Keybank Portfolio Shifts
Keybank Adjusts Q1 Portfolio, Boosting Merck Stake While Trimming Ulta Beauty and TIP ETF
Key Points
Keybank bought an additional 22,955 shares of Merck & Co. in the first quarter, bringing its total to 853,050 shares valued at about $102.6 million.
Keybank sold 26,156 shares of the iShares TIP Bond ETF in the first quarter, reducing its TIP stake to 609,035 shares and a value of about $67.2 million.
Keybank trimmed Ulta Beauty by selling 30,123 shares in the first quarter, leaving 108,285 shares valued at roughly $56.6 million.
In Teledyne Technologies, Keybank’s stake totaled 88,384 shares (after adding 2,264 in the period) and amounted to about 0.19% of the company, with a value of roughly $53.5 million.
Keybank’s position in The Sherwin-Williams Company was reduced by 1.4% to 301,552 shares, valued at $96,663,000.
Keybank National Association OH added 22,955 shares of Merck & Co. in the first quarter of 2025, pushing its total stake to 853,050 shares worth about $102.6 million, according to Watchlist News. The 2.8% increase makes Merck one of Keybank's largest single-stock positions.
The move was part of a broader round of portfolio adjustments. Keybank trimmed several other holdings at the same time, showing a selective approach — adding where it sees value, cutting where it does not.
Merck Bet Grows to $102.6 Million
Keybank bought an additional 22,955 Merck shares during the first three months of 2025, Watchlist News reported. The fund now holds 853,050 shares. At current prices, that position is worth roughly $102.6 million. Merck is a pharmaceutical giant best known for its cancer drug Keytruda, one of the top-selling medicines in the world.
The buy is modest in percentage terms — just 2.8% more shares. But in dollar terms, it is a significant commitment. At over $100 million, Merck stands out as one of Keybank's biggest single holdings by value.
Keybank Cuts Ulta Beauty and Sherwin-Williams Positions
While Keybank was buying Merck, it was selling elsewhere. The firm shed 30,123 shares of Ulta Beauty during the quarter, a 21.8% reduction. That left it with 108,285 shares worth about $56.6 million, according to Watchlist News. Ulta has faced pressure from slowing beauty sales and rising competition.
Keybank also trimmed its Sherwin-Williams stake by 1.4%, selling enough shares to bring its total to 301,552 shares valued at $96.7 million. It cut its iShares TIP Bond ETF position by 4.1% as well, selling 26,156 shares and leaving 609,035 shares worth about $67.2 million. TIP bonds are tied to inflation — the cuts may signal less worry about rising prices.
Teledyne and Medtronic Get a Boost
Not all moves were cuts. Keybank added 2,264 shares of Teledyne Technologies, bringing its total to 88,384 shares worth about $53.5 million. That stake equals about 0.19% of the company, Watchlist News reported. Teledyne makes high-tech instruments and electronics used in defense and science.
Keybank also made a much bigger move in Medtronic. It bought 125,902 additional shares of the medical device maker — a 35.1% jump — bringing its total to 484,132 shares, according to Watchlist News. That was the largest percentage increase across the portfolio during the quarter.
A Portfolio Tilting Toward Healthcare and Away From Risk
The pattern across these moves is clear. Keybank added to healthcare names like Merck and Medtronic while cutting consumer and commodity-linked stocks like Ulta Beauty and inflation-protection bonds. That shift points to a bet on steady, defensive earnings over inflation hedges or consumer spending.
Keybank also reduced its IBM stake by 2.4%, selling 5,567 shares, and cut Cameco — a uranium mining company — by 9.5%, according to Watchlist News. It sold 49,023 shares of Lincoln Electric Holdings too, a drop of 8.4%. Taken together, the quarter looks like a deliberate rotation: less cyclical risk, more healthcare stability.
Sentiment
Mostly PositivePublishers
20
Articles
29
Reach
49
