What have hedge funds been doing with Coty Inc (NYSE:COTY)?
According to hedge fund intelligence website Insider Monkey, MSDC Management, helmed by Marc Lisker, Glenn Fuhrman and John Phelan, holds the biggest position in Coty Inc (NYSE:COTY), with 4.18 million shares. MSDC Management has a $101.6 million position in the stock, comprising 2.4% of its 13F portfolio. Coming in second is Renaissance Technologies, managed by Jim Simons, which held a $38.1 million position made up of 1.57 million shares; 0.1% of its 13F portfolio is allocated to the company. Other peers that are bullish consist of John Overdeck and David Siegel’s Two Sigma Advisors, Ken Griffin’s Citadel Investment Group, and Peter Muller’s PDT Partners.
As one would reasonably expect, key money managers have jumped into Coty Inc (NYSE:COTY) headfirst. PDT Partners, managed by Peter Muller, initiated the most valuable position in Coty Inc (NYSE:COTY). PDT Partners had $7 million invested in the company at the end of the quarter, buying 290,028 shares. Cliff Asness’ AQR Capital Management also made an $853,000 investment in the stock during the quarter, buying 35,143 shares. The only other fund with a new position in the stock was Paul Tudor Jones’ Tudor Investment Corp.
The negative sentiment of hedge funds and the market makes us conclude that Coty Inc (NYSE:COTY) may not be a great stock to buy at the moment, as it is still inflated from landing the deal that the market is now reacting not nearly as favorably to.