Davidson Kempner Capital Management initiated positions in Exxon, Domino’s, and Coca-Cola, and exited CVS stock in the second quarter.
A large hedge-fund sponsor seems to be betting on oil and fast food, while selling out of a drugstore chain.
The firm bought Exxon stock in the second quarter, ending June with 80,000 shares. At the end of March it hadn’t owned any. Domino’s stock is also seeing a second-half revival, rising 13% so far in the third quarter, after a 2.8% slip in the first half of 2023. Shares had dropped 39% last year, as a pandemic craze for ordering pizza delivery slipped away.
Nonetheless, Coca-Cola earnings have been strong this year, and the company raised guidance after reporting the latest quarter in July.
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