More and More Hedge Funds Are Selling Quest Diagnostics Inc (DGX)

Seeing as Quest Diagnostics Inc (NYSE:DGX) has witnessed declining sentiment from the smart money, it’s safe to say that there is a sect of funds who sold off their positions entirely heading into Q4. It’s worth mentioning that Anand Parekh’s Alyeska Investment Group sold off the biggest investment of the 700 funds monitored by Insider Monkey, comprising close to $18.6 million in stock, and Dmitry Balyasny’s Balyasny Asset Management was right behind this move, as the fund dumped about $18.5 million worth of shares. These bearish behaviors are interesting, as aggregate hedge fund interest fell by 1 fund heading into Q4.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Quest Diagnostics Inc (NYSE:DGX) but similarly valued. These stocks are Cenovus Energy Inc (USA) (NYSE:CVE), Oneok Partners LP (NYSE:OKS), ArcelorMittal (ADR) (NYSE:MT), and MPLX LP (NYSE:MPLX). All of these stocks’ market caps are closest to DGX’s market cap.

As you can see these stocks had an average of 15.5 hedge funds with bullish positions and the average amount invested in these stocks was $221 million. That figure was $349 million in DGX’s case. Cenovus Energy Inc (USA) (NYSE:CVE) is the most popular stock in this table. On the other hand Oneok Partners LP (NYSE:OKS) is the least popular one with only 9 bullish hedge fund positions. Compared to these stocks Quest Diagnostics Inc (NYSE:DGX) 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, bearing in mind that some hedge funds have been selling off the stock recently.

Disclosure: None