The market listens when Carl Icahn invests in a company and presses for changes. Goldman Sachs said only a handful of activist investors have the power to move stocks the way he does. The Wall Street firm analyzed 2,142 shareholder activism campaigns since 2006 and identified the investors with the most number of campaigns. Then, it looked at the average target return compared to the sector during different periods after a campaign is announced.
Elliott's action tends to spark a short-term pop in the targets — a 10 percentage point outperformance against the sector in the three months after the launch. However, the outperformance typically fades as time goes on. Elliott was one of the five activist investors that targeted Salesforce this year. This campaign against Salesforce ended after the board elected a director from ValueAct .
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These vulnerable major stocks could be activists' next targets, according to GoldmanShareholder activism could continue its momentum this year, and a number of major companies could be popular targets, according to Goldman Sachs.
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