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Royal Philips NV (NYSE:PHG) shares are trading higher on Wednesday. Italy's famous Agnelli family has increased its investment in Philips, showcasing a robust vote of confidence in the Dutch firm known for its medical devices.
Through Exor NV, the family's holding company, the Agnellis now controls 17.51% of Philips, enhancing their position as the company's largest shareholder, an increase from 16.1% recorded in May.
This expansion in their stake is indicative of growing trust in Philips' market prospects and management following the recent resolution of legal issues in the U.S., reported Bloomberg.
Philips reached a $1.1 billion settlement in the U.S. related to the recall of its Respironics ventilators.
Originally founding the automotive giant Fiat, the Agnelli family has diversified Exor's interests into healthcare, technology, financial services, and luxury goods.
Their initial purchase of a 15% stake in Philips last year marked a strategic pivot towards these industries.
The family's recent acquisition involved 19.5 million additional Philips shares, valued at approximately $514 million (481 million euros).
This brings Exor's total investment in Philips to about 3.3 billion euros, solidifying their commitment to the healthcare technology provider.
Philips reported first-quarter sales of $4.49 billion, beating the consensus estimate of $4.46 billion and an adjusted EPS of $0.28, which was in line with the consensus.
Following this announcement, Philips' stock experienced a 3.3% rise in Amsterdam, reflecting a positive market reaction.
Philips stock has gained more than 27% in the last 12 months. Investors can gain exposure to the stock via Dimensional International Value ETF (NYSE:DFIV) and Avantis International Equity ETF (NYSE:AVDE).
Price Action: PHG shares are trading higher by 0.63% at $25.60 at the last check on Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
