Connor Clark & Lunn Investment Management Ltd. Sells 466,145 Shares of Koninklijke Philips N.V. (NYSE:PHG)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its holdings in Koninklijke Philips N.V. by 21%, selling 466,145 shares during the first quarter, leaving it with approximately 1.76 million shares valued at $44.6 million.
• Institutional investors have made significant adjustments to their positions, with ABC Arbitrage SA increasing holdings by 183.9% and Charles Schwab Investment Management Inc. boosting theirs by 18%.
• After a recent earnings report that exceeded expectations, Wall Street analysts have shifted their rating, with Wall Street Zen downgrading Koninklijke Philips from a "buy" to a "hold."

Connor Clark & Lunn Investment Management Ltd. reduced its position in Koninklijke Philips N.V. (NYSE:PHG - Free Report) by 21.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,756,047 shares of the technology company's stock after selling 466,145 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.19% of Koninklijke Philips worth $44,604,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Colonial Trust Co SC grew its position in Koninklijke Philips by 724.0% in the fourth quarter. Colonial Trust Co SC now owns 1,409 shares of the technology company's stock worth $36,000 after buying an additional 1,238 shares during the last quarter. Bessemer Group Inc. lifted its stake in shares of Koninklijke Philips by 2,935.4% in the 1st quarter. Bessemer Group Inc. now owns 1,973 shares of the technology company's stock valued at $51,000 after purchasing an additional 1,908 shares during the last quarter. Castlekeep Investment Advisors LLC bought a new position in Koninklijke Philips in the 4th quarter worth $114,000. Allworth Financial LP increased its holdings in shares of Koninklijke Philips by 16.2% during the 1st quarter. Allworth Financial LP now owns 4,638 shares of the technology company's stock worth $115,000 after purchasing an additional 645 shares during the period. Finally, Wealthquest Corp bought a new position in shares of Koninklijke Philips during the 1st quarter worth about $116,000. 13.67% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Koninklijke Philips from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Koninklijke Philips currently has a consensus rating of "Moderate Buy".

Koninklijke Philips Stock Down 0.6%

Shares of Koninklijke Philips stock traded down $0.17 during trading on Monday, reaching $26.68. 598,880 shares of the company traded hands, compared to its average volume of 1,245,516. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.26 and a quick ratio of 0.81. The company has a 50 day moving average price of $24.39 and a 200-day moving average price of $24.98. Koninklijke Philips N.V. has a 1-year low of $21.48 and a 1-year high of $32.91. The firm has a market capitalization of $25.69 billion, a PE ratio of 140.39, a P/E/G ratio of 0.73 and a beta of 0.75.

Koninklijke Philips (NYSE:PHG - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The technology company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.29 by $0.12. Koninklijke Philips had a net margin of 1.00% and a return on equity of 11.95%. The firm had revenue of $5.05 billion for the quarter, compared to the consensus estimate of $4.35 billion. As a group, equities research analysts expect that Koninklijke Philips N.V. will post 1.63 earnings per share for the current fiscal year.

Koninklijke Philips Profile

Koninklijke Philips N.V. operates as a health technology company in North America, the Greater China, and internationally. The company operates through Diagnosis & Treatment Businesses, Connected Care Businesses, and Personal Health Businesses segments. It also provides diagnostic imaging solutions, includes magnetic resonance imaging, X-ray systems, and computed tomography (CT) systems and software comprising detector-based spectral CT solutions, as well as molecular and hybrid imaging solutions for nuclear medicine; echography solutions focused on diagnosis, treatment planning and guidance for cardiology, general imaging, obstetrics/gynecology, and point-of-care applications; integrated interventional systems, and interventional diagnostic and therapeutic devices to treat coronary artery and peripheral vascular disease.