In this article, we will take a look at the 5 prominent NYSE stocks that hit 52-week highs this week. To read our analysis of the recent trends, and market activity, you can go to the 15 Prominent NYSE Stocks That Hit 52-Week Highs This Week.
5. Pinterest, Inc. (NYSE:PINS)
Number of Hedge Fund Holders: 63
YTD Performance as of December 22: 53.95%
San Francisco, California-based Pinterest, Inc. (NYSE:PINS) is a leading social media platform which allows users, creators, publishers, and businesses to save and publish images and videos which allow other users to discover and visualize activities. The platform boasts more than 450 million monthly active users.
On April 27, Pinterest, Inc. (NYSE:PINS) announced a partnership with online retail giant, Amazon.com, Inc. (NASDAQ:AMZN) which would provide users access to on-Amazon buying experience. The partnership is part of the company’s efforts to make the content available on the platform shoppable.
Pinterest, Inc. (NYSE:PINS) ranks 5th on our list of 15 prominent NYSE stocks that hit 52-week highs this week. The shares of the company were owned by 63 hedge funds with a total value of $2.3 billion, as of Q3 2023. Paul Singer’s Elliott Management is the largest shareholder among hedge funds, with ownership of 28 million shares valued at $757 million.
4. Shopify Inc. (NYSE:SHOP)
Number of Hedge Fund Holders: 69
YTD Performance as of December 22: 121.35%
Shopify Inc. (NYSE:SHOP) is a leading provider of internet infrastructure for commerce, offering tools to start, grow, market, and manage a retail business of any size. Its platform and services are used by millions of businesses across 175 countries.
As of Q3 2023, 69 of the 910 hedge funds tracked by Insider Monkey owned shares of Shopify Inc. (NYSE:SHOP), valued at $2.7 billion. Cathie Wood’s ARK Investment Management holds the most shares among hedge funds, with ownership of nearly 7 million shares valued at $380 million.
This is what Baron Funds, an investment management firm, had to say about Shopify Inc. (NYSE:SHOP) in its Q3 2023 investor letter:
“[W]e believe that Shopify will continue to benefit from its position as the commerce operating system for its merchants. Rather than replacing Shopify, various selling channels, including TikTok, are managed within the platform, which should enable Shopify to maintain its competitive advantage over the long term [. . .] We remain shareholders due to Shopify’s strong competitive positioning, innovative culture, and long runway for growth, as it still holds less than a 2% share of the global commerce market.”
3. American Express Company (NYSE:AXP)
Number of Hedge Fund Holders: 74
YTD Performance as of December 22: 25.60%
American Express Company (NYSE:AXP) is a globally integrated payments company focused on card-issuing, merchant-acquiring, and card network businesses. It provides payment products and services to consumers, small businesses, mid-sized companies, and large corporations around the world.
On December 18, Goldman Sachs analyst Ryan Nash raised the price target for American Express Company (NYSE:AXP) shares from $186 to $205 and maintained a ‘Buy’ rating for its shares. The target price represents a potential upside of 10.47% based on the share price on December 22.
As of Q3 2023, 74 hedge funds owned shares of American Express Company (NYSE:AXP), valued at a whopping $25.6 billion. Warren Buffett’s Berkshire Hathaway owns 151.6 million shares of the payment company, valued at $22.6 billion.
2. General Electric Company (NYSE:GE)
Number of Hedge Fund Holders: 76
YTD Performance as of December 22: 93.76%
Boston, Massachusetts-based General Electric Company (NYSE:GE) is a leading industrial products company with products ranging from aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing, and industrial products.
On October 24, General Electric Company (NYSE:GE) announced that it plans to spin off GE Vernova and launch GE Aerospace in the beginning of the second quarter of 2024, subject to approvals. GE Vernova will trade on the NYSE under ticker symbol “GEV,” and GE Aerospace will continue to trade on the NYSE under ticker symbol “GE”. The spinoff is part of the company’s plan to “create three independent, investment-grade, industry leaders”. Earlier this year, the company spun off its healthcare division.
General Electric Company (NYSE:GE) has been a consistent component of hedge fund portfolios. As of Q3 2023, its shares were held by 76 of the 910 hedge funds tracked by Insider Monkey, valued at $10.3 billion. Chris Hohn’s TCI Fund Management was the largest shareholder on record with ownership of 41.7 million shares valued at $4.6 billion.
1. JPMorgan Chase & Co. (NYSE:JPM)
Number of Hedge Fund Holders: 109
YTD Performance as of December 22: 24.83%
JPMorgan Chase & Co. (NYSE:JPM) is one of the leading financial institutions in the US with a history dating back over 200 years. It provides services including investment banking, financial services for consumers and small business, commercial banking, financial transactions processing and asset management. It had $3.9 trillion in assets, as of September 30, 2023.
On November 16, Oppenheimer analyst Chris Kotowski raised the price target for JPMorgan Chase & Co. (NYSE:JPM) shares to $243 from $233 and maintained an ‘Outperform’ rating for its shares. The target price represents a potential upside of 45.16% based on the share price on December 22.
In its “Mairs & Power Growth Fund” Q3 2023 investor letter, Mairs & Power, an investment advisor, made the following comments about the near term future of AI and efforts being made by JPMorgan Chase & Co. (NYSE:JPM) to benefit from AI advancements:
“Artificial intelligence (AI) remains in the forefront of investors’ minds. We believe that AI will have a profound effect on the economy and society over the coming years. Yet, we are also cognizant that new technologies can often take years, if not decades, before they develop into profitable businesses. We remain skeptical of the lofty valuations of these names and have been trimming our holdings accordingly. We believe AI will have the largest impact in the near term on large enterprises that can harness AI to increase the productivity of their workforces and improve the experience of their customers. For instance, JPMorgan Chase & Company (JPM) employs more than 900 data scientists, 200 AI researchers, and 600 machine learning engineers, and is building out its own AI data center. The company expects to deliver more than $1.5 billion in business value from AI efforts in 2023.”
As of Q3 2023, JPMorgan Chase & Co. (NYSE:JPM) ranks highest on our list of 15 prominent NYSE stocks that hit 52-week highs this week in terms of hedge fund sentiment. It was the most sought-after stock among the 910 hedge funds tracked by Insider Monkey as 109 of these hedge funds held its shares valued at $6.7 billion.
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