Hedge Funds Have Never Been Less Bullish On HP Inc.

We at Insider Monkey have gone over 730 13F filings that hedge funds and prominent investors are required to file by the SEC. The 13F filings show the funds’ and investors’ portfolio positions as of June 28th. In this article, we look at what those funds think of HP Inc. (NYSE:HPQ) based on that data.

HP Inc.  has seen a decrease in activity from the world’s largest hedge funds in recent months. HPQ was in 32 hedge funds’ portfolios at the end of June. There were 35 hedge funds in our database with HPQ positions at the end of the previous quarter. Our calculations also showed that HPQ isn’t among the 30 most popular stocks among hedge funds.

Unlike some fund managers who are betting on Dow reaching 40000 in a year, our long-short investment strategy doesn’t rely on bull markets to deliver double digit returns. We only rely on hedge fund buy/sell signals. Let’s go over the latest hedge fund action regarding HP Inc. (NYSE:HPQ).

What does smart money think about HP Inc. (NYSE:HPQ)?

Heading into the third quarter of 2019, a total of 32 of the hedge funds tracked by Insider Monkey were long this stock, a change of -9% from one quarter earlier. The graph below displays the number of hedge funds with bullish position in HPQ over the last 16 quarters. So, let’s check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

HPQ_oct2019

The largest stake in HP Inc. was held by AQR Capital Management, which reported holding $355.5 million worth of stock at the end of March. It was followed by D E Shaw with a $115.8 million position. Other investors bullish on the company included Two Sigma Advisors, Arrowstreet Capital, and Adage Capital Management.

Since HP Inc. has witnessed falling interest from the entirety of the hedge funds we track, it’s safe to say that there was a specific group of fund managers who sold off their entire stakes by the end of the second quarter. Interestingly, Paul Marshall and Ian Wace’s Marshall Wace LLP said goodbye to the largest investment of the 750 funds monitored by Insider Monkey, worth about $21 million in stock, and David Costen Haley’s HBK Investments was right behind this move, as the fund dropped about $11.1 million worth. These transactions are interesting, as total hedge fund interest was cut by three funds by the end of the second quarter.

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