5 Best Forever Stocks to Buy Now

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In this piece, we will take a look at the 5 best forever stocks to buy now. For more stocks on this list, head on over to 13 Best Forever Stocks to Buy Now.

5. American Express Company (NYSE:AXP)

Number of Hedge Fund Holders: 77

American Express Company (NYSE: AXP) is a renowned American multinational corporation in the financial services sector, primarily focusing on payment cards. With its headquarters situated in New York City, American Express Company (NYSE:AXP) offers a robust platform that enables users to engage in digital payments, facilitating seamless and secure transactions. The company holds a position among the world’s most valuable enterprises and is listed as one of the 30 components of the Dow Jones Industrial Average.

As a premium company, American Express Company (NYSE:AXP) has an impressive track record of paying regular dividends to its shareholders for the past 30 years. On May 3, the company announced a quarterly dividend of $0.60 per share, maintaining the same dividend amount as the previous quarter.

Based on Insider Monkey’s database of 943 hedge funds, it was revealed that 77 of them invested in American Express Company (NYSE:AXP) during the first quarter of 2023. Warren Buffett’s Berkshire Hathaway holds a substantial stake in the company, valued at $25 billion, which corresponds to 151 million shares as of Q1 2023. American Express is a long-standing fixture in Warren Buffett’s portfolio, with Buffett affirming that the stock will remain a permanent part of his investment holdings. The hedge fund initiated its position in American Express Company (NYSE: AXP) in Q4 2010, acquiring shares at an average quarterly price of $42.19.

ClearBridge Large Cap Value Strategy made the following comment about American Express Company (NYSE:AXP) in its first quarter 2023 investor letter:

” Other financial holdings were among the top contributors, such as American Express Company (NYSE:AXP), whose business is less sensitive to changes in the yield curve than most financials, and Progressive, which has minimal interest rate mismatch exposure.”

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