Institutions Adjust Stakes in Major U.S. Corporates

Recent regulatory filings show notable portfolio moves by large institutional investors across transportation, healthcare, insurance and aerospace names during the third quarter.

Legal & General Group Plc and Richard Bernstein Advisors LLC reported divergent strategies, with the former generally adding to positions and the latter trimming stakes in selected healthcare holdings.

Legal & General Group Plc raised its holdings in Norfolk Southern Corporation by 4.6% to 1,744,074 shares, representing 0.78% of the railroad operator and a value of about $523.9 million.

In aerospace, Legal & General increased its Northrop Grumman stake by 4.1% to 746,585 shares worth roughly $454.9 million, and lifted its TransDigm Group position by 4.4% to 313,602 shares valued at about $413.3 million.

The firm also expanded positions in The Travelers Companies and IDEXX Laboratories, holding 1,670,016 Travelers shares worth $466.3 million and 675,535 IDEXX shares worth $431.6 million at quarter end.

Richard Bernstein Advisors LLC reduced exposure to certain medical names, cutting its Becton, Dickinson and Company stake to 4,760 shares valued at about $891,000 as of 09/30/2025.

The advisor also lowered its position in Zimmer Biomet Holdings by 55.0%, ending the period with 15,184 shares of the medical equipment provider worth about $1.5 million.

Despite these sales, both Becton Dickinson and Zimmer Biomet remain heavily owned by institutions, with institutional ownership reported at 86.97% and 88.89%, respectively.

Becton Dickinson reported quarterly earnings per share of $2.91, topping the $2.81 consensus, on revenue of $5.25 billion, up 1.6% year over year. It issued fiscal 2026 EPS guidance of $12.35 to $12.65.

Zimmer Biomet posted EPS of $2.42, slightly above the $2.38 consensus, on revenue of $2.24 billion, a 10.9% increase from the prior year period, and set 2026 EPS guidance at $8.30 to $8.45.

IDEXX Laboratories reported quarterly EPS of $2.92, in line with expectations, with revenue rising 14.3% to $1.09 billion and 2026 EPS guidance of $14.29 to $14.80.

TransDigm Group delivered EPS of $8.23 versus a $7.99 estimate on revenue of $2.29 billion, up 13.9%, and guided 2026 EPS to a range of $37.42 to $39.34.

Northrop Grumman reported EPS of $7.23, above the $6.97 consensus, with revenue of $11.71 billion, up 9.6%, and projected 2026 EPS of $27.40 to $27.90.

Travelers Companies’ board authorized a $5.0 billion share repurchase plan covering up to 8.3% of its shares, while Becton Dickinson approved a $10.0 million buyback program.

Becton Dickinson declared a quarterly dividend of $1.05 per share, implying a 2.6% yield, and Travelers announced a $1.10 quarterly dividend, a 1.5% yield based on the reported share price.

Northrop Grumman set a quarterly dividend of $2.31 per share, corresponding to a 1.3% yield, and Zimmer Biomet declared a $0.24 quarterly dividend, or 1.0% on an annualized basis.

Insider transactions were active, with sales reported at Becton Dickinson, IDEXX, Travelers, TransDigm and Northrop Grumman, and an insider purchase by TransDigm’s CEO.

Analysts as tracked by MarketBeat currently assign consensus "Hold" ratings to Becton Dickinson, Norfolk Southern, Travelers and Zimmer Biomet, with various target price adjustments reported in recent notes.

IDEXX Laboratories and TransDigm Group carry consensus "Moderate Buy" ratings, while Northrop Grumman holds a "Moderate Buy" consensus with a cited average target price of $693.60.

Recent share prices place Norfolk Southern near $299, Travelers around $302, TransDigm about $1,267, Northrop Grumman roughly $734, IDEXX at about $599, Becton Dickinson at $163.90 and Zimmer Biomet at $91.78, alongside differing growth, margin and leverage profiles.