Here’s Why Citigroup Inc. (C)’s Stock Has Gained Ground on Wednesday

Due to the fact that Citigroup Inc. (NYSE:C) has experienced falling interest from the entirety of the hedge funds we track, we can see that there was a specific group of hedgies that slashed their positions entirely last quarter. Interestingly, Phill Gross and Robert Atchinson’s Adage Capital Management said goodbye to the largest investment of all the hedgies followed by Insider Monkey, comprising about $232 million in stock, and Andreas Halvorsen’s Viking Global was right behind this move, as the fund dumped about $221.1 million worth. These moves are important to note, as aggregate hedge fund interest dropped by 5 funds last quarter.

Let’s also examine hedge fund activity in other stocks similar to Citigroup Inc. (NYSE:C). We will take a look at Altria Group Inc (NYSE:MO), UnitedHealth Group Inc. (NYSE:UNH), HSBC Holdings plc (ADR) (NYSE:HSBC), and PetroChina Company Limited (ADR) (NYSE:PTR). This group of stocks’ market valuations match C’s market valuation.

As you can see these stocks had an average of 30 hedge funds with bullish positions and the average amount invested in these stocks was $1316 million. That figure was $8036 million in C’s case. UnitedHealth Group Inc. (NYSE:UNH) is the most popular stock in this table. On the other hand PetroChina Company Limited (ADR) (NYSE:PTR) is the least popular one with only 13 bullish hedge fund positions. Compared to these stocks Citigroup Inc. (NYSE:C) 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