Is ICON PLC (ICLR) A Good Stock To Buy?

Due to the fact that ICON PLC (NASDAQ:ICLR) has encountered bearish sentiment from the entirety of the hedge funds we track, we can see that there exists a select few money managers that elected to cut their full holdings by the end of the third quarter. Interestingly, Arthur B Cohen and Joseph Healey’s Healthcor Management LP cashed in the biggest investment of the “upper crust” of funds studied by Insider Monkey, valued at an estimated $33.3 million in stock. Ken Griffin’s fund, Citadel Investment Group, also cut its stock, about $7.4 million worth.

Let’s also examine hedge fund activity in other stocks similar to ICON PLC (NASDAQ:ICLR). These stocks are Euronet Worldwide, Inc. (NASDAQ:EEFT), Patheon NV (NYSE:PTHN), AmeriGas Partners, L.P. (NYSE:APU), and FNFV Group (NYSE:FNFV). All of these stocks’ market caps resemble ICLR’s market cap.

As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $156 million. That figure was $282 million in ICLR’s case. Euronet Worldwide, Inc. (NASDAQ:EEFT) is the most popular stock in this table. On the other hand AmeriGas Partners, L.P. (NYSE:APU) is the least popular one with only 8 bullish hedge fund positions. ICON PLC (NASDAQ:ICLR) 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 EEFT might be a better candidate to consider taking a long position in.

Disclosure: None