Macquarie Raises Sigma Healthcare to Neutral as Major Funds Boost Holdings

On January 26, 2026, Macquarie Research upgraded its outlook for Sigma Healthcare (OTCPK:SIGGF) from Underperform to Neutral, signaling a shift in the research community’s stance on the company. The timing coincides with a notable increase in institutional accumulation, with data from Fintel indicating that major global funds are strategically adding to their positions.

Analyst Forecast Points to Substantial Upside Potential

As of mid-September 2025, analyst consensus on Sigma Healthcare reflected cautious optimism. The average one-year price target stands at $2.08 per share, suggesting a remarkable 419.67% gain from the latest closing price of $0.40. Price forecasts from covering analysts range from a conservative $1.67 to an ambitious $2.36, with the higher estimates implying strong confidence in the company’s recovery trajectory.

Beyond valuation metrics, the projected annual revenue for Sigma Healthcare is $3,489 million, though this represents a 41.87% contraction from prior periods. The non-GAAP earnings per share is projected at 0.01, reflecting a transition period in the business.

Institutional Investors Signal Growing Conviction Through Position Expansion

The market sentiment around Sigma Healthcare appears to be turning more constructive. A total of 128 institutional investors and funds are currently reporting positions in the company, though this represents a decline of 21 owners compared to the previous quarter. More tellingly, the aggregate portfolio weighting allocated to SIGGF increased by 1.86%, even as the absolute number of shareholders contracted slightly—total institutional shares held decreased 4.78% to 284,771 thousand shares.

Several of the world’s largest asset managers have notably increased their exposure. Vanguard’s Total International Stock Index Fund Investor Shares (VGTSX) now holds 62,263 thousand shares, representing a 63.49% increase from its prior position. The fund boosted its SIGGF allocation by 143.71% over the quarter. Similarly, Vanguard’s Developed Markets Index Fund Admiral Shares (VTMGX) raised its stake to 38,717 thousand shares, also reflecting a 63.70% increase in holdings with a 164.36% increase in portfolio weighting.

iShares Core MSCI EAFE ETF (IEFA) likewise expanded its position to 30,093 thousand shares, marking a 65.94% increase from the prior quarter and a 165.60% boost to its portfolio allocation. The iShares MSCI EAFE ETF (EFA) maintains a holding of 15,708 thousand shares representing 0.14% ownership, while JPMorgan’s BetaBuilders Developed Asia ex-Japan ETF (BBAX) holds 14,969 thousand shares.

What This Coordinated Accumulation Suggests

The parallel increases across major Vanguard and iShares funds tracking international developed markets suggest that the upgrade is part of a broader market reassessment of Sigma Healthcare’s valuation. The fact that institutional investors are expanding allocations despite a shrinking number of fund holders indicates that existing shareholders are doubling down rather than casual profit-taking driving the move. This pattern typically precedes periods of stronger price appreciation, especially when supported by analyst upgrades and substantial upside potential.