Sirona Dental Systems, Inc. (NASDAQ:SIRO) shareholders have witnessed an increase in support from the world’s most elite money managers of late.
To the average investor, there are a multitude of indicators shareholders can use to monitor publicly traded companies. Some of the best are hedge fund and insider trading interest. At Insider Monkey, our research analyses have shown that, historically, those who follow the best picks of the best fund managers can beat their index-focused peers by a healthy amount (see just how much).
Just as important, bullish insider trading activity is a second way to parse down the stock market universe. As the old adage goes: there are many motivations for a bullish insider to cut shares of his or her company, but only one, very simple reason why they would initiate a purchase. Several academic studies have demonstrated the market-beating potential of this tactic if shareholders know what to do (learn more here).
Consequently, it’s important to take a peek at the key action regarding Sirona Dental Systems, Inc. (NASDAQ:SIRO).
Hedge fund activity in Sirona Dental Systems, Inc. (NASDAQ:SIRO)
In preparation for this quarter, a total of 27 of the hedge funds we track were bullish in this stock, a change of 13% from the first quarter. With the smart money’s capital changing hands, there exists an “upper tier” of noteworthy hedge fund managers who were boosting their holdings substantially.
When looking at the hedgies we track, Eminence Capital, managed by Ricky Sandler, holds the biggest position in Sirona Dental Systems, Inc. (NASDAQ:SIRO). Eminence Capital has a $97.8 million position in the stock, comprising 2.5% of its 13F portfolio. On Eminence Capital’s heels is Partner Fund Management, managed by Christopher Medlock James, which held a $60.9 million position; 2% of its 13F portfolio is allocated to the stock. Remaining hedge funds with similar optimism include Ken Griffin’s Citadel Investment Group, David Stemerman’s Conatus Capital Management and Israel Englander’s Millennium Management.
Consequently, key hedge funds were leading the bulls’ herd. Sandler Capital Management, managed by Andrew Sandler, assembled the largest call position in Sirona Dental Systems, Inc. (NASDAQ:SIRO). Sandler Capital Management had 21.9 million invested in the company at the end of the quarter. Jeremy Green’s Redmile Group also initiated a $13.2 million position during the quarter. The other funds with new positions in the stock are Greg Poole’s Echo Street Capital Management, Curtis Macnguyen’s Ivory Capital (Investment Mgmt), and Matthew Hulsizer’s PEAK6 Capital Management.
What have insiders been doing with Sirona Dental Systems, Inc. (NASDAQ:SIRO)?
Insider buying is best served when the primary stock in question has seen transactions within the past six months. Over the last six-month time frame, Sirona Dental Systems, Inc. (NASDAQ:SIRO) has experienced zero unique insiders buying, and 1 insider sales (see the details of insider trades here).
Let’s also examine hedge fund and insider activity in other stocks similar to Sirona Dental Systems, Inc. (NASDAQ:SIRO). These stocks are Opko Health Inc. (NYSE:OPK), Techne Corporation (NASDAQ:TECH), ResMed Inc. (NYSE:RMD), Align Technology, Inc. (NASDAQ:ALGN), and Hologic, Inc. (NASDAQ:HOLX). All of these stocks are in the medical appliances & equipment industry and their market caps resemble SIRO’s market cap.