Joel Kornblau - Wednesday, November 6, 11:05 AMAt Holdings Channel, we have reviewed the latest batch of the 22 most recent 13F filings for the 09/30/2019 reporting period, and noticed that Johnson & Johnson (JNJ) was held by 9 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 JNJ positions, for this latest batch of 13F filers:
|Fund||New Position?||Change In Share Count||Change In Market Value ($ in 1000's)|
|Marble Harbor Investment Counsel LLC||Existing||-226||-$585|
|Prentiss Smith & Co. Inc.||Existing||-300||-$665|
|United Fire Group Inc.||Existing||UNCH||-$377|
|Cowen Prime Services LLC||Existing||-2,590||-$534|
|Beaumont Financial Partners LLC||Existing||+162||-$1,677|
|Mutual of Omaha Bank Wealth Management||Existing||-60||-$181|
|Rational Advisors LLC||Existing||-5,158||-$866|
|Salomon & Ludwin LLC||Existing||+219||+$10|
|FCA Corp TX||Existing||-2,725||-$561|
In terms of shares owned, we count 2 of the above funds having increased existing JNJ positions from 06/30/2019 to 09/30/2019, with 6 having decreased their positions. Worth noting is that Broad Peak Investment Holdings Ltd., included in this recent batch of 13F filers, exited JNJ common stock as of 09/30/2019.
Looking beyond these particular funds in this one batch of most recent filers, we tallied up the JNJ share count in the aggregate among all of the funds which held JNJ at the 09/30/2019 reporting period (out of the 1,921 we looked at in total). We then compared that number to the sum total of JNJ shares those same funds held back at the 06/30/2019 period, to see how the aggregate share count held by hedge funds has moved for JNJ. We found that between these two periods, funds reduced their holdings by 768,903 shares in the aggregate, from 205,590,064 down to 204,821,161 for a share count decline of approximately -0.37%. The overall top three funds holding JNJ on 09/30/2019 were:
|»||Fund||Shares of JNJ Held|
|1.||Massachusetts Financial Services Co. MA||26,492,122|
|2.||Fisher Asset Management LLC||12,081,488|
|3.||Sumitomo Mitsui Trust Holdings Inc.||10,734,182|
|4-10||Find out the full Top 10 Hedge Funds Holding JNJ||»|
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 Johnson & Johnson (JNJ).
Get Free SEC filing alerts for JNJ:
JNJ SEC Filing Email Alerts Service