This article presents an overview of 5 Stocks American Politicians are Buying in 2024. For a detailed overview of such stocks read our article, 10 Stocks American Politicians are Buying in 2024.
5. Devon Energy Corp (NYSE:DVN)
Number of Hedge Fund Investors: 50
Congressman Kevin Hern on March 28 bought Devon Energy Corp (NYSE:DVN) shares as part of a dividend reinvestment transaction. In one transaction the Congressman bought Devon Energy Corp (NYSE:DVN) shares worth between $1,000 to $15000, while the second transaction was worth between $15000 to $50,000. Since March 28 through April 17, Devon Energy Corp (NYSE:DVN) shares have gained about 4%.
4. Home Depot Inc (NYSE:HD)
Number of Hedge Fund Investors: 70
Home Depot Inc (NYSE:HD) is another stock Congressman Kevin Hern is buying for dividend investments. He bought the home improvement company’s shares in two transactions worth between $1,000 to $15,000 on March 12. Since then the stock is down 15%.
As of the end of the last quarter of 2023, 70 hedge funds tracked by Insider Monkey reported having stakes in Home Depot Inc (NYSE:HD).
ClearBridge Sustainability Leaders Strategy made the following comment about The Home Depot, Inc. (NYSE:HD) in its Q3 2023 investor letter:
“The Home Depot, Inc. (NYSE:HD) has long been a leader in advancing sustainable forestry, and its wood products can have a significant impact, as timber rates at the top of high-risk commodities responsible for most agriculture-related deforestation (Exhibit 3). The home improvement retailer adopted its first wood purchasing policy in 1999, pledging to give preference to sustainably sourced wood and to eliminate wood purchases from endangered regions around the world.
Biodiversity-boosting efforts at Home Depot have included tracing the origin of all the wood products it sells. This forms part of the process of verifying sustainable production, which it does using the certification standards of the Forest Stewardship Council (FSC). Since 2000 Home Depot has developed programs to purchase FSC wood products, such as doors, boards and patio furniture, from over 60 global suppliers. It has also moved more than 90% of its cedar purchases to second-and third-growth forests, with the rest coming from areas with local community stakeholder review.”
3. FedEx Corp (NYSE:FDX)
Number of Hedge Fund Investors: 70
Congressman Rick Larsen hails from Washington’s 2nd congressional district. On April 4 the Congressman piled into FedEx Corp (NYSE:FDX) shares in a transaction worth between $1,001 and $15,000. However, Larsen noted in his transaction notes that this was part of “quarterly portfolio rebalancing” done by his “asset manager” which he does not “control per contract.”
As of the end of the fourth quarter of 2024, 70 hedge funds tracked by Insider Monkey reported owning stakes in FedEx Corp (NYSE:FDX). The biggest stakeholder of FedEx Corp (NYSE:FDX) during this period was Bill & Melinda Gates Foundation Trust which had a $388 million stake in FedEx Corp (NYSE:FDX).
Artisan Value Fund stated the following regarding FedEx Corporation (NYSE:FDX) in its fourth quarter 2023 investor letter:
“Other Q4 laggards were global reinsurer Arch Capital and shipping company FedEx Corporation (NYSE:FDX)—holdings that pulled back following large gains. Back in September 2022, FedEx was selling for less than 8X our estimate of normalized earnings due to substantial pessimism. Although the demand environment remains challenging globally, particularly in the Express segment, the company is delivering solid earnings growth driven by cost savings initiatives. FedEx’s DRIVE program, which seeks to deliver $4 billion in permanent cost reductions by creating an integrated air-ground network similar to that of rival UPS, is showing progress, and workforce reductions have also been enacted. While operating results can be choppy, FedEx’s longer term business economics are highly favorable given the global shipping industry’s consolidated structure and massive barriers to entry that afford operators with pricing power to counter cost inflation and earn respectable returns on capital over the business cycle.”
2. Johnson & Johnson (NYSE:JNJ)
Number of Hedge Fund Investors: 81
Johnson & Johnson (NYSE:JNJ) ranks second in our list of the stocks American politicians are buying now. On March 5, Congressman Kevin Hern piled in Johnson & Johnson (NYSE:JNJ) shares worth somewhere between $1,000 to $15,000 as part of a dividend reinvestment plan. Since this transaction, Johnson & Johnson (NYSE:JNJ) shares have lost about 9% in value.
1. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Number of Hedge Fund Investors: 120
Josh Gottheimer is a Congressman from New Jersey’s 5th congressional district. He bought Advanced Micro Devices, Inc. (NASDAQ:AMD) stock worth between $1,001 – $15,000 on March 18. Since then through April 17 Advanced Micro Devices, Inc. (NASDAQ:AMD) shares have lost about 15% in value.
Of the 933 funds tracked by Insider Monkey, 120 hedge funds reported having stakes in Advanced Micro Devices, Inc. (NASDAQ:AMD). The biggest stakeholder of Advanced Micro Devices, Inc. (NASDAQ:AMD) was Ken Fisher’s Fisher Asset Management which had a $4.2 billion stake in Advanced Micro Devices, Inc. (NASDAQ:AMD).
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