5 Best S&P 500 Stocks to Buy According to Hedge Funds

In this article, we discuss 5 best S&P 500 stocks to buy according to hedge funds. If you want to read about some more S&P 500 stocks, go directly to 10 Best S&P 500 Stocks to Buy According to Hedge Funds.

5. 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 best large cap stocks to invest in. On October 10, Alphabet’s Google Cloud announced that it had partnered with Prudential, an insurance provider, to make protection, health, and savings solutions more accessible across Asia and Africa.

On October 10, Morgan Stanley analyst Brian Nowak maintained an Overweight rating on Alphabet Inc. (NASDAQ:GOOG) stock and lowered the price target to $135 from $145, noting that the company is expecting to miss consensus revenue and EBITA estimates for Q3.

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. (NASDAQ:GOOG) 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).”