Hedge Funds Are Selling Intuit Inc. (INTU)

Judging by the fact that Intuit Inc. (NASDAQ:INTU) has sustained bearish sentiment from the aggregate hedge fund industry, it’s safe to say that there exists a select few hedge funds that slashed their full holdings in the third quarter. Intriguingly, Ken Griffin’s Citadel Investment Group said goodbye to the largest stake of all the investors tracked by Insider Monkey, worth about $9.1 million in call options, and Solomon Kumin’s Folger Hill Asset Management was right behind this move, as the fund said goodbye to about $7.2 million worth of shares.

Let’s now review hedge fund activity in other stocks similar to Intuit Inc. (NASDAQ:INTU). We will take a look at Vale SA (ADR) (NYSE:VALE), Prologis Inc (NYSE:PLD), Waste Management, Inc. (NYSE:WM), and The Kroger Co. (NYSE:KR). This group of stocks’ market valuations are similar to INTU’s market valuation.

As you can see these stocks had an average of 30 hedge funds with bullish positions and the average amount invested in these stocks was $987 million. That figure was $697 million in INTU’s case. The Kroger Co. (NYSE:KR) is the most popular stock in this table. On the other hand Prologis Inc (NYSE:PLD) is the least popular one with only 17 bullish hedge fund positions. Intuit Inc. (NASDAQ:INTU) 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 KR might be a better candidate to consider taking a long position in.

Disclosure: None