Large Pension Doubled Palantir Stake, Bought Up Intel and CVS Stock
One of the largest U.S. pensions recently made a big bet on two tech stocks and a healthcare company, slashing a position in a drug maker.The State of Michigan Retirement Systems doubled a stake in Palantir Technologies, bought up Intel stock, and increased a stake in CVS Health, while it significantly reduced an investment in Bristol Myers Squibb. The pension reported the stock trades, among others, in a form it filed with the Securities and Exchange Commission.State of Michigan Retirement Systems bought 548,400 Palantir shares in the third quarter to lift its investment to 1.06 million shares of the data-analytics firm. Palantir stock soared 117% in the first nine months of 2024, while the S&P 500 gained 21%. So far in the fourth quarter, shares are up 77%, while the index is up 2%.Earlier this month, Palantir reported strong third-quarter earnings and raised its forecast for revenue. Palantir stock was added to the S&P 500 in September, and could be added to the Nasdaq 100, after sw