Seeing as Perrigo Company plc (NYSE:PRGO) has experienced a declination in interest from hedge fund managers, we can see that there is a sect of hedge funds that slashed their entire stakes heading into Q4. At the top of the heap, Jacob Gottlieb’s Visium Asset Management dumped the biggest position of all the hedgies tracked by Insider Monkey, worth an estimated $386.6 million in stock, and Doug Silverman and Alexander Klabin’s Senator Investment Group was right behind this move, as the fund cut about $212.6 million worth of shares. These bearish behaviors are interesting, as aggregate hedge fund interest was cut by 20 funds heading into Q4.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Perrigo Company plc (NYSE:PRGO) but similarly valued. These stocks are General Growth Properties Inc (NYSE:GGP), Franklin Resources, Inc. (NYSE:BEN), Baker Hughes Incorporated (NYSE:BHI), and Hilton Worldwide Holdings Inc (NYSE:HLT). This group of stocks’ market caps are similar to PRGO’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 42 hedge funds with bullish positions and the average amount invested in these stocks was $1.65 billion. That figure was $4.60 billion in PRGO’s case. Baker Hughes Incorporated (NYSE:BHI) is the most popular stock in this table. On the other hand General Growth Properties Inc (NYSE:GGP) is the least popular one with only 27 bullish hedge fund positions. Compared to these stocks Perrigo Company plc (NYSE:PRGO) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers and still have more money invested in it than any of the stocks in the table, it may be a good idea to analyze it in detail and potentially include it in your portfolio, bearing in mind that sentiment took a huge hit in Q3.