Wells Fargo & Co (WFC) Posts Lower Earnings In Q2 But Meets EPS Expectations (Due To Share Buybacks)

How are hedge funds trading Wells Fargo & Co (NYSE:WFC)?

According to hedge fund intelligence website Insider Monkey, Warren Buffett‘s Berkshire Hathaway had the number one position in Wells Fargo & Co (NYSE:WFC), holding 470.29 million shares worth close to $25.58 billion, corresponding to 23.9% of its total 13F portfolio. On Berkshire Hathaway’s heels is Lansdowne Partners, led by Alex Snow, holding a $1.09 billion position in 20.09 million shares; the fund has 9.8% of its 13F portfolio invested in the stock. Other hedgies that are bullish consist of Ken Fisher’s Fisher Asset Management, Tom Russo’s Gardner Russo & Gardner, and Patrick Degorce’s Theleme Partners.

Because Wells Fargo & Co (NYSE:WFC) has faced bearish sentiment from the smart money, logic holds that there exists a select few hedgies that slashed their entire stakes heading into the second quarter. It’s worth mentioning that Crispin Odey‘s Odey Asset Management Group dropped the biggest position in the first quarter of all the hedgies tracked by Insider Monkey, selling all 2.18 million shares it had held on December 31, which were valued at about $119.69 million at that time. John Burbank’s fund, Passport Capital, also cut its 707,365-share stake, a position worth about $38.78 million.

Due to the bearish sentiment, we don’t recommend a long position in Wells Fargo & Co (NYSE:WFC) at the moment.

Disclosure: None