In their recent change in substantial holding announcement HHL...

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    In their recent change in substantial holding announcement HHL reported selling 4,800,000 shares over three days.

    Total volume over those three days for CBD was 6,219,941. Therefore HHL selling accounted for 77% of all trades.

    Given they hold only around 6% of the stock this suggests that everyone else (that other 94%) is currently holding.
 
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