Consequently, key money managers were breaking ground themselves. Highfields Capital Management, managed by Jonathon Jacobson, created the most valuable position in Hershey Co (NYSE:HSY). Highfields Capital Management had $95.6 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $78.9 million position during the quarter. The other funds with brand new HSY positions are Anand Parekh’s Alyeska Investment Group, Dmitry Balyasny’s Balyasny Asset Management, and Bruce Kovner’s Caxton Associates LP.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Hershey Co (NYSE:HSY) but similarly valued. We will take a look at Fiserv, Inc. (NASDAQ:FISV), Fidelity National Information Services (NYSE:FIS), Zimmer Biomet Holdings Inc (NYSE:ZBH), and Valero Energy Corporation (NYSE:VLO). This group of stocks’ market caps resemble HSY’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 40.5 hedge funds with bullish positions and the average amount invested in these stocks was $1.41 billion. That figure was $714 million in HSY’s case. Fidelity National Information Services (NYSE:FIS) is the most popular stock in this table. On the other hand Fiserv, Inc. (NASDAQ:FISV) is the least popular one with only 27 bullish hedge fund positions. Hershey Co (NYSE:HSY) 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 FIS might be a better candidate to consider a long position.