RBC Sells $54 Million Worth of Estee Lauder Stocks

Royal Bank of Canada (RBC) has reduced its holdings in Estee Lauder Companies Inc. (EL) by 28.5% in the first quarter, according to a recent filing with the Securities & Exchange Commission.

The fund owned 752,967 shares after selling 299,997 shares during the period, and held 0.21% of Estee Lauder Companies worth $54,040,000 at the end of the reporting period.

This is not an isolated incident - other institutional investors and hedge funds have also bought and sold shares of EL in recent quarters.