Do Hedge Funds Love Charter Communications, Inc. (CHTR)?

Judging by the fact that Charter Communications, Inc. (NASDAQ:CHTR) has witnessed bearish sentiment from the smart money, it’s easy to see that there was a specific group of hedge funds that decided to sell off their full holdings heading into Q4. Intriguingly, Israel Englander’s Millennium Management dropped the largest investment of the 700 funds monitored by Insider Monkey, totaling about $266.2 million in stock, and John Burbank’s Passport Capital was right behind this move, as the fund said goodbye to about $139.5 million worth of shares. These bearish behaviors are intriguing to say the least, as aggregate hedge fund interest fell by 22 funds heading into the fourth quarter.

Let’s also examine hedge fund activity in other stocks similar to Charter Communications, Inc. (NASDAQ:CHTR). These stocks are AutoZone, Inc. (NYSE:AZO), Telefonica Brasil SA (ADR) (NYSE:VIV), Electronic Arts Inc. (NASDAQ:EA), and Koninklijke Philips Electronics NV (ADR) (NYSE:PHG). All of these stocks’ market caps are closest to CHTR’s market cap.

As you can see these stocks had an average of 30 hedge funds with long positions and the average amount invested in these stocks was $1.17 billion. That figure was $18.47 billion in CHTR’s case. Electronic Arts Inc. (NASDAQ:EA) is the most popular stock in this table. On the other hand Koninklijke Philips Electronics NV (ADR) (NYSE:PHG) is the least popular one with only 10 bullish hedge fund positions. Compared to these stocks Charter Communications, Inc. (NASDAQ:CHTR) 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.