Hedge Funds Regret Selling These Soaring Stocks: Part 1

#1 CBS Corporation (NYSE:CBS)

– Number of Hedge Fund Holders (as of September 30): 62
– Total Value of Hedge Fund Holdings (as of September 30): $3.46 billion
– Hedge Fund Holdings as Percent of Float (as of September 30): 18.00%

Given that 21 analysts covering CBS Corporation (NYSE:CBS) have a ‘Buy’ rating, two have a ‘Strong Buy’ rating, and four have ‘Hold’ ratings, with an average price target of $61.63 among them,  it’s not surprising that CBS shares have appreciated by over 16% since the end of September. What is surprising is that the smart money, including Millennium Management Subsidiary’s Blue Arrow Capital Management missed it, as the total number of elite funds long the diversified media company declined by nine to 62 between July and September. If ad spending in this Presidential election cycle exceeds expectations, CBS may rally even further.

Disclosure: none