RE: Dentsply Sirona Inc (XRAY) - I followed Carl Ichan. Have done well w/ Ichan trades
Insider Trading Activity Recent Insider Sells: Director Gregory Lucier sold 82,200 shares on December 10, 2025, with the transaction valued at $915,708 Dentsplysirona. This was a significant sale by a board member.
Recent Insider Buys: The same director, Gregory Lucier, previously purchased 15,142 shares on March 4, 2025, valued at $249,994 StockStory, showing he was buying earlier in the year before selling more recently.
During the last three months, insiders bought $100,000 worth of shares but sold $915,700 worth Quiver Quantitative, indicating net selling pressure from insiders. This is a concerning signal given the company's operational challenges.
Activist Investor & 13G Filings Major Development - Carl Icahn: Carl Icahn secured two board seats in early 2025 after disclosing a stake just under 10%, and his activist pressure directly initiated a comprehensive review of the company's strategy, leading to cost-cutting initiatives and changes in corporate leadership DividendMax.
This is highly significant—Icahn is one of the most prominent activist investors, and his involvement typically signals potential for major strategic changes, asset sales, or operational restructuring. His two board seats give him meaningful influence over corporate direction.
Recent Institutional Activity (Q3 2025) According to the latest 13F filings, there's been substantial institutional movement:
Major Sellers: T. Rowe Price removed 10,749,500 shares (a 98.2% reduction) from their portfolio in Q3 2025, valued at approximately $136.4 million StockAnalysis—this is a massive exit by a major institutional investor.
Major Buyers:
- Armistice Capital added 5,234,587 shares (+1044.0%) in Q3 2025, valued at approximately $66.4 million StockAnalysis
- Jacobs Levy Equity Management added 4,003,606 shares (+662.0%), valued at approximately $50.8 million StockAnalysis
- D.E. Shaw added 1,669,643 shares (+136.1%), valued at approximately $21.2 million StockAnalysis
- Invenomic Capital Management added 1,425,637 shares (+48.7%), valued at approximately $18.1 million StockAnalysis
- Russell Investments Group added 1,153,271 shares (+1163.7%), valued at approximately $14.6 million StockAnalysis
Board Changes The company recently added former Patterson CEO Donald Zurbay to its Board and formed a Growth and Value Creation Committee Dentsplysirona, signaling enhanced focus on strategic value creation—likely in response to activist pressure.
Analysis The insider and institutional activity paints a mixed picture:
Concerning Signals:
- Net insider selling in recent months
- T. Rowe Price's near-complete exit is a significant red flag
- Stock has declined 35.6% over the past year
Positive Signals:
- Carl Icahn's activist involvement and board representation could drive meaningful change
- Several hedge funds and value investors are building substantial positions at depressed prices
- New board members and committees suggest potential for strategic improvements
The presence of Icahn as an activist investor is probably the most significant development. His track record of pushing for strategic changes, board overhauls, and value realization makes his involvement a potential catalyst. The question is whether the company can successfully execute its Return-to-Growth plan under activist pressure, or whether more drastic measures (asset sales, portfolio pruning, potential sale of the company) will be necessary.
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Carl Icahn's Dentsply Sirona Stake Reported Stake: Carl Icahn disclosed a stake just under 10% in early 2025 Businessquant. This would translate to approximately 19-20 million shares based on the company's outstanding share count of approximately 199 million shares.
Board Representation: Icahn secured two board seats in early 2025 following his activist campaign Businessquant, giving him significant governance influence beyond just his equity ownership.
Key Points About Icahn's Involvement Strategic Impact: His activist pressure directly initiated a comprehensive review of the company's strategy, leading to cost-cutting initiatives and changes in corporate leadership Businessquant. This included the appointment of a new CEO in 2023 and the formation of a Growth and Value Creation Committee.
Timing: The board settlement occurred in early 2024, with Icahn's involvement continuing through 2025. The 10% threshold is significant because it's just below the level that would trigger different reporting requirements under Schedule 13D.
Missing from Current Portfolio Tracking Notably, when I reviewed Carl Icahn's latest 13F filings (Q3 2025), Dentsply Sirona does not appear in his disclosed portfolio. His current 13F shows only 13 holdings dominated by Icahn Enterprises (IEP), CVR Energy, and Southwest Gas.
This could mean:
- The Dentsply Sirona position is held through a different vehicle that isn't subject to 13F reporting
- The position may be held through Icahn Enterprises itself rather than Icahn Capital Management
- The position size may have fallen below reporting thresholds
- He may use derivatives or other structures that don't require 13F disclosure
Given that Icahn still maintains two board seats and the activist campaign was relatively recent, it's most likely he still holds a meaningful position through entities that aren't captured in standard 13F filings. To get the exact current share count, you would need to check the most recent Schedule 13D/G filings specifically for Dentsply Sirona on the SEC's EDGAR database. |
