Ownership concentration among a company's top 10 shareholders, whether institutional or insider, offers a window into who really holds sway in publicly listed companies. A high level of concentration can signal confidence, but it may also mean more risk and volatility during periods of large fund flows and less shares available for trading. Low concentration, on the other hand, may reflect dispersed governance and greater liquidity, but can also indicate a lack of strong oversight.
In this analysis, we look at shareholder concentration in the S&P 500 in two ways:
- Top 10 shareholder concentration including both institutional and insider holdings
- Institutional-only top 10 shareholder concentration
Most Concentrated: Top 10 Holders (Institutional + Insider)
| Company | % Owned by Top 10 Shareholders |
|---|---|
| T-Mobile US, Inc. | 76.5% |
| Dayforce, Inc. | 71.14% |
| Keurig Dr Pepper Inc. | 70.62% |
| Charter Communications, Inc. | 67.13% |
| DaVita Inc. | 66.24% |
| Revvity, Inc. | 63.22% |
| Nasdaq, Inc. | 59.57% |
| Invesco Ltd. | 56.99% |
| Oracle Corporation | 56.93% |
| CenterPoint Energy, Inc. | 56.4% |
Source: TenderAlpha
Most Concentrated: Top 10 Holders (Institutional Only)
| Company | % Owned by Top 10 Institutional Holders |
|---|---|
| Dayforce, Inc. | 71.14% |
| DaVita Inc. | 66.08% |
| Revvity, Inc. | 63.22% |
| Invesco Ltd. | 56.99% |
| CenterPoint Energy, Inc. | 56.4% |
| Southwest Airlines Co. | 55.82% |
| APA Corporation | 54.91% |
| Molina Healthcare, Inc. | 54.87% |
| Occidental Petroleum Corporation | 54.23% |
| Incyte Corporation | 54% |
Source: TenderAlpha
When we exclude insider investors, some companies like T-Mobile US, Keurig Dr Pepper, Charter, Nasdaq and Oracle fall from the list, as high ownership concentration is due to one or more major insider or corporate parent stakes, while other companies like Dayforce and Revvity have an ownership structure that reinforces high concentration on the institutional side and remain on the list.
For example, T-Mobile’s high figure is largely driven by Deutsche Telekom, which owns approximately 57% of the company as its controlling shareholder. Oracle, on the other hand, has nearly 43% of shares owned by its co-founder Larry Ellison. When we exclude insider ownership, T-Mobile and Oracle actually rank among the S&P 500 companies with the lowest ownership concentration (see below).
Most Dispersed: Top 10 Holders (Institutional + Insider)
| Company | % Owned by Top 10 Shareholders |
|---|---|
| Pfizer Inc. | 26.46% |
| Apple Inc. | 26.45% |
| JPMorgan Chase & Co. | 26.06% |
| Costco Wholesale Corporation | 25.67% |
| Advanced Micro Devices, Inc. | 25.51% |
| The Procter & Gamble Company | 25.5% |
| The Walt Disney Company | 24.62% |
| Coinbase Global, Inc. | 24.05% |
| Palantir Technologies Inc. | 23.83% |
| Amcor plc | 20.52% |
Source: TenderAlpha
Most Dispersed: Top 10 Holders (Institutional Only)
| Company | % Owned by Top 10 Institutional Shareholders |
|---|---|
| Palantir Technologies Inc. | 23.83% |
| Amazon.com, Inc. | 23.44% |
| Rollins, Inc. | 21.51% |
| Tesla, Inc. | 20.96% |
| Las Vegas Sands Corp. | 20.94% |
| Amcor plc | 20.52% |
| Hormel Foods Corporation | 20.13% |
| T-Mobile US, Inc. | 20.12% |
| Oracle Corporation | 15.9% |
| Walmart Inc. | 13.86% |
Source: TenderAlpha
Conclusion
Ownership concentration can reveal a lot about control, governance, and investor structure within large public companies. Whether driven by strategic insiders or tightly clustered institutional stakes, these patterns are worth monitoring — especially for investors assessing influence, float, or liquidity risk.
TenderAlpha’s Institutional and Insider Ownership dataset covers over 25,000 publicly listed companies worldwide. If these types of insights are relevant to your work or if you're interested in accessing the full dataset, please reach out to the TenderAlpha team for more information.