5 Best Australian Stocks To Buy

In this piece, we will take a look at the five best Australian stocks to buy. If you want to take a deeper look at what Australian stocks are all about, then read 10 Best Australian Stocks To Buy.

5. Piedmont Lithium Inc. (NASDAQ:PLL)

Number of Hedge Fund Shareholders In Q3 2023: 10

Piedmont Lithium Inc. (NASDAQ:PLL) is the first Australian mining stock on our list, but not the last. As the name suggests, the firm mines lithium and its primary operations base is the United States. Piedmont Lithium Inc. (NASDAQ:PLL) has missed analyst EPS estimates in three out of its four latest quarters, and the shares are rated Buy on average with an average share price target of $52.38.

As of Q3 2023 end, ten out of the 910 hedge funds profiled by Insider Monkey had held a stake in Piedmont Lithium Inc. (NASDAQ:PLL).

4. Woodside Energy Group Ltd (NYSE:WDS)

Number of Hedge Fund Shareholders In Q3 2023: 12

Woodside Energy Group Ltd (NYSE:WDS) is an Australian oil and gas exploration and production company with operations all over the world. Part of Big Australia, it is currently pursuing a merger with another Australian company to become a $50 billion Asian LNG giant.

By the end of last year’s third quarter, 12 out of the 910 hedge funds tracked by Insider Monkey’s research were Woodside Energy Group Ltd (NYSE:WDS)’s shareholders.

3. BHP Group Limited (NYSE:BHP)

Number of Hedge Fund Shareholders In Q3 2023: 25

BHP Group Limited (NYSE:BHP) is the Australian mining giant that is one of the biggest of its kind in the world. The firm is facing some turmoil in 2024 as it has been ordered by a Brazilian court to pay a multi billion dollar fine related to a dam in the country.

Insider Monkey’s September quarter of 2023 survey of 910 hedge funds revealed that 25 had invested in the firm. Ken Fisher’s Fisher Asset Management was BHP Group Limited (NYSE:BHP)’s largest hedge fund shareholder due to its $1 billion investment.

2. Rio Tinto Group (NYSE:RIO)

Number of Hedge Fund Shareholders In Q3 2023: 25

Rio Tinto Group (NYSE:RIO) is a unique company since it is both an Australian and a British stock. The firm has two headquarters, and one is located in Australia. It scored a win in February 2024 when an Australian court ruled in its favor and threw out a suit by a Russian company that sought access to Australian aluminum.

By the end of last year’s third quarter, 25 out of the 910 hedge funds surveyed by Insider Monkey had bought and owned Rio Tinto Group (NYSE:RIO)’s shares. Ken Fisher’s Fisher Asset Management was the biggest investor as it held $990 million worth of shares.

1. Atlassian Corporation (NASDAQ:TEAM)

Number of Hedge Fund Shareholders In Q3 2023: 52

Atlassian Corporation (NASDAQ:TEAM) is a project management software firm that is one of the few global tech startups that made it big in America. The shares are rated Buy on average and the average share price target is $250.17.

52 out of the 910 hedge funds part of Insider Monkey’s Q3 2023 database were Atlassian Corporation (NASDAQ:TEAM)’s shareholders.

Disclosure: None. You can also take a look at 13 Most Profitable Real Estate Stocks Now and 12 Best Performing Cybersecurity Stocks.

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