Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

More and More Hedge Funds Are Selling Perrigo Company plc (PRGO)

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
GGP 27 271832 5
BEN 37 1811000 2
BHI 53 3013440 -20
HLT 51 1488094 0

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.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.