Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Coty Inc (NYSE:COTY) but similarly valued. We will take a look at Arch Capital Group Ltd. (NASDAQ:ACGL), Newfield Exploration Co. (NYSE:NFX), Dr. Reddy’s Laboratories Limited (ADR) (NYSE:RDY), and Michael Kors Holdings Ltd (NYSE:KORS). This group of stocks’ market caps are closest to COTY’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 26 funds with bullish positions at the end of September and the average amount invested in these stocks was $639 million, which is significantly lower than the $3.03 billion in COTY’s case. Newfield Exploration Co. (NYSE:NFX) is the most popular stock in this table. On the other hand Dr. Reddy’s Laboratories Limited (ADR) (NYSE:RDY) is the least popular one with only nine investors holding shares. Compared to these stocks Coty Inc (NYSE:COTY) 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.