I like to keep an eye on substantial shareholder notices. This is because these notices give you an idea of which shares large investors, asset managers, and investment funds are buying or selling.
Two notices that have caught my eye are summarised below. Here’s what these fund managers have been buying:
Blackmores Limited (ASX: BKL)
A notice of change of interests of substantial holder reveals that Australian Super has been buying more of this health supplements company’s shares. According to the notice, the super fund has lifted its stake by approximately 250,000 shares to 1,223,878 shares. This represents a 6.33% stake in the company.
Australian Super was buying shares as recently as Friday. That day the super fund picked up 117,659 shares at an average price of $85.80. So with the Blackmores share price now trading at $82.63, investors are able to pick up shares at lower price to what the super fund paid. Though, it is worth noting that analysts at Citi have just reiterated their sell rating and $59.20 price target. on its shares
IRESS Ltd (ASX: IRE)
According to a notice of initial substantial holder, banking giant Commonwealth Bank of Australia (ASX: CBA) has been increasing its stake in this financial technology company. The notice reveals that the bank has been building a position since October and has now accrued a total of 9,667,623 shares. This represents 5% stake in the company.
One broker that would approve of this purchase is Credit Suisse. Earlier this month the broker upgraded the company’s shares to an outperform rating with an $11.00 price target. This compares to the current IRESS share price of just $9.27. The broker believes its shares are trading at a very attractive level following a sizeable pullback from its highs. It appears as though Commonwealth Bank agrees.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia has recommended IRESS Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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