Dan Loeb’s Third Point LLC cuts stake in Cano Health, Inc. (CANO)

Dan Loeb’s Third Point has sold about a quarter of its Cano Health stake.

By 247patrick

Published October 26, 2022, 8:02pm ET · 2 min read

Six metallic silver cubes, resembling dice, are scattered across a blue background showing financial charts and numerical data. The visible faces of the cubes display the words 'BUY' or 'SELL' in black letters, while candlestick charts and grid lines create a market analysis aesthetic. — Metallic dice displaying 'BUY' and 'SELL' illustrate the critical choices investors face in the market, echoing the 'dividend dice roll' concept discussed in the article. © Bet_Noire / iStock via Getty Images

Third Point LLC said Tuesday in a 13D/A form with the SEC that it sold about a quarter of its Cano Health (US:CANO) stake.

It retained a 3.5% stake in the company.

In their filing dated June 24, Third Point reported a 10.8 million share, or 5.30% Cano Stake.

Third Point filed ownership notice in a February 13G, passive filing. It converted its filing status to activist/13D in March and pushed the company to sell itself.

What are other large shareholders doing?

Fmr Llc holds 31,162,099 shares representing 13.44% ownership of the company. In its prior filing, the firm reported owning 30,013,719 shares, representing an increase of 3.69%. The firm decreased its portfolio allocation in CANO by 10.68% over the last quarter.

JPMorgan Chase & Co holds 16,160,541 shares representing 6.97% ownership of the company. In its prior filing, the firm reported owning 9,974,459 shares, representing an increase of 38.28%. The firm increased its portfolio allocation in CANO by 29.26% over the last quarter.

Vanguard Group Inc holds 15,834,808 shares representing 6.83% ownership of the company. In it’s prior filing, the firm reported owning 12,729,264 shares, representing an increase of 19.61%. The firm increased its portfolio allocation in CANO by 1.97% over the last quarter.

BlackRock Inc. holds 12,936,995 shares representing 5.58% ownership of the company. In its prior filing, the firm reported owning 5,487,007 shares, representing an increase of 57.59%. The firm increased its portfolio allocation in CANO by 93.66% over the last quarter.

Third Point LLC holds 10,825,000 shares representing 4.67% ownership of the company. In its prior filing, the firm reported owning 11,500,000 shares, representing a decrease of 6.24%. The firm increased its portfolio allocation in CANO by 18.08% over the last quarter.

What is the overall institutional sentiment?

There are 298 funds or institutions reporting positions in Cano Health, Inc.. This is an increase of 71 owner(s) or 31.28%.

Average portfolio weight of all funds dedicated to Cano Health, Inc. is 0.1123%, a decrease of 21.5917%. Total shares owned by institutions increased in the last three months by 10.22% to 186,739,979 shares.

This article originally appeared on Fintel

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