Hedge Funds Are Buying The Home Depot, Inc. (HD)

With a general bullishness among the heavyweights, key hedge funds have been driving this bullishness. Citadel Investment Group, managed by Ken Griffin, initiated the most valuable call position in The Home Depot, Inc. (NYSE:HD). Citadel Investment Group had $64.8 million invested in the company at the end of the quarter. Christopher James’ Partner Fund Management also initiated a $50.8 million position during the quarter. The following funds were also among the new HD investors: Alexander Mitchell’s Scopus Asset Management, Andreas Halvorsen’s Viking Global, and Israel Englander’s Millennium Management.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as The Home Depot, Inc. (NYSE:HD) but similarly valued. We will take a look at The Walt Disney Company (NYSE:DIS), Comcast Corporation (NASDAQ:CMCSA), Philip Morris International Inc. (NYSE:PM), and Medtronic, Inc. (NYSE:MDT). This group of stocks’ market values are similar to HD’s market value.

As you can see these stocks had an average of 55.5 hedge funds with bullish positions and the average amount invested in these stocks was $4.44 billion. That figure was $4.30 billion in HD’s case. Comcast Corporation (NASDAQ:CMCSA) is the most popular stock in this table. On the other hand Medtronic, Inc. (NYSE:MDT) is the least popular one with only 43 bullish hedge fund positions. The Home Depot, Inc. (NYSE:HD) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CMCSA might be a better candidate to consider a long position.