What Hedge Funds Have To Say About This Morning’s Upgraded Stocks

We will now take a quick look at hedge funds’ sentiment on the two companies so as to get an understanding of how the smart money feels about these stocks. There were 50 hedge funds tracked by Insider Monkey with equity stakes in Chevron Corporation (NYSE:CVX) at the end of the second quarter, three funds more quarter-over-quarter. The value of their collective stakes also increased greatly over this period, augmenting to $2.11 billion from $1.49 billion. D. E. Shaw & Co., founded by David E. Shaw in 1988, significantly increased its position in Chevron during the quarter to 3.96 million shares, making it the largest shareholder within our database. At the same time, Ken Fisher’s Fisher Asset Management, the second-largest equity holder in the energy company, increased its stake to 3.53 million shares.

Moving on the The Interpublic Group of Companies Inc. (NYSE:IPG), the number of hedge funds with positions in the company increased to 41 from 40 during the quarter, whereas the value of these positions shrunk to $2.01 billion from $2.10 billion. It is also worth mentioning that the hedge funds observed by the Insider Monkey team own 25.30% of the ad agency’s common stock as of June 30. Fir Tree, founded by Jeffrey Tannenbaum, and Paul Singer’s Elliot Management represent the company’s largest equity holders within our database, holding stakes of 20.93 million shares and 20.02 million shares, respectively.

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