5 Best Stocks to Buy According to Billionaire Steve Cohen

1. Western Digital Corporation (NASDAQ: WDC)

Cohen’s Stake Value: $360,964,000
Percentage of Steve Cohen’s 13F Portfolio: 1.68%
Number of Hedge Fund Holders: 58

Western Digital Corporation (NASDAQ: WDC) is a computer hard disk drive producer and data storage company. It was founded in 1970 and ranks first on the list of 10 best stocks to buy according to billionaire Steve Cohen. Western Digital shares have returned 52.60% to investors over the course of the past 12 months.

On June 14, Stifel analyst Patrick Ho raised the firm’s price target to $110 from $98 and kept a “Buy” rating on the shares. On April 29, Western Digital Corporation (NASDAQ: WDC) posted earnings for the third quarter of 2021. It reported earnings per share of $1.02, beating market predictions by $0.34. The revenue for the third quarter of 2021 was $4.14 billion, beating the estimates by $170 million.

As of the end of the first quarter, 58 hedge funds in Insider Monkey’s database of 866 funds held stakes in Western Digital Corporation (NASDAQ: WDC) compared to 44 funds in the quarter earlier. Cohen’s Point72 Asset Management is the company’s most significant stakeholder, with 5.41 million shares worth $360.96 million. The hedge fund increased its stake in the company by 1933% in the first quarter. 

ClearBridge Investments, in its first quarter 2021 investor letter, mentioned Western Digital Corporation (NASDAQ: WDC). Here is what the fund has to say about Western Digital in its letter:

“Our high active share approach made the most difference in IT, where the portfolio’s holdings gained 4.5% compared to a loss for the benchmark. Results were led by our more cyclical positions in digital storage provider Western Digital.”

You can also take a peek at 10 Best Stocks to Buy According to Billionaire Brian Higgins and 10 Best Dividend Stocks to Buy According to Billionaire Michael Hintze 

Follow Insider Monkey on Twitter