Do Hedge Funds Love Toronto-Dominion Bank (TD)?

Because Toronto-Dominion Bank (NYSE:TD) has weathered staid sentiment from hedge fund managers, it’s easy to see that there is a sect of hedge funds who sold off their full holdings last quarter. At the top of the heap, Ken Griffin’s Citadel Investment Group cashed in the largest investment of all the investors watched by Insider Monkey, comprising an estimated $3.3 million in call options. Brian Taylor’s fund, Pine River Capital Management, also said goodbye to its stock, about $1.3 million worth.

Let’s go over hedge fund activity in other stocks similar to Toronto-Dominion Bank (NYSE:TD). These stocks are QUALCOMM, Inc. (NASDAQ:QCOM), Diageo plc (ADR) (NYSE:DEO), Reynolds American, Inc. (NYSE:RAI), and Celgene Corporation (NASDAQ:CELG). All of these stocks’ market caps are similar to TD’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
QCOM 69 4640645 21
DEO 16 1095658 -2
RAI 39 1069207 -1
CELG 67 2567429 -1

As you can see these stocks had an average of 47.75 hedge funds with bullish positions and the average amount invested in these stocks was $2343 million. That figure was $428 million in TD’s case. QUALCOMM, Inc. (NASDAQ:QCOM) is the most popular stock in this table. On the other hand Diageo plc (ADR) (NYSE:DEO) is the least popular one with only 16 bullish hedge fund positions. Toronto-Dominion Bank (NYSE:TD) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard QCOM might be a better candidate to consider taking a long position in.