In this article, we discuss the 5 best affordable stocks to buy now. To go through our detailed analysis of the current stock market investment trends, you can go directly to read the 15 Best Affordable Stocks To Buy.
5. Intel Corporation (NASDAQ:INTC)
Share Price as of January 19: $48.24
Number of Hedge Fund Holders: 70
Intel Corporation (NASDAQ:INTC) is a California-based American multinational corporation and technology company with its headquarters in Santa Clara. Acknowledged as one of the global leaders in semiconductor chip manufacturing based on revenue, Intel Corporation (NASDAQ:INTC) has played a pivotal role in advancing the x86 series of instruction sets, widely utilized in personal computers.
As of the end of Q3 2023, 70 hedge funds tracked by Insider Monkey reported having stakes in Intel Corporation (NASDAQ:INTC), down from 71 in the previous quarter. The consolidated value of these stakes is over $2.13 billion. With over 11 million shares, Millennium Management was the company’s leading stakeholder in Q2.
ClearBridge Investments commented on Intel Corporation (NASDAQ:INTC) in its third quarter 2023 investor letter. Here is what it said:
“We also added to our position in Intel Corporation (NASDAQ:INTC) to take advantage of signs that it continues to make progress on its goal of regaining technology leadership. Intel appears to be executing its technology/product roadmap; the company is on track to ramp up PC and server products over the next 12 months on advanced manufacturing nodes that we believe will be more competitive with chief rival Advanced Micro Devices. We also see green shoots in the PC and server markets, with an increasing possibility of a cyclical recovery in both end markets in 2024.”
4. Pfizer Inc. (NYSE:PFE)
Share Price as of January 19: $28.10
Number of Hedge Fund Holders: 73
Founded in 1849 by German entrepreneurs Charles Pfizer and Charles F. Erhart, Pfizer Inc. (NYSE:PFE) is a renowned multinational pharmaceutical and biotechnology corporation headquartered at The Spiral in Manhattan, New York City. Globally recognized for its extensive contributions to medical research, development, and production, Pfizer operates across various medical fields, including immunology, oncology, cardiology, endocrinology, and neurology. In December 2023, the company announced its 14th consecutive annual dividend increase. It currently pays a quarterly dividend of $0.42 per share and has a dividend yield of 5.94%, as of January 19.
As of the conclusion of Q3 2023, data from Insider Monkey’s database revealed that 73 hedge funds maintained stakes in Pfizer Inc. (NYSE:PFE), a figure unchanged from the previous quarter. The combined value of these stakes exceeds $2.4 billion.
3. Teck Resources Ltd (USA) (NYSE:TECK)
Share Price as of January 19:
Number of Hedge Fund Holders: 75
Teck Resources Ltd (USA) (NYSE:TCK) is a mining and mineral development company engaged in the extraction and exploration of various minerals, including copper, coal, zinc, and oil. The company operates in Canada, Chile, Peru, and the US, organized into five distinct business segments: Steelmaking, Coal, Copper, Zinc, Energy, and Corporate.
On November 13, Teck Resources Ltd (USA) (NYSE:TCK) announced agreements to divest its entire interest in its steelmaking coal business, valuing it at $9.0 billion. The deal involves selling a 77% stake to Glencore plc for $6.9 billion in cash, along with a minority stake to Nippon Steel Corporation. The proceeds from this transaction are intended to strengthen the company’s balance sheet, return cash to shareholders, and unlock value from its copper growth portfolio.
As of Q3 2023, Teck Resources Ltd (USA) (NYSE:TCK) was held by 75 hedge funds, with the total shares valued at $2.7 billion. Eric Mandelblatt’s Soroban Capital Partners held the most shares with ownership of 10.1 million shares valued at $434 million.
2. Wells Fargo & Company (NYSE:WFC)
Share Price as of January 19: $48.12
Number of Hedge Fund Holders: 77
Established in 1852, Wells Fargo & Company (NYSE:WFC) is a prominent financial services entity that offers a comprehensive range of banking, investment, mortgage, consumer, and commercial finance products and services. With assets nearing $1.9 trillion, it holds a significant position as one of the leading financial services providers in the United States.
In the quarter ending December 31, 2023, Wells Fargo & Company (NYSE:WFC) reported a net income of $3.45 billion, or $0.86 cents per share, a slight increase from $3.16 billion, or $0.75 cents per share, in the same period the previous year. The earnings were impacted by a $1.9 billion charge related to a Federal Deposit Insurance Corporation special assessment linked to the failures of Silicon Valley Bank and Signature Bank, as well as a $969 million charge attributed to severance expenses. Additionally, Wells Fargo & Company (NYSE:WFC) recorded a $621 million, or $0.17 cents per share, tax benefit. Excluding these items, the company earned $1.29 per share, surpassing analysts’ predictions.
During Q3 2023, 77 out of the 910 hedge funds tracked by Insider Monkey were investors in the bank. Wells Fargo & Company (NYSE:WFC)’s largest hedge fund shareholder is Eisler Capital, holding a stake valued at $2.23 billion.
1. Bank of America Corporation (NYSE:BAC)
Share Price as of January 19: $32.22
Number of Hedge Fund Holders: 88
Bank of America Corporation (NYSE:BAC) is a prominent American multinational investment bank and financial services holding company, headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. Serving a diverse clientele, including individual consumers, small and mid-sized businesses, institutional investors, large corporations, and governments globally, the bank offers a quarterly dividend of $0.24 per share, resulting in a dividend yield of 2.98% as of January 19.
As of the end of Q3 2023, data from Insider Monkey’s database revealed that 88 out of the 910 hedge funds tracked had invested in Bank of America Corporation (NYSE:BAC). Notably, Warren Buffett’s Berkshire Hathaway held the largest stake in the company, with a $28.2 billion investment.
You can also take a look at 15 Best Innovative Stocks to Buy Now and 11 Best Natural Gas Dividend Stocks To Buy
