In this article, we discuss the 5 best large-cap stocks to buy according to Columbus Hill Capital Management. If you want to read our detailed analysis of the hedge fund’s performance, go directly to read the 10 Best Large-Cap Stocks to Buy According to Columbus Hill Capital Management.
5. Uber Technologies, Inc. (NYSE:UBER)
Columbus Hill Capital Management’s Stake Value: $39,239,000
Percent of Columbus Hill Capital Management’s 13F Portfolio: 4.68%
Number of Hedge Fund Holders: 135
Uber Technologies, Inc. (NYSE:UBER) is one of the latest acquisitions of Columbus Hill, as in Q2 the hedge fund started building its position in the company with 782,900 shares, valued at $39.2 million. The company represents 4.68% of the fund’s 13F portfolio.
Uber Technologies, Inc. (NYSE:UBER) provides mobility services around the globe. The company also has an online food ordering and delivery platform, which showed a 124% year-over-year growth in 2020 due to increased takeaway demands during the pandemic. Recently, Evercore ISI lifted its price target on Uber Technologies, Inc. (NYSE:UBER) to $70, with an Outperform rating on the shares, appreciating the company’s food delivery business.
Of the 873 elite funds tracked by Insider Monkey, 135 hedge funds have stakes in Uber Technologies, Inc. (NYSE:UBER) as of Q2, up from 130 in the previous quarter. The total value of these stakes is over $10.4 billion.
ClearBridge Investments mentioned Uber Technologies, Inc. (NYSE:UBER)in its Q2 2021 investor letter. Here is what the firm has to say:
“The pandemic has also brought attention to the question of gig worker employment status for companies, including ClearBridge holdings Uber and Lyft. In the U.K., Uber proactively classified its drivers as “workers” ahead of final rulings from the British court system. The worker status in the U.K. is a designation between self-employed and employed status that entitles drivers to minimum wage, holiday pay and in some cases a pension.
ClearBridge has engaged with Uber on labor issues since its IPO, and we have given feedback over that time to the CEO, CFO, Chief Legal Officer and Investor Relations on labor relations as well as strategy and communications. Uber’s agreement on this designation is ahead of other competitors in the market and the legal mandate represents a step forward in the company’s thinking about labor. The agreement represents a short-term hit to earnings, yet in some ways it places Uber ahead of the market in its ability to balance labor and shareholder interests. Workers benefit from improved conditions, with new contributions amounting to roughly 3% of a driver’s earnings, while Uber establishes more certainty on costs and visibility into its regulatory environment and operation conditions in the future.”
