Should You Buy HP Inc. (HPQ)?

As one would reasonably expect, specific money managers have been driving this bullishness. Brahman Capital, managed by Peter Adam Hochfelder, assembled the most outsized position in HP Inc. (NYSE:HPQ). The fund reportedly had $198.5 million invested in the company at the end of the quarter. Ahmet Okumus’s Okumus Fund Management also made a $114.9 million investment in the stock during the quarter. The other funds with new positions in the stock are Rob Citrone’s Discovery Capital Management, Ryan Frick and Oliver Evans’s Dorsal Capital Management, and Howard Guberman’s Gruss Asset Management.

Let’s also examine hedge fund activity in other stocks similar to HP Inc. (NYSE:HPQ). These stocks are Mizuho Financial Group Inc. (ADR) (NYSE:MFG), salesforce.com, inc. (NYSE:CRM), PNC Financial Services (NYSE:PNC), and Canadian National Railway (USA) (NYSE:CNI). This group of stocks’ market caps match HPQ’s market cap.

As you can see these stocks had an average of 28 hedge funds with bullish positions and the average amount invested in these stocks was $1.07 billion. That figure was $3.07 billion in HPQ’s case. salesforce.com, inc. (NYSE:CRM) is the most popular stock in this table, while Mizuho Financial Group Inc. (ADR) (NYSE:MFG) is the least popular one with only 6 bullish hedge fund positions. HP Inc. (NYSE:HPQ) steals the show with 59 long hedge fund positions and investments nearly three times the average. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.