5 Safest Stocks To Invest In

2. American Tower Corporation (NYSE:AMT)

Number of Hedge Fund Holders: 62

American Tower Corporation (NYSE:AMT) is one of the largest global REITs that owns, operates, and develops multi-tenant communications real estate in several countries. The company raised its FY 2022 outlook, and now expects total property revenue of $10.395 billion to $10.485 billion, up from the prior outlook of $10.28 billion to $10.46 billion. American Tower Corporation (NYSE:AMT) is one of the safest stocks to consider. 

On November 23, Raymond James analyst Ric Prentiss raised the price target on American Tower Corporation (NYSE:AMT) to $233 from $219 and reiterated an Outperform rating on the shares. The analyst believes that a longer-term debt raise at American Tower Corporation (NYSE:AMT) would come in the 6% zone, which is higher than his last assumption, but is encouraged by the possibility of a stabilization in interest rates that could result in ongoing tower stock outperformance.

According to Insider Monkey’s Q3 data, 62 hedge funds were bullish on American Tower Corporation (NYSE:AMT), compared to 52 funds in the prior quarter. Charles Akre’s Akre Capital Management is the biggest position holder in the company, with approximately 7 million shares worth $1.5 billion. 

Here is what Baron Real Estate Fund has to say about American Tower Corporation (NYSE:AMT) in its Q2 2022 investor letter:

“American Tower is a leading global tower company with 220,000 communication sites globally and over 40,000 in the U.S. We added to our position during the market dislocation and as it became increasingly clear that the company would put permanent equity financing in place at better-than-expected terms for its previously announced acquisition of CoreSite (thereby removing the “equity overhang”).

In addition, the company stepped back from a large potential deal in Europe, which would have required significant incremental funding, due to unfavorable contract terms and price. This decision further reinforced our confidence in management’s capital allocation discipline knowing that these were highly sought-after assets.”