In this article, we discuss 5 best Fortune 500 stocks to buy now. If you want to read about some more Fortune 500 stocks, go directly to 12 Best Fortune 500 Stocks to Buy Now.
5. Berkshire Hathaway Inc. (NYSE:BRK-B)
Number of Hedge Fund Holders: 109
Berkshire Hathaway Inc. (NYSE: BRK-B) engages in the insurance, freight rail transportation, and utility businesses. It is one of the best large cap stocks to invest in. On September 28, the firm led by Warren Buffett revealed in a regulatory filing that it bought an additional 6 million shares of common stock in Occidental Petroleum. This acquisition raised Berkshire’s ownership in the energy giant to 21%.
On September 21, investment advisory Edward Jones upgraded Berkshire Hathaway Inc. (NYSE:BRK-B) stock to Buy from Hold. Analyst James Shanahan issued the ratings update.
In its Q1 2022 investor letter, Diamond Hill Capital , an asset management firm, highlighted a few stocks and Berkshire Hathaway Inc. (NYSE: BRK-B) was one of them. Here is what the fund said:
“Diversified holding company Berkshire Hathaway reported strong earnings during the quarter and benefited from continued share repurchases below intrinsic value. The company also announced significant deployments of excess cash during the quarter, including the acquisition of Alleghany and a large increase in its stake in Occidental Petroleum.”
4. Alphabet Inc. (NASDAQ:GOOG)
Number of Hedge Fund Holders: 153
Alphabet Inc. (NASDAQ:GOOG) provides various technology products and platforms such as Google Services, Google Cloud, and YouTube. It is one of the top large cap stocks to invest in. On October 11, Alphabet’s Google announced that it had partnered with a chip manufacturer to design a new chip which is aimed at making the cloud more secure with better performance. The new chip E2000 can be used to take over packet processing work from other CPUs.
On October 11, Credit Suisse analyst Stephen Ju maintained an Outperform rating on Alphabet Inc. (NASDAQ:GOOG) stock and lowered the price target to $134 from $140, noting that despite IDFA deprecation and subsequent macro uncertainty-driven outlook deterioration, the shares ought to remain resilient through the second half of 2022.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Alphabet Inc. (NASDAQ:GOOG), with 3.1 million shares worth more than $6.9 billion.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Alphabet Inc. (NASDAQ:GOOG) was one of them. Here is what the fund said:
“Alphabet Inc. is the parent company of Google, the world’s largest search and online advertising company. Shares of Alphabet declined 21.6% in the quarter due to concerns about slower global growth impacting the company’s core advertising business. We retain conviction in Alphabet’s merits as it continues to benefit from growth in mobile and online video advertising, which accrues to its core assets of search, YouTube, and the Google ad network. We are further encouraged by Alphabet’s investments in Cloud, AI, and Autonomous Driving (through its Waymo subsidiary).”
3. Apple Inc. (NASDAQ:AAPL)
Number of Hedge Fund Holders: 128
Apple Inc. (NASDAQ:AAPL) designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories. It is one of the premier large cap stocks to invest in. On October 3, Apple said that it was discussing volume production of 2nm chips with leading semiconductor manufacturer, Taiwan Semiconductors. The 2nm chips will be in the market by 2025. On October 5, Apple told its suppliers to shift some of the production of AirPods and Beats to India for the very first time.
On October 11, Barclays analyst Tim Long maintained an Equal Weight rating on Apple Inc. (NASDAQ:AAPL) stock and lowered the price target to $155 from $169, noting that despite macro headwinds, the advisory sees a 3% upside to the September quarter hardware revenue estimates.
At the end of the second quarter of 2022, 128 hedge funds in the database of Insider Monkey held stakes worth $143 billion in Apple Inc. (NASDAQ:AAPL), compared to 131 in the previous quarter worth $182 billion.
In its Q2 2022 investor letter, Alger Capital, an asset management firm, highlighted a few stocks and Apple Inc. (NASDAQ:AAPL) was one of them. Here is what the fund said:
“Apple Inc. (NASDAQ:AAPL) is a leading technology provider in telecommunications. computing and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives extremely tight engagement with consumers and enterprises. The engagement is fostering the growing purchase of high-margin services like music, apps, and apple pay. Apple’s shares detracted from performance as management lowered its guidance for the second quarter due to headwinds from the war in Ukraine, adverse foreign currency shifts, and dampened consumer demand associated with the coronavirus in China. Additionally, many investors were concerned that lockdowns implemented to curtail the spread of COVID-19 would impact production of apple products, however the manufacturing facilities have resumed activity.”
2. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 252
Amazon.com, Inc. (NASDAQ:AMZN) engages in the retail sale of consumer products and subscriptions in North America and internationally. It is one of the elite large cap stocks to invest in. On October 9, tech analyst Dan Ives said that Amazon, along with Microsoft and Google, was likely to see boosts in spending from telecommunication companies as AT&T, Verizon, and DISH Network had signed deals for 5G mobile technology.
On October 3, Bank of America analyst Justin Post maintained a Buy rating on Amazon.com, Inc. (NASDAQ:AMZN) stock and lowered the price target to $157 from $170, noting that higher macroeconomic uncertainty had led to decreasing forward estimates for the firm.
At the end of the second quarter of 2022, 252 hedge funds in the database of Insider Monkey held stakes worth $30 billion in Amazon.com, Inc. (NASDAQ:AMZN), compared to 271 the preceding quarter worth $48 billion.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Amazon.com, Inc. (NASDAQ:AMZN) was one of them. Here is what the fund said:
“Amazon.com, Inc. (NASDAQ:AMZN) is the world’s largest retailer and cloud services provider. Shares of Amazon declined 35% in the quarter due to weaker-than-expected profits resulting from an overcapacity of resources coming out of COVID. We expect Amazon to grow into its retail capacity in the quarters to come, which would enable it to improve profitability accordingly. Amazon remains one of our largest holdings due to its durable competitive advantages with a leading position in multiple trillion-dollar markets with a long runway for growth (…read more)
1. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 258
Microsoft Corporation (NASDAQ:MSFT) develops, licenses, and supports software, services, devices, and solutions worldwide. It is one of the major large cap stocks to invest in. On October 12, Mercedes Benz and Microsoft collaborated to make vehicle production more resilient, efficient, and sustainable. Mercedes is connecting its worldwide 30 passenger car plants to the Microsoft Cloud with its new MO360 Data Platform.
On October 12, Wells Fargo analyst Michael Turrin maintained an Overweight rating on Microsoft Corporation (NASDAQ:MSFT) stock and lowered the price target to $315 from $350, noting that despite the tougher setup, Microsoft is viewed favorably in the current environment given a well-entrenched position across multiple end markets.
At the end of the second quarter of 2022, 258 hedge funds in the database of Insider Monkey held stakes worth $56 billion in Microsoft Corporation (NASDAQ:MSFT), compared to 259 in the previous quarter worth $66 billion.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Microsoft Corporation (NASDAQ:MSFT) was one of them. Here is what the fund said:
“Shares of Microsoft Corporation, a leading global provider of software solutions, declined 16.6% in the quarter along with the broader software group as well as due to growing concerns of a potential macro-driven slowdown. This is despite the company posting strong quarterly financial results and successfully absorbing headwinds from the war in Ukraine. The company had 21% revenue growth, 23% operating income growth, and 35% growth in Microsoft Cloud (all year-over-year in constant currency), which now represents 47% of total revenues. (read more…)
You can also take a peek at 10 Best FTSE Dividend Stocks To Buy Now and 10 Best Italian Stocks To Buy Now.
