Hedge Funds Are Buying ConAgra Foods, Inc. (CAG)

Now, key money managers have been driving this bullishness. Soroban Capital Partners initiated the biggest call position in ConAgra Foods, Inc. (NYSE:CAG). Soroban Capital Partners had $81 million invested in the company at the end of the quarter. Robert Pohly’s Samlyn Capital also initiated an $50.8 million position during the quarter. The following funds were also among the new CAG investors: Jim Simons’ Renaissance Technologies, Dmitry Balyasny’s Balyasny Asset Management, and Paul Marshall and Ian Wace’s Marshall Wace LLP.

Let’s now review hedge fund activity in other stocks similar to ConAgra Foods, Inc. (NYSE:CAG). We will take a look at Under Armour Inc (NYSE:UA), TD Ameritrade Holding Corp. (NYSE:AMTD), HCP, Inc. (NYSE:HCP), and Paychex, Inc. (NASDAQ:PAYX). This group of stocks’ market valuations are similar to CAG’s market valuation.

As you can see these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $398 million. That figure was $2.51 billion in CAG’s case. Under Armour Inc (NYSE:UA) is the most popular stock in this table, as 23 funds disclosed owning shares of the company. On the other hand HCP, Inc. (NYSE:HCP) is the least popular one with only 17 bullish hedge fund positions. Compared to these stocks ConAgra Foods, Inc. (NYSE:CAG) 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.