20 Most Owned Stocks by Hedge Funds Now

In this article, we will be taking a look at the 20 most owned stocks by hedge funds now.

Rate Cuts in June

As the US economy continues to settle down, financial professionals are continuing to keep a close eye on the inflation numbers and what they may imply for the markets and investors moving forward. Many are concerned about the Federal Reserve’s next steps in 2024, particularly regarding interest rate cuts. Recent sentiments from the Fed have led many to believe that rate cuts may be on the way, but the progression of this process may be slower than most expected. On March 15, Peter Boockvar, the Chief Investment Officer at Bleakley Financial Group, joined CNBC’s “The Exchange” to discuss recent developments in this area. Here are some of his comments:

“Based on his [Powell’s] testimony, just last week, he seems to wanna cut, but he wants to do it slowly and carefully, as he said.”

According to Boockvar, June is very much a possibility for a rate cut this year, particularly because it seems as though the Fed’s Jerome Powell will want to position his rate cuts as far away as possible from the US Presidential election. The impact of this drawn-out strategy on the market may well be something to keep an eye on.

The NVIDIA GTC Conference

Apart from inflation news, investors should look at the position and performance of stocks in the market that have been performing well enough to keep rising. A good place to start on this front is to consider the performance of the most owned stocks by hedge funds in 2023 and beyond, such as Apple Inc. (NASDAQ:AAPL), salesforce.com, inc. (NYSE:CRM), and Eli Lilly and Company (NYSE:LLY). However, perhaps one of the most exciting stocks to look at right now is the semiconductor manufacturer NVIDIA Corporation (NASDAQ:NVDA). In the third week of March, the company is organizing its GTC Conference, bringing together tech professionals, developers, researchers, and engineers. The main topic at the 2024 GTC is going to be artificial intelligence, an area that is ripe for investment at present.  On March 15, CNBC’s Kristina Partsinevelos joined the “Halftime Report” to highlight the main things to expect from the Conference. Here’s what she said:

“The first thing is gonna be any update of their [NVIDIA’s] architecture for a new AI chip, the Blackwell B100. We’ll wanna know specs, you know, how is the memory content, if the memory content surpasses AMD’s latest chip, then that’s gonna be a negative for AMD. Then we’ll also wanna know, maybe, some details on the average selling price, because that’ll affect margins… The second major point is this adoption across enterprise… And last, not least, inferencing. Inferencing is the second part of a Large Language Model, you shoot the training in and use the training data to answer queries. On the earnings call, Jensen Huang, the CEO, said that 40% of data center revenue actually came from inferencing.”

These comments highlight the fact that the remainder of March is going to be exciting for the tech sector, particularly the AI space, so investors should keep a sharp eye on how the GTC Conference develops. Tech is an area that makes up a large part of the list of most owned stocks by hedge funds today. As such, our list below contains many of the fastest growing technology companies in the US, alongside some of the best American tech stocks to buy.

A financial analyst looking at a monitor displaying the stocks of the public company.

Our Methodology 

For our list of the most owned stocks by hedge funds now, we used Insider Monkey’s hedge fund data for the fourth quarter and selected the top 20 stocks with the highest number of hedge funds holding stakes in them. The stocks are ranked based on this metric, from the lowest to the highest number. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by over 140 percentage points over the last 10 years (see the details here). That’s why we pay very close attention to this often-ignored indicator.

Most Owned Stocks by Hedge Funds Now

20. Oracle Corporation (NASDAQ:ORCL)

Number of Hedge Fund Holders: 100

Oracle Corporation (NASDAQ:ORCL) is a systems software company based in Austin, Texas. It offers products and services addressing enterprise information technology environments worldwide, such as cloud software applications.

Argus Research analysts hold a Buy rating on Oracle Corporation (NASDAQ:ORCL) as of March 14.

There were 100 hedge funds long Oracle Corporation (NASDAQ:ORCL) in the fourth quarter, with a total stake value of $6.4 billion.

Like Apple Inc. (NASDAQ:AAPL), salesforce.com, inc. (NYSE:CRM), and Eli Lilly and Company (NYSE:LLY), Oracle Corporation (NASDAQ:ORCL) is among the most owned stocks by hedge funds today.

19. Eli Lilly and Company (NYSE:LLY)

Number of Hedge Fund Holders: 102

Fisher Asset Management was the largest shareholder in Eli Lilly and Company (NYSE:LLY) at the end of the fourth quarter, holding 4.5 million shares.

Eli Lilly and Company (NYSE:LLY) is a healthcare company that discovers and develops human pharmaceuticals across the globe. It is based in Indianapolis, Indiana and is among the most owned stocks by hedge funds today.

An Overweight rating and $850 price target were maintained on Eli Lilly and Company (NYSE:LLY) on March 15 by JPMorgan analysts.

Eli Lilly and Company (NYSE:LLY) was seen in the portfolios of 102 hedge funds in the fourth quarter, with a total stake value of $11.2 billion.

Aristotle Atlantic Partners, LLC mentioned Eli Lilly and Company (NYSE:LLY) in its fourth-quarter 2023 investor letter:

“Eli Lilly and Company (NYSE:LLY) is a leading pharmaceutical company that develops diabetes, oncology, immunology and neuroscience medicines. The company generates over half of its revenue in the U.S. from its top-selling drugs Trulicity, Verzenio and Taltz. The company operates in a single business segment, Human pharmaceutical products.

Eli Lilly has a deep pipeline in treatment areas focused on metabolic disorders, oncology, immunology and central nervous system disorders. Currently, there are two phase three assets, Orforglipron, an oral GLP-1 and retatrutide, a triple incretin agonist, which have the potential to expand upon the potential success of Mounjaro. We believe that Mounjaro has the potential to commercialize beyond type 2 diabetes and obesity, potentially in the areas mentioned above of heart disease, sleep apnea, fatty liver disease and chronic kidney disease. We belief the premium valuation is supported by this outsized growth profile.”

18. JPMorgan Chase & Co. (NYSE:JPM)

Number of Hedge Fund Holders: 103

We saw 103 hedge funds long JPMorgan Chase & Co. (NYSE:JPM) in the fourth quarter, with a total stake value of $9.1 billion.

JPMorgan Chase & Co. (NYSE:JPM) is a diversified banking company based in New York. It offers deposit, investment, and lending products, alongside cash management and payment services.

On March 13, RBC Capital analysts maintained a $185 price target and an Outperform rating on JPMorgan Chase & Co. (NYSE:JPM).

Carillon Tower Advisers said the following about JPMorgan Chase & Co. (NYSE:JPM) in its fourth-quarter 2023 investor letter:

“PNC Financial and JPMorgan Chase & Co. (NYSE:JPM) performed well due to more benign inflation data, which the market likely interpreted as a sign that a recession is now less likely to occur. Recall that historically speaking, banks are hyper-cyclical stocks and typically will trade lower if investors foresee a recession, because recessions tend to trigger loan losses.”

17. Adobe Inc. (NASDAQ:ADBE)

Number of Hedge Fund Holders: 105

An Outperform rating and $610 price target were maintained on Adobe Inc. (NASDAQ:ADBE) on March 15 by BMO Capital analysts.

Adobe Inc. (NASDAQ:ADBE) is an application software company that offers products, services, and solutions enabling individuals, teams, and enterprises to create, publish, and promote content. It is based in San Jose, California.

In total, 105 hedge funds were long Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, with a total stake value of $8.9 billion.

16. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)

Number of Hedge Fund Holders: 105

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is a semiconductor manufacturer based in Taiwan. It manufactures integrated circuits and other semiconductor devices for testing and sale.

In the fourth quarter, 105 hedge funds were long Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), with a total stake value of $13.1 billion.

Bernstein analysts maintained a $150 price target and an Outperform rating on Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) on March 11.

Polen Capital mentioned Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its fourth-quarter 2023 investor letter:

“The largest relative detractors to the Portfolio’s performance during the fourth quarter were Aon Plc, Unilever Plc, and Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) (not owned). Though we do not currently own it in the Portfolio, Taiwan Semiconductor was one of the larger relative detractors from performance during the quarter due to its strong performance and comparatively greater index weight.”

15. Thermo Fisher Scientific Inc. (NYSE:TMO)

Number of Hedge Fund Holders: 111

On February 1, RBC Capital analysts maintained an Outperform rating and a $642 price target on Thermo Fisher Scientific Inc. (NYSE:TMO).

A total of 111 hedge funds were long Thermo Fisher Scientific Inc. (NYSE:TMO) in the fourth quarter, with a total stake value of $10.3 billion.

Thermo Fisher Scientific Inc. (NYSE:TMO) is a life sciences tools and services company. It offers life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products, alongside biopharma services.

14. UnitedHealth Group Inc. (NYSE:UNH)

Number of Hedge Fund Holders: 113

Our hedge fund data for the fourth quarter shows 113 hedge funds long UnitedHealth Group Inc. (NYSE:UNH), with a total stake value of $11.2 billion.

On March 7, Bank of America Securities analysts maintained a Buy rating and $675 price target on UnitedHealth Group Inc. (NYSE:UNH).

UnitedHealth Group Inc. (NYSE:UNH) is a managed healthcare company based in Minnetonka, Minnesota. The company offers consumer-oriented health benefits, plans, and services.

13. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 116

Alibaba Group Holding Limited (NYSE:BABA) was seen in the 13F holdings of 116 hedge funds in the fourth quarter, with a total stake value of $3.6 billion.

Based in China, Alibaba Group Holding Limited (NYSE:BABA) is a broad-line retail company. It provides technology infrastructure and marketing reach to merchants, brands, retailers, and other businesses.

As of January 9, Benchmark analysts maintain a Buy rating and $128 price target on Alibaba Group Holding Limited (NYSE:BABA).

Baron Funds said this about Alibaba Group Holding Limited (NYSE:BABA) in its fourth-quarter 2023 investor letter:

“Alibaba Group Holding Limited (NYSE:BABA) is the largest retailer and e-commerce company in China. Alibaba operates shopping platforms Taobao and Tmall and owns 33% of Ant Group, which operates Alipay, China’s largest third-party online payment provider. Shares of Alibaba were down in the fourth quarter due largely to the delay of the previously announced spin-off of its cloud division. Quarterly results were roughly in line with Street expectations, with strength in profitability. We retain conviction that Alibaba is well positioned to benefit from the ongoing growth in online commerce and cloud development in China. While the company is seeing early progress in its efforts to re-invigorate customer engagement and retention as well as merchant investment initiatives, we believe this investment will likely take some time to flow through to accelerating earnings growth. As such, we remain investors but have reduced our position as we monitor further progress.”

12. Berkshire Hathaway Inc. (NYSE:BRK-B)

Number of Hedge Fund Holders: 117

Bill & Melinda Gates Foundation Trust was the largest shareholder in Berkshire Hathaway Inc. (NYSE:BRK-B) at the end of the fourth quarter, holding 19.9 million shares.

Berkshire Hathaway Inc. (NYSE:BRK-B) had 117 hedge funds long its stock in the fourth quarter, with a total stake value of $15.1 billion.

Based in Omaha, Nebraska, Berkshire Hathaway Inc. (NYSE:BRK-B) is a multi-sector holdings company. It engages in the insurance, freight, rail transportation, and utility businesses, and is among the most owned stocks by hedge funds right now.

11. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 120

Advanced Micro Devices, Inc. (NASDAQ:AMD) is another semiconductor company on our list of the most owned stocks by hedge funds. The company offers x86 microprocessors and graphics processing units, among more.

There were 120 hedge funds long Advanced Micro Devices, Inc. (NASDAQ:AMD) in the fourth quarter, with a total stake value of $15.2 billion.

Cantor Fitzgerald analysts maintained an Overweight rating and a $190 price target on Advanced Micro Devices, Inc. (NASDAQ:AMD) on March 11.

Jackson Peak Capital mentioned Advanced Micro Devices, Inc. (NASDAQ:AMD) in its fourth-quarter 2023 investor letter:

“On the long side of the portfolio, a core theme we remain invested behind is the data center infrastructure buildout and AI chips arms race that we’ve discussed since our first letter in Q2. Some skepticism has crept into the market, and it’s understandable given the huge ramp in 2023. However, our research continues to suggest 2023 was the start of a multi-year platform shift. Value will accrue to varying segments of the AI value chain at different parts of the cycle. We continue to see value in the “boots on the ground” winners in the data center buildout (Vertiv, Modine Manufacturing, Celestica). Our positioning in AI semiconductor companies (NVDA and Advanced Micro Devices, Inc. (NASDAQ:AMD)) has ebbed and flowed given we are cognizant (perhaps too much so) that these names are crowded positions across investor style types. We’ve done well in these chip stocks since inception and NVDA is currently a long, and we’re trying to “let winners run” while using sizing to risk manage these names due to the market-wide positioning bias in semiconductors.”

10. Uber Technologies, Inc. (NYSE:UBER)

Number of Hedge Fund Holders: 129

At the end of the fourth quarter, 129 hedge funds were long Uber Technologies, Inc. (NYSE:UBER), with a total stake value of $8.7 billion.

Uber Technologies, Inc. (NYSE:UBER) is a passenger ground transportation company and among the most owned stocks by hedge funds this year. It develops and operates proprietary tech applications across the globe, offering ride-hailing services to customers worldwide.

On March 15, Piper Sandler analysts maintained an Overweight rating and a $92 price target on Uber Technologies, Inc. (NYSE:UBER).

Here’s what RiverPark Advisors said about Uber Technologies, Inc. (NYSE:UBER) in its fourth-quarter 2023 investor letter:

“Uber Technologies, Inc. (NYSE:UBER): UBER was a top contributor in the quarter following better than expected 3Q23 earnings and 4Q23 guidance. Gross bookings of $35.3 billion were up 21% year over year. Mobility gross bookings of $17.9 billion grew 30% over last year driven by a combination of product innovation and driver availability. Delivery gross bookings of $16 billion were up 16% from last year and continued to be strong throughout the quarter. 1Q Adjusted EBITDA of $1.1 billion, up $576 million year over year, was better than management’s guidance of $1 billion, and the company generated $900 million of free cash flow, up from $358 million last year. Management guided to continuing growth in 4Q Gross Bookings (23.5% growth) and Adjusted EBITDA (of $1.2 billion).

UBER remains the undisputed global leader in ride sharing, with a greater than 50% share in every major region in which it operates. The company is also a leader in food delivery, where it is number one or two in the more than 25 countries in which it operates.1 Moreover, after a history of losses, the company is now profitable, delivering expanding margins and substantial free cash flow. We view UBER as more than a ride sharing and food delivery service; we also see it as a global mobility platform with 142 million users (by comparison, Amazon Prime has 200 million members) and the ability to penetrate new markets of on-demand services, such as package and grocery delivery, travel, and hourly worker staffing. Given its $5.2 billion of unrestricted cash and $5.1 billion of investments, the company today has an enterprise value of $128 billion, indicating that UBER trades at 21x our estimates of next year’s free cash flow.”

9. salesforce.com, inc. (NYSE:CRM)

Number of Hedge Fund Holders: 131

Based in San Francisco, California, salesforce.com, inc. (NYSE:CRM) is an application software company. It offers customer relationship management tech, granting access to sales to store data, analytics and AI-powered insights, and more.

A Buy rating and $350 price target were maintained on salesforce.com, inc. (NYSE:CRM) on March 7 by Canaccord Genuity analysts.

We saw 131 hedge funds long salesforce.com, inc. (NYSE:CRM) in the fourth quarter, with a total stake value of $14.9 billion.

8. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 131

Apple Inc. (NASDAQ:AAPL) is a big tech company. It is renowned for its consumer electronic products like the iPhone and MacBook and is one of the most owned stocks by hedge funds today.

A $225 price target and Buy rating were maintained on Apple Inc. (NASDAQ:AAPL) on March 12 by Bank of America Securities analysts.

Apple Inc. (NASDAQ:AAPL) had 131 hedge funds long its stock in the fourth quarter, with a total stake value of $205.9 billion.

7. Mastercard Incorporated (NYSE:MA)

Number of Hedge Fund Holders: 141

Holding 5.1 million shares in the company, Akre Capital Management was the largest shareholder in Mastercard Incorporated (NYSE:MA) at the end of the fourth quarter.

Mastercard Incorporated (NYSE:MA) is a transaction and payment processing services company. It is based in Purchase, New York.

Jefferies analysts maintained a Buy rating and a $485 price target on Mastercard Incorporated (NYSE:MA) on January 8.

In total, 141 hedge funds were long Mastercard Incorporated (NYSE:MA) in the fourth quarter, with a total stake value of $16.9 billion.

6. Visa Inc. (NYSE:V)

Number of Hedge Fund Holders: 162

Visa Inc. (NYSE:V) was seen in the portfolios of 162 hedge funds in the fourth quarter, with a total stake value of $26.5 billion.

Based in San Francisco, California, Visa Inc. (NYSE:V) is another transaction and payment processing services company on our list of the most owned stocks by hedge funds. The company operates a transaction processing network enabling authorization, clearing, and settlement of payment transactions.

On March 8, Jefferies analysts maintained a $320 price target and Buy rating on Visa Inc. (NYSE:V).

Like Apple Inc. (NASDAQ:AAPL), salesforce.com, inc. (NYSE:CRM), and Eli Lilly and Company (NYSE:LLY), Visa Inc. (NYSE:V) was one of the most owned stocks by hedge funds in 2023.

5. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 173

NVIDIA Corporation (NASDAQ:NVDA) is a semiconductor company most known for its AI chips. It is based in Santa Clara, California.

A Buy rating and $1100 price target were maintained on NVIDIA Corporation (NASDAQ:NVDA) on March 13 by Bank of America Securities analysts.

NVIDIA Corporation (NASDAQ:NVDA) had 173 hedge funds long its stock in the fourth quarter, with a total stake value of $33.8 billion.

4. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 214

BMO Capital analysts maintained a $170 price target on Alphabet Inc. (NASDAQ:GOOGL) on January 9, alongside an Outperform rating.

Alphabet Inc. (NASDAQ:GOOGL) is a communication services company based in Mountain View, California. It operates through its Google Services, Google Cloud, and Other Bets segments.

We saw 214 hedge funds long Alphabet Inc. (NASDAQ:GOOGL) in the fourth quarter, with a total stake value of $28.8 billion.

Diamond Hill Capital said the following about Alphabet Inc. (NASDAQ:GOOGL) in its fourth-quarter 2023 investor letter:

“Other bottom contributors included Alphabet Inc. (NASDAQ:GOOG), Lancaster Colony Corp and Lear Corp. Media and technology company Alphabet has been under pressure as the company’s cloud business has slowed. Packaged food products manufacturer Lancaster Colony has faced a challenging pricing environment, which has weighed on volumes. We exited our positions in both Alphabet and Lancaster Colony in Q4 and redeployed our capital into more attractive opportunities.”

3. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 242

There were 242 hedge funds long Meta Platforms, Inc. (NASDAQ:META) in the fourth quarter, with a total stake value of $44.2 billion.

Meta Platforms, Inc. (NASDAQ:META) is another communication services company on our list. It develops and offers social connectivity products, such as social media apps under the names of Facebook and Instagram.

A Strong Buy rating and a $575 price target were maintained on Meta Platforms, Inc. (NASDAQ:META) on February 9 by analysts at Tigress Financial.

Artisan Partners said the following about Meta Platforms, Inc. (NASDAQ:META) in its fourth-quarter 2023 investor letter:

“Netflix and Meta Platforms, Inc. (NASDAQ:META)—both categorized in the communication services sector—rounded out our top five contributors in Q4 as well as for 2023. Both stocks suffered sharp declines in 2022, each losing more than 50% of their market capitalizations. In 2022, we purchased Netflix and added to our position in Meta on weakness as both stocks were selling significantly below our estimates of fair value. Meta’s challenges were more self-inflicted as a ramp-up in spending caused free cash flow to plummet. We saw Netflix’s slowing subscriber growth as a normal feature of a maturing streaming market.

With regard to Meta, the company’s “year of efficiency,” as 2023 was declared by Mark Zuckerberg, involved a recalibration of its spending plans to focus on profitability. While the stock also benefited from enthusiasm around artificial intelligence, the re-rating in the price multiple seems entirely rational as shares were selling for less than 10X next year’s estimated earnings at its 2022 lows for a business that still had strong growth drivers, consistent free cash flow generation and a large net cash position. While Meta is included in the Magnificent Seven mega-cap stocks, Meta is trading much cheaper (~25X P/E) than all the others aside from Alphabet (~24X P/E), which is the one other of the Magnificent Seven stocks we hold. While Meta’s stock is no longer extremely cheap, we feel it is still reasonably priced for a good business with attractive growth prospects. We did trim our positions in Meta and Netflix to put capital to work in names having greater discounts.”

2. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 293

Amazon.com, Inc. (NASDAQ:AMZN) is a broad-line retail and e-commerce company. It is based in Seattle, Washington.

In total, 293 hedge funds were long Amazon.com, Inc. (NASDAQ:AMZN) in the fourth quarter, with a total stake value of $50.9 billion.

On January 9, BMO Capital analysts maintained a $200 price target and an Outperform rating on Amazon.com, Inc. (NASDAQ:AMZN).

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 302

A $500 price target and Buy rating were maintained on Microsoft Corporation (NASDAQ:MSFT) on March 15 by DA Davidson analysts.

Microsoft Corporation (NASDAQ:MSFT) was seen in the portfolios of 302 hedge funds in the fourth quarter, with a total stake value of $87.3 billion.

Based in Redmond, Washington, Microsoft Corporation (NASDAQ:MSFT) is a systems software company. It develops and supports software, services, devices, and solutions.

Carillon Tower Advisers said the following about Microsoft Corporation (NASDAQ:MSFT) in its fourth-quarter 2023 investor letter:

“Microsoft Corporation (NASDAQ:MSFT) performed well after reporting strong earnings supported by accelerated growth from Azure. The cloud business is seeing consistent trends from optimization while AI has contributed strongly to its growth.”

See also 11 Best Artificial Intelligence Stocks Under $20 According To Hedge Funds and 12 Stocks Most Bought By Hedge Funds.

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Disclosure: None. 20 Most Owned Stocks by Hedge Funds Now is originally published on Insider Monkey.