In this article, we will take a look at the 5 best cheap stocks to buy for 2024. If you’d like to go through our overview of investing and some recent financial news, then please take a look at the 15 Best Cheap Stocks To Buy For 2024.
5. Wells Fargo & Company (NYSE:WFC)
Number of Hedge Fund Holders: 72
Forward P/E Ratio as of April 20: 11.02
Founded in 1852, Wells Fargo & Company (NYSE:WFC) stands as a prominent player in the financial services sector, offering a diverse range of banking, investment, mortgage, consumer, and commercial finance products and services. With assets approaching $1.9 trillion, it holds a significant position as one of the leading financial services providers in the United States.
On March 13, investment advisory firm Compass Point reaffirmed its Buy rating on Wells Fargo & Company (NYSE:WFC) stock and increased the price target to $64 from $62.
Insider Monkey analyzed 933 hedge fund portfolios to identify shareholders during last year’s December quarter, revealing 72 investors in Wells Fargo & Company (NYSE:WFC). Arrowstreet Capital, led by Peter Rathjens, Bruce Clarke, and John Campbell, emerged as the largest shareholder with a $1.5 billion investment in the company.
ClearBridge Value Equity Strategy stated the following regarding Wells Fargo & Company (NYSE:WFC) in its fourth quarter 2023 investor letter:
“Stock selection in the financials sector proved to be the largest contributor to relative outperformance. Banking stocks such as Wells Fargo & Company (NYSE:WFC) saw their share price rise during the quarter as investors anticipated Fed rate cuts that would reduce deposit costs while retaining economic strength and minimizing the risk of credit losses.”
4. T-Mobile US, Inc. (NASDAQ:TMUS)
Number of Hedge Fund Holders: 75
Forward P/E Ratio as of April 20: 14.59
T-Mobile US, Inc., commonly referred to as T-Mobile, is a leading American wireless network operator with its headquarters in Bellevue, Washington, U.S.
As of March 20, RBC Capital analysts continue to uphold an Outperform rating on T-Mobile US, Inc. (NYSE:TMUS), setting a price target of $184.
Insider Monkey’s Q4 2023 database indicates that 75 hedge funds disclosed holdings in T-Mobile US, Inc. (NASDAQ:TMUS), a slight decrease from 79 in the previous quarter. The total value of these holdings surpasses $3.8 billion.
3. General Motors Company (NYSE:GM)
Number of Hedge Fund Holders: 83
Forward P/E Ratio as of April 20: 4.66
General Motors Company (NYSE:GM) operates as a leading designer, manufacturer, and seller of automobiles and automotive parts. Its diverse portfolio includes vehicles marketed under several renowned brands such as Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling.
On April 2, General Motors Company (NYSE:GM) released its Q1 sales report, revealing the delivery of 594,233 vehicles in the U.S. during the quarter, accompanied by a noteworthy 6% year-over-year increase in retail sales.
During the fourth quarter of 2023, hedge funds displayed positive sentiment towards General Motors Company (NYSE:GM), with 83 hedge funds maintaining positions in the company. The total value of their investments amounted to $3.929 billion, marking a substantial rise compared to the previous quarter, where 66 funds held positions valued at $2.033 billion.
2. Citigroup Inc. (NYSE:C)
Number of Hedge Fund Holders: 87
Forward P/E Ratio as of April 20: 8.31
Citigroup Inc. (NYSE:C) is a financial services holding company offering a wide range of financial products and services to consumers, corporations, governments, and institutions.
On February 14, investment advisory Piper Sandler upgraded Citigroup Inc. (NYSE:C) stock from Neutral to Overweight, also raising the price target to $63 from $56.
As of the fourth quarter of 2023, 87 hedge funds listed in the Insider Monkey database held stakes in Citigroup Inc. (NYSE:C), with a total value of $10.2 billion. This represents an increase from the 79 hedge funds holding stakes worth $6.9 billion in the previous quarter.
1. Alphabet Inc (NASDAQ:GOOG)
Number of Hedge Fund Holders: 166
Forward P/E Ratio as of April 20: 19.80
Alphabet Inc. (NASDAQ:GOOG), a prominent figure in the technology sector, is renowned for its flagship product, Google, the world’s leading search engine processing billions of daily queries. Additionally, the company boasts a diverse portfolio encompassing video streaming and productivity platforms, with YouTube standing out as a key asset.
Insider Monkey’s research covering hedge funds through December 2023 indicates that 166 out of 933 hedge funds held positions in Alphabet Inc. (NASDAQ:GOOG). The largest shareholder of the company is Fisher Asset Management, led by Ken Fisher, with holdings valued at $6.3 billion.
Disclosure: None. You can also take a look at 13 Best Momentum Stocks To Buy Now and 15 Biggest Silver Mining Companies in the World.
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