead Sciences by 2.0% to about 3.36 million shares valued at roughly $412 million, and trimmed Lam Research more sharply by 35.2% to about 1.57 million shares valued near $269 million. In banking, TD lowered its Canadian Imperial Bank of Commerce position by 0.2% to about 22.7 million shares worth about $2.06 billion. Offsetting those reductions, TD boosted its CRH stake by 20.6%, increasing holdings by about 569,600 shares to roughly 3.33 million, valued at about $415 million, as the company also reported shareholder returns via a quarterly dividend.
Key Points
1
For GE Aerospace, TD Asset Management said it held 906,445 shares after selling 4,588 during the quarter, and the broader shareholder base is heavily institutional—"74.77% of the stock is currently owned by institutional investors." The article also lists specific analyst moves: UBS cut its GE Aerospace price target from $357 to $350 and kept a “buy,” while BNP Paribas Exane lowered its target from $300 to $270 and rated it “underperform.”
2
For Gilead Sciences, TD trimmed the position to 3,357,740 shares after selling 67,251, and the report adds that institutional ownership stands at "83.67% of the stock is owned by institutional investors." It also highlights other investor activity: Brighton Jones boosted its stake by 20.6% (now 14,359 shares), and Sivia Capital Partners increased by 16.8% (now 4,182 shares).
3
For Lam Research, the filing-level details include TD selling 852,142 shares to leave it with 1,570,447 shares, while institutional ownership is reported at "84.61% of the company’s stock." The article also provides a snapshot of contemporaneous institutional trading that the summary doesn’t cover—for example, Vanguard added 364,949 shares and Norges Bank opened a new stake worth about $3.645 billion.
4
For Canadian Imperial Bank of Commerce, TD Asset Management’s position is described as portfolio-specific context: the stock “makes up 1.7% of TD Asset Management Inc’s portfolio, making the stock its 9th biggest holding,” after TD sold 52,289 shares to end with 22,700,518 shares.
5
For CRH, the report adds market/valuation context not included in the summary: CRH “opened at $106.06,” is described with a one-year range of $86.82 to $131.55, and shows a 50-day moving average of $109.58 and 200-day moving average of $116.29, along with a P/E of 19.64 and beta of 1.31.
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