Artisan Investments raises stake in Philips to 10%, regulatory filing shows
Adds Philips comment in paragraph 4, updates shares
AMSTERDAM, July 3 (Reuters) -U.S. asset management firm Artisan Investments has raised its stake in Philips PHG.AS to 10%, sending the healthcare technology group's shares rising on Wednesday, a week after the Dutch company's biggest shareholder also increased its holding.
At 1045 GMT, Philips shares were up 1.66% at 23.90 euros, outperforming the Dutch stock market blue-chip AEX .AEX (+1.05%) as well as the Stoxx Europe 600 healthcare index .SXDP (-0.1%).
After raising its stake, Artisan Investments now owns 94.13 million shares in Philips, or about 10% of the company, according to a regulatory filing published earlier.
"Artisan has owned more than 9% in Philips for quite some time and has recently increased their stake to 10% after (our) Q1 results. We see this as a signal of trust in our strategy and plan," a Philips spokesperson told Reuters.
Artisan Investments is now Philips' second-largest shareholder behind Exor EXOR.AS, the investment arm of Italy's Agnelli family, which increased its stake to 17.51% last week .
Philips reported a better-than-expected first-quarter profit on April 29, with its adjusted earnings before interest, taxes and amortisation (EBITA) jumping 8% to 388 million euros ($417.22 million).
The company also announced a smaller-than-expected settlement on the same day to resolve claims over recalled breathing devices in the U.S.
($1 = 0.9300 euros)
Reporting by Toby Sterling and Benoit Van Overstraeten; Editing by Louise Heavens and Anil D'Silva
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
