5 Momentum Stocks Billionaires Are Loading Up On

In this piece, we will take a look at the five momentum stocks billionaires are loading up on. For more stocks, head on over to 10 Momentum Stocks Billionaires Are Loading Up On.

5. HashiCorp, Inc. (NASDAQ:HCP)

Number of Billionaire Investors in Q1 2023: 9

HashiCorp, Inc. (NASDAQ:HCP) is a software technology firm that was set up in 2012. The firm is headquartered in San Francisco, California. Its products allow network automation, running support applications, and managing application lifecycles along with other functions.

HashiCorp, Inc. (NASDAQ:HCP)’s shares slid in June 2023 after the upper end of its revenue guidance for the current year was below the lower end of previous estimates. However, this creates a “solid entry point” according to analysts from Needham. 23 of the 943 hedge funds part of Insider Monkey’s database had bought the firm’s shares in Q1 2023, with Israel Englander’s Millennium Management being the largest investor.

4. The Toro Company (NYSE:TTC)

Number of Billionaire Investors in Q1 2023: 10

The Toro Company (NYSE:TTC) makes and sells a variety of landscaping and other products. The firm was set up in 1914 and is based in Bloomington, Minnesota. Its products include mowing equipment for golf courses, sports grounds, riding mowers, and snow throwers among others.

Insider Monkey’s first quarter of 2023 study of 943 hedge funds revealed that 22 had bought and owned The Toro Company (NYSE:TTC)’s shares. Robert Joseph Caruso’s Robert Joseph Caruso is its largest shareholder with a $618 million investment.

3. Mettler-Toledo International Inc. (NYSE:MTD)

Number of Billionaire Investors in Q1 2023: 13

Mettler-Toledo International Inc. (NYSE:MTD) is a healthcare firm based in Columbus, Ohio. It has a global sales presence and makes and sells different equipment such as laboratory equipment and industrial and retail weighing products.

After digging through 943 hedge funds for their March quarter of 2023 shareholdings, Insider Monkey discovered that 47 had invested in the firm. Mettler-Toledo International Inc. (NYSE:MTD)’s largest hedge fund investor is Terry Smith’s Fundsmith LLP with a $859 million stake.

2. Campbell Soup Company (NYSE:CPB)

Number of Billionaire Investors in Q1 2023: 13

Campbell Soup Company (NYSE:CPB) is one of the oldest companies on our list. An iconic American brand, the firm was set up in 1869 and is headquartered in Camden, New Jersey. It has dozens of soup, pasta, and baked goods brands.

26 of the 943 hedge funds profiled by Insider Monkey for their March quarter of 2023 investments had bought Campbell Soup Company (NYSE:CPB)’s shares. Jim Simons’ Renaissance Technologies is its largest shareholder since it owns 3.5 million shares that are worth $194 million.

1. AutoZone, Inc. (NYSE:AZO)

Number of Billionaire Investors in Q1 2023: 14

AutoZone, Inc. (NYSE:AZO) is a car part company based in Memphis, Tennessee. It acts as a retailer for nearly every auto part imaginable, with a few examples being brake, transmission, and engine products as well as fuel additives and other accessories.

As of Q1 2023, 50 of the 943 hedge funds part of Insider Monkey’s database had held a stake in the firm. AutoZone, Inc. (NYSE:AZO)’s largest hedge fund investor is Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital with a $268 million stake.

Disclosure: None. You can also take a look at 11 Best Penny Stocks To Buy and 10 5G Stocks Billionaires Are Loading Up On.

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