Hedge Funds Are Betting On Western Digital Corp (WDC)

As industrywide interest jumped, key money managers have been driving this bullishness. Passport Capital, led by John Burbank, established the most valuable position in Western Digital Corp (NASDAQ:WDC). According to its latest 13F filing, the fund had $70.1 million invested in the company at the end of the quarter. Ken Heebner’s Capital Growth Management also initiated a $58.9 million position during the quarter. The other funds with new positions in the stock are Ken Griffin’s Citadel Investment Group, Joe DiMenna’s ZWEIG DIMENNA PARTNERS, and John Hurley’s Cavalry Asset Management.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Western Digital Corp (NASDAQ:WDC) but similarly valued. We will take a look at T. Rowe Price Group, Inc. (NASDAQ:TROW), Hartford Financial Services Group Inc (NYSE:HIG), C.R. Bard, Inc. (NYSE:BCR), and Twitter Inc (NYSE:TWTR). This group of stocks’ market values resemble WDC’s market value.

As you can see these stocks had an average of 36 hedge funds with bullish positions and the average amount invested in these stocks was $950 million. That figure was $1.1 billion in WDC’s case. Twitter Inc (NYSE:TWTR) is the most popular stock in this table. On the other hand T. Rowe Price Group, Inc. (NASDAQ:TROW) is the least popular one with only 28 bullish hedge fund positions. Compared to these stocks Western Digital Corp (NASDAQ:WDC) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: none.