On June 18, Jason Hunter, JPMorgan’s head of technical strategy, joined CNBC’s ‘Closing Bell’ to discuss how he believes that there’s a bias for the market to correct over the short term. Hunter acknowledged the impressive nature of the recent market rally since early April but did point out a recent slowdown characterized by smaller steps and narrower ranges over the last several weeks. Hunter interpreted this as signs of rally exhaustion and noted momentum divergences, which typically suggest a short-term market correction.
While he anticipates a pullback, he believes it won’t be major, potentially down to the 5800-5700 range for the S&P 500, expecting strong support due to positive summer seasonality. This projected pullback represents about a 5% decline from recent highs. Looking at the market’s unexpected resilience despite seemingly negative technical signals and recent headlines, Hunter attributed it to positioning. He believes that the speculative community is not overly long, and while the trend-following CTA community might be somewhat long, they are not overextended.
That being said, we’re here with a list of the 12 best Fortune 500 stocks to buy according to billionaires.
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Methodology
We began by screening Fortune 500 stocks with a market capitalization of over $2 billion from Insider Monkey’s database of billionaire holdings. We then ranked the top 12 stocks in ascending order based on the number of billionaire investors holding positions, as of Q4 2024. We’ve also added the hedge fund sentiment for each stock, which was sourced from Insider Monkey’s database, as of Q1 2025.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
12 Best Fortune 500 Stocks to Buy According to Billionaires
12. Johnson & Johnson (NYSE:JNJ)
Number of Hedge Fund Holders: 91
Dollar Value of Billionaire Holdings: $2.9 billion
Number of Billionaire Investors: 18
Johnson & Johnson (NYSE:JNJ) is one of the best Fortune 500 stocks to buy according to billionaires. On June 19, Johnson & Johnson (J&J) MedTech introduced two new plating systems for distal radius (wrist) and proximal humerus (upper arm near the shoulder) fractures for its Variable Angle Optimised Locking Technology (VOLT) platform in the US. These additions aim to address needs in treating two of the most frequently fractured bones.
The VOLT fracture management platform was initially launched in October 2024 to enhance the stability of fitted plates and streamline workflow efficiencies in orthopedic surgery. The system first included mini and small fragment plating systems, which received US FDA clearance in March 2024 for fracture plating in areas such as the ankle, forearm, and clavicle.
The VOLT Wrist Treatment System was developed in collaboration with the Hand Expert Group within the AO Technical Commission, which is a Swiss non-profit specializing in the surgical treatment of trauma and musculoskeletal disorders. This system is designed to treat various wrist fractures and includes the VOLT Two-Column Distal Radius Rim Plate. This plate’s shape allows it to sit more distally for better access to distal fragments and features a lower profile in the flexor pollicis longus region.
Johnson & Johnson (NYSE:JNJ) researches, develops, manufactures, and sells various products in the healthcare field worldwide. It operates in two segments: Innovative Medicine and MedTech.
11. DoorDash Inc. (NASDAQ:DASH)
Number of Hedge Fund Holders: 81
Dollar Value of Billionaire Holdings: $5 billion
Number of Billionaire Investors: 19
DoorDash Inc. (NASDAQ:DASH) is one of the best Fortune 500 stocks to buy according to billionaires. Earlier in June, DoorDash announced an expansion of its advertising platform, which included the acquisition of ad tech startup Symbiosys for $175 million. The move is aimed at supporting DoorDash’s off-site advertising capabilities while using DoorDash’s closed-loop measurement system. This enables advertisers to reach consumers beyond the DoorDash app and drive incremental off-platform sales.
The acquisition is a strategic step for DoorDash to vertically integrate advanced advertising technology. Symbiosys built software to help retailers sell off-site advertising, promoting products from brands. This deal allows DoorDash advertisers, from local restaurants to global consumer packaged goods/CPG brands, to expand their reach across digital channels.
DoorDash also unveiled a new suite of AI-powered tools for its advertising platform. For restaurants, these tools include features for campaign creation, targeting based on specific goals and budgets, and discount management. DoorDash and Wolt Ads currently serve over 150,000 advertisers in more than 30 countries. In 2024, their combined advertising revenue run rate exceeded $1 billion, making DoorDash the fastest-growing retail media network in history.
DoorDash Inc. (NASDAQ:DASH) is a commerce platform that connects merchants, consumers, and independent contractors internationally.
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