Major Portfolio Adjustments
State Street Increases Holdings in Goldman Sachs, Altria, and CVS Health While Trimming GM
Key Points
For Goldman Sachs, State Street increased its position by 2.1% in the fourth quarter—adding 394,198 shares to hold 19,564,783 shares—making it State Street’s 23rd largest holding (about 0.6% of its portfolio).
Altria’s dividend details in the filing update were specific: the company declared a $1.06 quarterly dividend to be paid Friday, July 10, to shareholders of record on Monday, June 15 (ex-dividend date also listed as Monday, June 15). That equated to a $4.24 annualized dividend and about a 5.9% yield.
American Tower’s dividend timing was also laid out: the quarterly dividend was set to be paid Monday, July 13, with investors of record on Friday, June 12 (and the ex-dividend date noted as Friday, June 12). The dividend amount cited was $1.79 per share.
CVS Health’s director sale cited in connection with State Street’s filing was detailed: Director Larry Robbins sold 1,983,538 shares at an average price of $94.45 for about $187.35 million, leaving him with 6,213,261 shares—described as a 24.20% decrease in his position.
In General Motors, the GM stake-activity coverage highlighted other investors’ moves alongside State Street’s trim—such as UBS AM increasing its position by 21.0% in the fourth quarter to 8,245,861 shares (up 1,430,683 shares).
State Street Corp quietly reshaped its equity portfolio in the fourth quarter, adding nearly 400,000 shares of Goldman Sachs and locking in dividend positions in Altria and American Tower. The moves signal a classic institutional "barbell" bet — chasing both high-yield income and financial-sector growth at the same time, according to Holdings Channel.
The Boston-based asset manager, which oversees roughly $2.9 trillion, also trimmed its General Motors stake by about 2% — even as rival UBS Asset Management moved in the opposite direction, boosting its GM position by 21%, according to MarketBeat.
State Street Makes Goldman Sachs Its 23rd Largest Holding
State Street added 394,198 Goldman Sachs shares in Q4, bringing its total to 19,564,783 shares — a 2.1% increase. That puts Goldman at State Street's 23rd largest holding, representing about 0.6% of its entire portfolio, according to Holdings Channel. The move comes as institutional ownership of Goldman hit 71.21%, per MarketBeat.
Analysts say the bet reflects confidence that the Federal Reserve will hold rates steady through summer 2026. Stable rates have widened net interest margins for big investment banks, making Goldman an attractive play. Goldman's own market team noted the current rally is on "firm footing," giving institutional buyers more reason to add exposure.
Altria and American Tower Dividends Drive Income Strategy
State Street also boosted its Altria stake ahead of a key dividend deadline. Altria declared a $1.06 quarterly dividend — $4.24 annualized — with a record date of June 15, 2026, and a payment date of July 10, 2026. At current prices, that works out to a 5.9% yield, according to Morningstar.
American Tower's quarterly dividend of $1.79 per share follows a similar timeline. The ex-dividend date was June 12, 2026, with payment set for July 13, 2026, per Zacks Investment Research. By holding both positions through their record dates, State Street locks in two large cash distributions arriving within days of each other in mid-July.
CVS Director Sells $187 Million in Shares as State Street Buys In
While State Street added CVS Health shares, a top company insider was heading for the exit. Director Larry Robbins — founder of Glenview Capital Management — sold 1,983,538 CVS shares at an average price of $94.45, collecting about $187.35 million. That cut his position by 24.2%, leaving him with 6,213,261 shares, according to an SEC Form 4 filing.
The split move — institutional buyer versus insider seller — has drawn attention. Analysts at MarketBeat suggest Robbins may be rebalancing personal assets or signaling that CVS shares have peaked near the $94 level following a period of company restructuring. No official statement accompanied the sale.
State Street Cuts GM While UBS Bets on the Automaker
State Street trimmed its General Motors position by roughly 2% in Q4, a modest but pointed move away from traditional auto. The trim contrasts sharply with UBS Asset Management, which increased its GM stake by 21% in the same period — adding 1,430,683 shares to hold 8,245,861 total, according to MarketBeat.
The divergence highlights a split view on GM's future. State Street appears skeptical about the auto sector's margins amid ongoing supply chain pressures. UBS, by contrast, seems to be betting on GM's pivot toward electric and hybrid vehicles. Institutional investors as a whole still dominate GM's ownership base, so both moves carry weight.
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