Priceline Group Inc (NASDAQ:PCLN) saw the number of hedge funds in our database long the stock advance by eight to 83 during the third quarter. However, the total value of their holdings inched down to $7.09 billion from $7.11 billion. For the third quarter, Priceline Group Inc (NASDAQ:PCLN) posted EPS of $35.22 and revenue of $4.43 billion, beating the consensus estimates by $0.97 and $90 million, respectively. However, the company also projected EPS between $13.40 and $14.00, which was lower than the consensus estimate of $15.56. In addition, recently Argus has downgraded Priceline Group Inc (NASDAQ:PCLN)’s stock to ‘Hold’ from ‘Buy’, citing concerns that higher advertising spending signals more competition. However, Argus maintained its long-term ‘Buy’ rating on the stock.
There were 105 funds tracked by us long Comcast Corporation (NASDAQ:CMCSA) at the end of September, up from 94 funds a quarter earlier. The total value of these funds’ positions increased to $10.54 billion from $10.03 billion during the third quarter. Comcast Corporation (NASDAQ:CMCSA) is currently in the spotlight as it is one of the companies that is in discussions to buy Twenty-First Century Fox Inc (NASDAQ:FOX), with another company pursuing active talks being Walt Disney Co (NYSE:DIS). The deal would allow Comcast Corporation (NASDAQ:CMCSA) to gain some exposure to international markets (it would include UK’s satellite TV provider Sky PLC and India’s Star TV), which is a necessary step as customers are cutting the cable cord, which forces cable and media companies to pursue acquisitions and adjust their business models. Comcast Corporation (NASDAQ:CMCSA) has also launched a streaming TV service, Xfinity Instant TV, to appeal to cord cutters.
In Altaba Inc (NASDAQ:AABA), there were 121 investors with stakes worth $21.27 billion at the end of September, versus 113 funds with positions valued at $16.95 billion at the end of June. Altaba Inc (NASDAQ:AABA) has the remaining assets of former Yahoo!, whose core business was sold to Verizon Communications Inc. (NYSE:VZ) in June. The assets include a 15% stake in Alibaba Group Holding Ltd (NYSE:BABA) and a 36% position in Yahoo Japan, as well as cash and a patent portfolio. The stock is up by 33.32% since it started trading as Altaba in June and it has a total capitalization of $61 billion, which is lower than the $67 billion that its stake in Alibaba Group Holding Ltd (NYSE:BABA). The discount is due to several issues, the main of which is the concern about the tax burden that would be carried if the shares are sold. However, bullish investors consider that the discount is too big and the management is committed to making the transactions as efficient as possible in order to generate the maximum shareholder value.
On the next page, we will take a look at top two stocks that hedge funds are crazy about.
