Do you like to follow the buying trends of smart money investors such as hedge fund managers and mutual fund managers? For ideas we ran a screen.
We screened large-cap stocks, with market caps above $10 billion, for those trading within 5% of their 52-week highs, indicating recent upside momentum.
We then screened for those with significant net institutional buying over the current quarter, indicating that institutional investors such as hedge fund managers (aka the "smart money") believe these names will outperform.
Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.
We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.
Do you think these stocks will continue moving higher? Use this list as a starting point for your own analysis.
1. Whole Foods Market, Inc. (NASDAQ:WFM): Engages in the ownership and operation of natural and organic food supermarkets. Market cap at $14.50B. Net institutional purchases in the current quarter at 7.1M shares, which represents about 4.7% of the company's float of 150.94M shares.
2. Plains All American Pipeline, L.P. (NYSE:PAA): Engages in the transportation, storage, terminaling, and marketing of crude oil, refined products, and liquefied petroleum gas and other natural gas-related petroleum products (NYSE:LPG) in the United States and Canada. Market cap at $12.67B. Net institutional purchases in the current quarter at 5.8M shares, which represents about 3.86% of the company's float of 150.38M shares.
3. Canadian Pacific Railway Limited (NYSE:CP): Provides rail and intermodal freight transportation services. Market cap at $12.71B. Net institutional purchases in the current quarter at 8.2M shares, which represents about 5.63% of the company's float of 145.68M shares.
*Institutional data sourced from Fidelity, all other data sourced from Finviz.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.