Hedge Funds Are Buying CVS Health Corp (CVS)

Consequently, key hedge funds were leading the bulls’ herd. Renaissance Technologies created the largest position in CVS Health Corp (NYSE:CVS). Renaissance Technologies had $82.4 million invested in the company at the end of the quarter. Dan Sobol and Lisa Hess’ SkyTop Capital Management also made a $7.5 million investment in the stock during the quarter. The other funds with new positions in the stock are George Hall’s Clinton Group, John Overdeck and David Siegel’s Two Sigma Advisors, and Charles Clough’s Clough Capital Partners.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as CVS Health Corp (NYSE:CVS) but similarly valued. We will take a look at Allergan, PLC. (NYSE:AGN), Altria Group Inc (NYSE:MO), Amgen, Inc. (NASDAQ:AMGN), and British American Tobacco PLC (ADR) (NYSEMKT:BTI). This group of stocks’ market caps is similar to CVS Health Corp (NYSE:CVS)’s market cap.

As you can see, these stocks had an average of 70 hedge funds with bullish positions and the average amount invested in these stocks was $6.74 billion. That figure was $2.21 billion in CVS Health Corp (NYSE:CVS)’s case. Allergan, PLC. (NYSE:AGN) is the most popular stock in this table. On the other hand, British American Tobacco PLC (ADR) (NYSEMKT:BTI) is the least popular one with only 15 bullish hedge fund positions. CVS Health Corp (NYSE:CVS) is not the least popular stock in this group, but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard Allergan, PLC. (NYSE:AGN) might be a better candidate to consider a long position.