The cluster is dominated by one large near-exit (Assenagon) and two smaller trims, with only token buying from two small asset managers. Monitor upcoming 10-Q for any fundamental deterioration that might explain the selling; the lack of insider buying weakens any bullish interpretation.
How the stock moved after the report
BEARISH VIEWSTOCK BELOW ENTRY AT T+5- T+0 · Oct 26 $97.44entry
- T+1 · 9d ago −1.42%α −1.98% · $96.06
- T+5 · 3d ago −3.00%α −1.74% · $94.52
- T+8 · todayOpen
- T+20 · in 18d Pending
- T+60 · in 3mo Pending
How similar events traded
Executive Summary
Institutional activity in ZBH during Q3 2026 shows a mixed picture: two small asset managers added modest positions totaling $897K, while three sellers reduced holdings by $9.2M, led by Assenagon Asset Management's near-exit of an $8.4M position. The net selling pressure is significantly larger than buying, but all participants are small asset managers with no insider buying corroboration, limiting conviction.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$8.3M
▲ Buyers (2)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Unisuper Management Pty | ADD | +37.4% | $2.2M | $654.0K |
| Farther Finance Advisors | ADD | +45.4% | $774.0K | $243.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | NEAR_EXIT | -94.8% | $8.9M | -$8.4M |
| Hb Wealth Management | TRIM | -49.5% | $1.6M | -$764.0K |
| Mather Group | NEAR_EXIT | -77.2% | $58.0K | -$44.0K |
Key Facts
- Net institutional selling of $9.2M vs buying of $897K in Q3 2026
- Assenagon Asset Management reduced its ZBH stake by 94.8%, exiting $8.4M of a $8.9M position
- Hb Wealth Management trimmed 49.5% of its position, selling $764K
- Mather Group nearly exited, selling 77.2% of its small stake ($44K)
- Two buyers added modest amounts: Unisuper Management (+$654K) and Farther Finance Advisors (+$243K)
- No insider open-market buying was detected in the same period (confluence score 0/100)
Financial Impact
Net institutional selling of $8.3M ($9.2M sold vs $897K bought) across 5 funds
Risk Factors
- 13F data is 45+ days stale; positions may have changed since quarter-end
- All participants are small asset managers; no large active fund or activist involvement
- No insider buying to corroborate the buying side
- Selling may reflect sector rotation or fund-level rebalancing rather than company-specific concerns
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-ZBH-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 5, 2026 today | 424B5 | $111.47 | awaiting T+5 | awaiting T+5 | No price |
Nov 5, 2026 today | 424B5 | $105.90 | awaiting T+5 | awaiting T+5 | No price |
Nov 4, 2026 1d ago | 8-K | $98.50 | awaiting T+5 | awaiting T+5 | No price |
Oct 26, 2026 10d ago | Institutional Cluster | $97.44 $94.52 | ▲ +3.00% | ▲ +1.74% | No price |
Oct 21, 2026 15d ago | Court Ruling | $98.81 $97.47 | ▲ +1.36% | ▲ +2.06% | No price |
Sep 15, 2026 7w ago | Insider Cluster | $96.53 $90.64 | ▼ −6.10% | ▼ −8.17% | No price |
Sep 2, 2026 9w ago | Court Ruling | $98.66 $93.24 | ▼ −5.49% | ▼ −4.34% | No price |
Aug 17, 2026 11w ago | Court Ruling | $98.89 $99.98 | ▲ +1.10% | ▲ +1.30% | No price |
Aug 5, 2026 13w ago | 8-K | $98.16 $97.89 | ▼ −0.28% | ▼ −0.63% | No price |
May 12, 2026 25w ago | 8-K | $83.34 $85.14 | ▲ +2.16% | ▲ +2.09% | No price |
US Market Status
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