(Bloomberg) -- A second major Royal Philips NV investor raised its holding in the medical technology giant, two months after the Dutch firm settled claims linked to its faulty sleep apnea machines.  

Artisan Partners GP LLC raised its stake in Philips to 10.01% by June 28, according to a filing with Dutch market regulator AFM on Wednesday. The holding cements Artisan’s position as Philips’ No. 2 shareholder after Agnelli-controlled Exor NV.

“Artisan has owned more than 9% in Philips for quite some time and have recently increased their stake to 10% after first-quarter results,” Philips spokesperson Steve Heywood told Bloomberg News in an email. 

Wisconsin-based Artisan Partners didn’t respond to an email seeking comment outside of business hours.

The announcement comes on the heels of Exor boosting its stake in Philips to 17.51% from 16.1%. The Dutch firm is regaining the confidence of some investors after a lower-than-expected settlement on US claims linked to faulty sleep apnea devices in late April. 

The recall related to the concerns over disintegrating noise-canceling foam that patients inhaled cost the company around $5 billion, according to Bloomberg calculations. The US Food and Drug Administration has labeled the fault a Class 1 issue, the most serious type. The company is still being investigated by the US Department of Justice and has not yet made any financial provisions for that matter. 

Shares of Philips have gained around 17% this year but are still down 44% since it issued the recall in June 2021.

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