5 Best Magic Formula Stocks to Buy Now

4. Alphabet Inc. (NASDAQ:GOOG)

Joel Greenblatt’s Stake Value: $41.9 million

Alphabet Inc. (NASDAQ:GOOG) ranks 4th in our list of the best magic formula stocks to buy now. Joel Greenblatt has a $42 million stake in Alphabet Inc. (NASDAQ:GOOG). Recently, it was reported that Alphabet Inc. (NASDAQ:GOOG) delayed its plans to launch its own chips for Pixel smartphones by at least a year. Alphabet Inc. (NASDAQ:GOOG) will keep using Samsung chips for now.

A total of 204 hedge funds in Insider Monkey’s database reported owning stakes in Alphabet Inc. (NASDAQ:GOOG) as of the end of the first quarter of 2023.

Madison Investors Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its second quarter 2023 investor letter:

“In the second quarter, the top five contributors to performance were Alphabet Inc. (NASDAQ:GOOG), Copart, Alcon, Parker-Hannifin, and PACCAR. Last quarter, we discussed our view on Alphabet and how they are positioned against the competitive threat from artificial intelligence technology. During the quarter, Alphabet made a series of announcements demonstrating how they are incorporating AI into their existing services as well as new products. While the market seems to be coming around to our point of view, we remain on the lookout for any incremental technological developments.”