Now, key money managers were breaking ground themselves. Point72 Asset Management, managed by Steve Cohen, initiated the most valuable position in Eli Lilly & Co. (NYSE:LLY). Point72 Asset Management had $123 million invested in the company at the end of the quarter. Samuel Isaly’s OrbiMed Advisors also initiated a $106.5 million position during the quarter. The other funds with new positions in the stock are Christopher James’ Partner Fund Management, Arthur B Cohen and Joseph Healey’s Healthcor Management LP, and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital.
Let’s now take a look at hedge fund activity in other stocks similar to Eli Lilly & Co. (NYSE:LLY). We will take a look at Walgreens Boots Alliance Inc (NASDAQ:WBA), AbbVie Inc (NYSE:ABBV), The Boeing Company (NYSE:BA), and 3M Co (NYSE:MMM). This group of stocks’ market valuations are closest to LLY’s market valuation.
|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 62 hedge funds with bullish positions and the average amount invested in these stocks was $4.46 billion. That figure was $2.29 billion in LLY’s case. Walgreens Boots Alliance Inc (NASDAQ:WBA) is the most popular stock in this table, while The Boeing Company (NYSE:BA) is the least popular one with only 35 bullish hedge fund positions. Eli Lilly & Co. (NYSE:LLY) 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 WBA might be a better candidate to consider a long position.