Wellcome Trust, Britain’s largest foundation, slashed its investment in DoorDash stock and exited an investment in VMware in the second quarter.
Vladyslav Yushynov/Dreamstime.comOne of the largest foundations in the world disclosed recent changes in its U.S.-traded stock investments.
Wellcome Trust slashed its investment in DoorDash (ticker: DASH), and exited a position in VMware (VMW), bought more Linde (LIN) shares, and initiated a position in ServiceNow (NOW). The foundation disclosed the trades, among others, in a form it filed with the Securities and Exchange Commission.
London-based Wellcome is a medical charity that manages $39 billion in assets, and is Britain’s largest foundation. Wellcome is known for its investment prowess, healthcare insight, and for warning early that the coronavirus would roil world markets. The foundation declined to comment on its second-quarter stock trades.
Wellcome sold 2.8 million DoorDash shares to end the second quarter with 7.3 million shares of the food-delivery firm.
DoorDash stock soared 24.9% in the first half; so far in July, shares are up 5.8%. The S&P 500 index, for comparison, rose 14.4% in the first half, and is up 2.7% so far in July.
In May, DoorDash reported strong first-quarter results, and raised guidance. DoorDash announced in June it was expanding into Japan. Key rival Uber Technologies (UBER) unit Uber Eats is pursuing a growth strategy through acquisitions.
In the second quarter, Wellcome sold all the 1.7 million VMware shares it had owned at the end of March. Shares of the cloud-software firm had kept pace with the market in the first half, rising 14.1%, and VMware stock has lost 1% so far in July.
Dell Technologies (DELL), which owns a 80.6% stake in VMware, plans to spin off those shares to its shareholders in the fourth quarter. Some analysts think the move will push both stocks higher. VMware’s fiscal first-quarter earnings, reported in May, matched estimates.
Linde shares rose 9.7% in the first half of this year, and so far in July they have gained 3.4%. The industrial gases and engineering firm reported a strong first quarter in May. “[M]argin performance suggests the company is executing very well, and management commentary suggests margin should continue to improve,” wrote Seaport Research Partners analyst Michael J. Harrison at the time. The analyst rates Linde shares at Neutral, but viewed the company “as a long-term compounder, particularly including the opportunity around hydrogen for mobility.”
Wellcome bought 2.8 million more Linde shares in the second quarter to lift its investment to 3.3 million shares.
The foundation initiated a stake of 456,927 ServiceNow shares in the quarter. Shares of ServiceNow, a provider of workflow-management software, were flat in the first half of the year, and so far in July it has gained 6.7%.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
"sold" - Google News
July 25, 2021 at 06:00PM
https://ift.tt/3zx9gAP
A Big Trust Sold DoorDash and VMware Stock. It Bought ServiceNow and Linde. - Barron's
"sold" - Google News
https://ift.tt/3d9iyrC
https://ift.tt/3b37xGF
Bagikan Berita Ini
0 Response to "A Big Trust Sold DoorDash and VMware Stock. It Bought ServiceNow and Linde. - Barron's"
Post a Comment