Hedge Funds Cool To Campbell Soup Company (CPB)

Because Campbell Soup Company (NYSE:CPB) has witnessed bearish sentiment from hedge fund managers, it’s safe to say that there lies a certain “tier” of funds who sold off their entire stakes last quarter. Interestingly, Steve Cohen’s Point72 Asset Management dumped the largest stake of the “upper crust” of funds tracked by Insider Monkey, valued at close to $19.8 million in stock. Glenn Russell Dubin’s fund, Highbridge Capital Management, also sold off its stock, about $16.2 million worth. These moves are interesting, as aggregate hedge fund interest dropped by 2 funds last quarter.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Campbell Soup Company (NYSE:CPB) but similarly valued. We will take a look at TE Connectivity Ltd. (NYSE:TEL), Boston Properties, Inc. (NYSE:BXP), Sun Life Financial Inc. (USA) (NYSE:SLF), and Marathon Petroleum Corp (NYSE:MPC). This group of stocks’ market valuations are closest to CPB’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
TEL 23 869744 -2
BXP 17 404364 -1
SLF 13 76979 3
MPC 53 2796683 10

As you can see these stocks had an average of 26.5 hedge funds with bullish positions and the average amount invested in these stocks was $1.04 billion. That figure was $291 million in CPB’s case. Marathon Petroleum Corp (NYSE:MPC) is the most popular stock in this table. On the other hand Sun Life Financial Inc. (USA) (NYSE:SLF) is the least popular one with only 13 bullish hedge fund positions. Campbell Soup Company (NYSE:CPB) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard MPC might be a better candidate to consider for a long position.

Disclosure: None