10 Best Big Name Stocks to Buy Now

Published on June 8, 2023 at 11:06 am by Usman Kabir in Hedge Funds, News

In this article, we discuss the 10 best big name stocks to buy now. If you want to skip our detailed analysis of these stocks, go directly to 5 Best Big Name Stocks to Buy Now.

The US economy and big business giants have a closely intertwined relationship, with these large corporations playing a significant role in shaping the economic landscape. They contribute to the growth of the US economy by driving productivity, innovation, and job creation. These companies invest heavily in research and development, which leads to the development of new technologies, products, and services. Their investments in capital infrastructure and expansion projects stimulate economic activity and create employment opportunities, supporting economic growth at both the national and local levels.

Big companies are major employers, providing a significant number of jobs across a wide range of industries. They create both direct and indirect employment opportunities, contributing to lower unemployment rates and promoting economic stability. These companies often offer competitive wages, benefits, and career advancement opportunities, attracting a skilled workforce and enhancing labor market dynamics. Big business giants also have extensive supply chains, encompassing numerous suppliers, manufacturers, distributors, and service providers.

Their purchasing power and demands can influence the operations and growth of their supply chain partners. As a result, these companies have the ability to support and shape the growth of smaller businesses within their supply chains, contributing to job creation and economic development. Many big companies are multinational corporations that operate globally. Their international operations contribute to the US economy through exports, foreign direct investment, and global market expansion. Their ability to compete globally enhances the competitiveness of the US economy, supporting trade and generating economic gains.

Surprisingly, the US economy is currently in a healthy state, considering the challenges it has faced, including the global pandemic, supply chain disruptions, and the impact of a war on a major global energy supplier. The labor market conditions alone provide strong support for the belief that the economy can achieve a desired soft landing, which is not uncommon despite claims suggesting otherwise. Although inflation remains a concern, it is much less worrisome than it was a year ago.

If US policymakers can avoid any detrimental policy decisions, such as failing to raise the debt ceiling, the outlook is positive that the economy will continue to innovate, generate employment opportunities, and produce goods and services after a few quarters of slower growth. According to the US Bureau of Economic Analysis, the current-account deficit of the United States decreased by $12.2 billion, or 5.6%, to reach $206.8 billion in the fourth quarter of 2022. The revised deficit for the third quarter was $219.0 billion. In terms of current-dollar gross domestic product (GDP), the fourth-quarter deficit accounted for 3.2%, which was a decline from 3.4% recorded in the third quarter.

The US economy experienced a slowdown in the early months of 2023, with a growth rate of 1.1% on an annual basis. This decline in growth can be attributed to higher interest rates and a banking crisis that had a negative impact on various sectors. The Bureau of Economic Analysis released these latest figures, indicating a significant deceleration at a time when concerns about a recession are already looming, partly due to worries that the banking sector’s challenges will restrict lending. In comparison, the US economy had grown at an annual rate of 2.6% during the last quarter of 2022.

However, households continue to increase their spending, particularly on services like entertainment and travel, driven by pent-up demand. Business investment remains strong, especially in information-processing equipment and software. Some of the best big name stocks to monitor in this context include Microsoft Corporation (NASDAQ:MSFT), Atlassian Corporation Plc (NASDAQ:TEAM), and Zoom Video Communications, Inc. (NASDAQ:ZM). However, investment in nonresidential structures remains weak due to an oversupply of office buildings and retail spaces. The housing market experiences a true recession, with a significant slump.

Economic experts believe inflation will gradually settle back by late 2023 as demand for goods slows and businesses address their supply chain issues. However, this decline in inflation might be temporary as wages rise due to the continued strength of the labor market, leading to higher costs and prices. The Federal Reserve, despite its attempts to control inflation in 2022, has found it challenging to slow down the hot labor market enough to have a significant impact, resulting in inflation settling at approximately 6%. Nominal interest rates have reached levels that would have been considered burdensome a few years ago, but the overall economic activity remains relatively strong.

Our Methodology

For this article, we selected big name stocks and ranked them based on overall hedge fund sentiment. Big name stocks are companies that have global brand capital and more than 100 hedge fund holders. We have assessed the hedge fund sentiment from Insider Monkey’s database of 943 elite hedge funds tracked as of the end of the first quarter of 2023. The list is arranged in ascending order of the number of hedge fund holders in each firm.

Best Big Name Stocks to Buy Now

10. UnitedHealth Group Incorporated (NYSE:UNH)

Number of Hedge Fund Holders: 116

UnitedHealth Group Incorporated (NYSE:UNH) operates as a diversified healthcare firm. It is one of the best big name stocks to buy now. It is also one of the most reliable dividend players in the health market. For the past two decades, the company has consistently paid a dividend to shareholders. These payouts have registered consistent growth in the past thirteen years. On June 7, the firm declared a quarterly dividend of $1.88 per share, an increase of close to 14% from the previous dividend of $1.65 per share.

On May 30, JPMorgan analyst Lisa Gill maintained an Overweight rating on UnitedHealth Group Incorporated (NYSE:UNH) stock and lowered the price target to $562 from $595, updating models across the managed care coverage.

At the end of the first quarter of 2023, 116 hedge funds in the database of Insider Monkey held stakes worth $11.7 billion in UnitedHealth Group Incorporated (NYSE:UNH), compared to 110 in the preceding quarter worth $11.4 billion.

Just like Microsoft Corporation (NASDAQ:MSFT), Atlassian Corporation Plc (NASDAQ:TEAM), and Zoom Video Communications, Inc. (NASDAQ:ZM), UnitedHealth Group Incorporated (NYSE:UNH) is one of the best big name stocks to buy now.

In its Q2 2022 investor letter, Wedgewood Partners, an asset management firm, highlighted a few stocks and UnitedHealth Group Incorporated (NYSE:UNH) was one of them. Here is what the fund said:

“UnitedHealth Group Incorporated (NYSE:UNH) also contributed to performance during the quarter. United’s operating income grew +3% on difficult year-ago comparisons as benefits members utilized more services compared to last year. Optum Health grew operating income +40% as more patients are enrolled in the Company’s value-based care services. The Company estimates nearly a third of all medical care is unnecessary and represents an opportunity to capture savings for both patients. Optum’s integrated platform of patient data, IT, and service providers are focused on driving out these unnecessary costs and should serve as the engine for long-term, mid-teens earnings per share growth.”

9. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 128

Alibaba Group Holding Limited (NYSE:BABA) provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses to engage with their users and customers in the People’s Republic of China and internationally. It is one of the best big name stocks to buy now. The company, like other tech competitors, is trying hard to capture the AI market. Recent reports suggest that the firm intends to incorporate a ChatGPT-like artificial intelligence technology into its meeting and messaging applications, aiming to enhance user experiences and communication efficiency.

On April 23, Susquehanna analyst Shyam Patil maintained a Positive rating on Alibaba Group Holding Limited (NYSE:BABA) stock and lowered the price target to $160 from $175, noting that Chinese macro appears to have improved somewhat and cost discipline continues to pay off.

At the end of the first quarter of 2023, 128 hedge funds in the database of Insider Monkey held stakes worth $5.8 billion in Alibaba Group Holding Limited (NYSE:BABA), compared to 113 in the preceding quarter worth $5.6 billion.

In its Q3 2022 investor letter, Polen Capital, an asset management firm, highlighted a few stocks and Alibaba Group Holding Limited (NYSE:BABA) was one of them. Here is what the fund said:

“Alibaba Group Holding Limited (NYSE:BABA) is the leading e-commerce company in China. The stock was weak over the quarter as they reported a quarterly revenue decline. The company has been heavily impacted by the continued covid-19 lockdowns throughout China and the aggressive rate increases and a deteriorating outlook for China’s economy have weighed heavily on the stock. The share price has also been under pressure due to the U.S. Securities and Exchange Commission’s plans to delist Chinese tech stocks in 2024 if they do not provide access to audit files.”

8. Salesforce, Inc. (NYSE:CRM)

Number of Hedge Fund Holders: 136

Salesforce, Inc. (NYSE:CRM) provides customer relationship management technology that brings companies and customers together worldwide. It is one of the best big name stocks to buy now. On June 7, the firm announced that it was partnering with Google Cloud in a collaboration that will enable companies to leverage their data and utilize custom machine learning models to predict customer needs. This partnership builds on the previous collaboration between the two companies, expanding their data sharing initiatives and developing AI-powered customer service and marketing solutions.

On June 1, investment advisory BMO Capital maintained an Outperform rating on Salesforce, Inc. (NYSE:CRM) stock and raised the price target to $245 from $230, noting that Salesforce margin and free cash flow story remains strong.

At the end of the first quarter of 2023, 136 hedge funds in the database of Insider Monkey held stakes worth $9 billion in Salesforce, Inc. (NYSE:CRM), compared to 117 in the preceding quarter worth $8 billion.

In its Q3 2022 investor letter, Oakmark Funds, an asset management firm, highlighted a few stocks and Salesforce, Inc. (NYSE:CRM) was one of them. Here is what the fund said:

“Salesforce, Inc. (NYSE:CRM) has become a dominant global player in sales, customer service, commerce and marketing software over the past 20 years. The company earns 80% gross margins and grows 20% organically. Plus, virtually all of its revenue is recurring. We see Salesforce as a great business that we’ve admired from afar for a long time. More recently, the organization has made some changes at the top that prompted us to take a closer look at the stock. New CEO Bret Taylor and CFO Amy Weaver are bringing a culture of financial discipline. We believe this renewed focus on profitability and capital return, combined with Salesforce’s strong underlying business characteristics, will yield strong results. The current valuation of 3.9x next year’s revenues represents a significant discount compared to publicly traded peers and recent private market values in the software space that have similar growth profiles. We view this discount as an opportunity to invest in a great business at a good value.”

7. Uber Technologies, Inc. (NYSE:UBER)

Number of Hedge Fund Holders: 144

Uber Technologies, Inc. (NYSE:UBER) develops and operates proprietary technology applications worldwide. It is one of the best big name stocks to buy now. In late May, the company announced that it would be joining hands with Waymo, an American autonomous driving technology company, to provide self-driving taxis. This collaboration aims to integrate Waymo’s autonomous driving technology into Uber’s ride-hailing platform. By combining their expertise, the companies intend to offer a new transportation service that utilizes self-driving vehicles.

On May 3, Deutsche Bank analyst Benjamin Black maintained a Buy rating on Uber Technologies, Inc. (NYSE:UBER) stock and raised the price target to $46 from $44, noting the firm reported another strong quarter and a very impressive Q2 gross bookings and EBITDA guide.

At the end of the first quarter of 2023, 144 hedge funds in the database of Insider Monkey held stakes worth $5.6 billion in Uber Technologies, Inc. (NYSE:UBER), compared to 135 in the preceding quarter worth $5.7 billion.

In its Q2 2022 investor letter, RiverPark Funds, an asset management firm, highlighted a few stocks and Uber Technologies, Inc. (NYSE:UBER) was one of them. Here is what the fund said:

“Uber Technologies, Inc. (NYSE:UBER) is a global technology platform that enables the transportation of people and products across cities and countries. The company’s three main business lines are 1) Mobility where the company is the number one or two player in the app-based personal transportation market in 10,000+ cities globally, 2) Delivery- (Uber Eats in the US) home delivery of prepared meals, grocery, liquor, and increasingly general retail products in seven of the top ten GDP markets globally, and 3) Freight- the largest global marketplace for end-to-end freight solutions including one million digitally connected truck drivers. In the company’s most recent quarter, it grew gross bookings 35% year over year, consummated transactions with 115 million unique customers, completed 1.7 billion trips a month, and all three divisions were adjusted EBITDA positive (…read more)

6. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 132

NVIDIA Corporation (NASDAQ:NVDA) provides graphics, computing and networking solutions. It is one of the best big name stocks to buy now. On May 28, the firm unveiled the DGX-GH200 AI supercomputer, designed to accelerate artificial intelligence research and development. The system delivers impressive performance with 8 NVIDIA A100 GPUs, interconnected with NVIDIA NVSwitch technology. The DGX-GH200 offers high-speed networking, enhanced storage capacity, and improved energy efficiency for advanced AI workloads.

On May 25, investment advisory Morgan Stanley maintained an Overweight rating on NVIDIA Corporation (NASDAQ:NVDA) stock and raised the price target to $450 from $304, noting the surge in AI was paying off sooner than expected for the firm.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in NVIDIA Corporation (NASDAQ:NVDA) with 17.9 million shares worth more than $4.9 billion.

In addition to Microsoft Corporation (NASDAQ:MSFT), Atlassian Corporation Plc (NASDAQ:TEAM), and Zoom Video Communications, Inc. (NASDAQ:ZM), NVIDIA Corporation (NASDAQ:NVDA) is one of the best big name stocks to buy now.

In its Q1 2023 investor letter, Fred Alger Management, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said:

“NVIDIA Corporation (NASDAQ:NVDA) is a leading supplier of graphics processing units (GPUs) for a variety of end markets, such as gaming, PCs, data centers, virtual reality and high-performance computing. The company is leading in most secular growth categories in computing, and especially artificial intelligence and super-computing parallel processing techniques for solving complex computational problems. Simply put. Nvidia’s computational power is a critical enabler of Al and therefore critical to Al adoption, in our view. As such, we believe Nvidia is a long-term high unit volume growth opportunity. During the period, NVIDIA reported fiscal fourth-quarter results that met expectations, as the company navigated. through an inventory correction associated with the broad macroeconomic slowdown. Moreover, management gave fiscal year earnings guidance that was better than analyst estimates. noting strong year-over-year growth in gaming and data centers. Management’s constructive assessment of 2023 prospects. coupled with the rapid rollout and adoption of generative Al offerings, led to positive share price performance.”

Click to continue reading and see 5 Best Big Name Stocks to Buy Now.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on May 1, 2024 at by Inan Dogan, PhD

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A New Dawn is Coming to U.S. Stocks

Published on May 2, 2024 at by Insider Monkey Staff

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

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Should I put my money in Artificial Intelligence?

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Click to continue reading…

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