Latest 13-F Filers Hold Walgreen

At Holdings Channel, we have reviewed the latest batch of the 52 most recent 13F filings for the 06/30/2014 reporting period, and noticed that Walgreen Co. ( WAG) was held by 23 of these funds. When hedge fund managers appear to be thinking alike, we find it is a good idea to take a closer look.

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Before we proceed, it is important to point out that 13F filings do not tell the whole story, because these funds are only required to disclose their long positions with the SEC, but are not required to disclose their short positions. A fund making a bearish bet against a stock by shorting calls, for example, might also be long some amount of stock as they trade around their overall bearish position. This long component could show up in a 13F filing and everyone might assume the fund is bullish, but this tells only part of the story because the bearish/short side of the position is not seen.

Having given that caveat, we believe that looking at groups of 13F filings can be revealing, especially when comparing one holding period to another. Below, let's take a look at the change in WAG positions, for this latest batch of 13F filers:

Fund New Position? Change In Share Count Change In Market Value ($ in 1000's)
Spectrum Management Group Inc. Existing UNCH +$3
Barrow Hanley Mewhinney & Strauss LLC Existing -141,150 -$2,680
TD Asset Management Inc Existing -60,875 +$3,624
Bank of Kentucky Inc. NEW +70 +$5
TDAM USA Inc. Existing -7,641 +$766
Weik Investment Services Inc. Existing -225 +$198
Schnieders Capital Management LLC Existing +13,040 +$1,773
Harris Associates L P Existing -5,400 -$180
Frontier Investment Mgmt Co. Existing +5,276 +$899
Salient Capital Advisors LLC NEW +2,901 +$215
Franklin Resources Inc. Existing -507,536 +$111,294
Amica Retiree Medical Trust Existing UNCH +$52
Amica Pension Fund Board of Trustees Existing UNCH +$341
Provident Investment Management Inc. Existing UNCH +$29
White Pine Capital LLC Existing UNCH +$49
Morgan Stanley Existing +832,545 +$99,059
CS Mckee LP Existing -22,890 +$2,646
DIAM Co. Ltd. Existing +530 +$988
Amica Mutual Insurance Co. Existing UNCH +$633
Wealthcare Capital Management LLC NEW +100 +$7
GW Henssler & Associates Ltd. Existing -24,651 -$1,585
Lazard Asset Management LLC Existing -1,900 +$358
NBT Bank N A NY Existing -407 +$192
Aggregate Change: +81,787 +$218,686

In terms of shares owned, we count 4 of the above funds having increased existing WAG positions from 03/31/2014 to 06/30/2014, with 10 having decreased their positions and 3 new positions. Worth noting is that C M Bidwell & Associates Ltd., included in this recent batch of 13F filers, exited WAG common stock as of 06/30/2014.

Looking beyond these particular funds in this one batch of most recent filers, we tallied up the WAG share count in the aggregate among all of the funds which held WAG at the 06/30/2014 reporting period (out of the 1,845 we looked at in total). We then compared that number to the sum total of WAG shares those same funds held back at the 03/31/2014 period, to see how the aggregate share count held by hedge funds has moved for WAG. We found that between these two periods, funds increased their holdings by 8,951,114 shares in the aggregate, from 180,991,312 up to 189,942,426 for a share count increase of approximately 4.95%. The overall top three funds holding WAG on 06/30/2014 were:

Fund Shares of WAG Held
1. Vanguard Group Inc. 50,194,451
2. BlackRock Institutional Trust Company N.A. 23,573,641
3. BlackRock Fund Advisors 8,461,011
4-10 Find out the full Top 10 Hedge Funds Holding WAG

We'll keep following the latest 13F filings by hedge fund managers and bring you interesting stories derived from a look at the aggregate information across groups of managers between filing periods. While looking at individual 13F filings can sometimes be misleading due to the long-only nature of the information, the sum total across groups of funds from one reporting period to another can be a lot more revealing and relevant, providing interesting stock ideas that merit further research, like Walgreen Co. ( WAG).

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