QUALCOMM, Inc. (QCOM) and Valeant Pharmaceuticals Intl Inc (VRX) Are Top Picks by Hedge Funds in 1Q
According to a FactSet report, QUALCOMM, Inc. (NASDAQ:QCOM) and Valeant Pharmaceuticals Intl Inc (NYSE:VRX) were the top picks among hedge funds companies in the first quarter. While Valeant gets the attention for its acquisition spree which is yielding the expected results for it, Qualcomm has been in focus over growth prospects.
For the hedge funds companies, QUALCOMM, Inc. (NASDAQ:QCOM) topped their average purchases in the first quarter, according to a data released by FactSet Research Systems Inc. (NYSE:FDS). The average market value purchased by the funds in Qualcomm amounted to about $2.1 billion in the March quarter.
In respect of the portfolio held by the hedge funds companies, QUALCOMM, Inc. (NASDAQ:QCOM) ranked as 16th biggest holding. This translated into 0.5% of all equity held. Despite such backing from the hedge funds, the stock witnessed a downside of 6.7% in the March quarter.
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) was second among the hedge fund picks in the first quarter. In terms of value of buying activities, the aggregate market value was about $1.9 billion. The stock occupied the top position for one of the big 50 hedge funds in the March quarter.
For the aggregate portfolio among the hedge fund firms, Valeant was the second biggest holding in the March quarter. This meant that the hedge funds holding comprised 1.3% of all equity holdings. Bill Ackman, a renowned hedge fund manager, was a known supporter of Valeant’s tactics to pursue growth through acquisitions. The stock witnessed about 38.8% uptick during the three month period of January – March.
Jana Reduced Position In Valeant
While Jana Partners boosted its position in QUALCOMM, Inc. (NASDAQ:QCOM), the firm has slashed its position by over half in Valeant Pharmaceuticals Intl Inc (NYSE:VRX) in the first quarter.
Latest posts by Viraj Shah (see all)
- Tesla Motors Inc (NASDAQ:TSLA)’s Elon Musk Is Going After Semi Truck Industry - November 17, 2017 04:37 AM PST
- Tesla Motors Inc (NASDAQ:TSLA) Is Not “Hotbed for Racist Behavior” - November 15, 2017 06:58 AM PST
- Nikola Tesla and Tesla Motors Inc (TSLA) – The Past & Future of the World You Cannot Ignore- Part 1 - May 15, 2017 05:11 AM PST