Hedge Funds Are Selling Patterson Companies, Inc. (PDCO)

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that sold off their entire stakes in the stock during the third quarter. Interestingly, Israel Englander’s Millennium Management sold off the biggest investment of all the hedgies followed by Insider Monkey, totaling an estimated $22.8 million in stock. Glenn Russell Dubin’s fund, Highbridge Capital Management, also dumped its stock, about $6 million worth.

Let’s now take a look at hedge fund activity in other stocks similar to Patterson Companies, Inc. (NASDAQ:PDCO). We will take a look at Phillips 66 Partners LP (NYSE:PSXP), United Therapeutics Corporation (NASDAQ:UTHR), Braskem SA (ADR) (NYSE:BAK), and NRG Energy Inc (NYSE:NRG). This group of stocks’ market caps are closest to PDCO’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
PSXP 8 42019 3
UTHR 31 1263694 1
BAK 8 45996 3
NRG 31 331194 6

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 $421 million. That figure was $187 million in PDCO’s case. United Therapeutics Corporation (NASDAQ:UTHR) is the most popular stock in this table. On the other hand Phillips 66 Partners LP (NYSE:PSXP) is the least popular one with only 8 bullish hedge fund positions. Patterson Companies, Inc. (NASDAQ:PDCO) 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 UTHR might be a better candidate to consider taking a long position in.

Disclosure: None