In this article, we discuss the 5 stocks that members of Congress own. If you want to read about some more stocks that members of Congress own, go directly to 15 Stocks That Members of Congress Own.
5. JPMorgan Chase & Co. (NYSE:JPM)
Number of Hedge Fund Holders: 110
JPMorgan Chase & Co. (NYSE:JPM) operates as a financial services company worldwide. Mandatory filings from early December show that Rep. Chris Jacobs purchased Danaher Corporation (NYSE:DHR) stock worth somewhere around $1,000 and $15,000 in early November 2022.
On December 6, Morgan Stanley analyst Betsy Graseck upgraded JPMorgan Chase & Co. (NYSE:JPM) to Overweight from Underweight with a price target of $153, up from $126, noting that the bank’s operating leverage is inflecting positively in 2023, driven by revenues up 10% year-over-year and expenses up 9%.
At the end of the third quarter of 2022, 110 hedge funds in the database of Insider Monkey held stakes worth $6.4 billion in JPMorgan Chase & Co. (NYSE:JPM), compared to 104 in the preceding quarter worth $5.8 billion.
In its Q1 2022 investor letter, Carillon Tower Advisers, an asset management firm, highlighted a few stocks and JPMorgan Chase & Co. (NYSE:JPM) was one of them. Here is what the fund said:
“More cyclical sectors, including technology and consumer discretionary, were among the weakest, likely due to rising interest rates and inflation. It was encouraging to see the quarter finish on a strong note with the S&P 500 only about 5% away from its all-time highs. Shares of JPMorgan Chase (NYSE:JPM) detracted from performance due to the company’s increased expense guidance, announced in January.”
4. The Walt Disney Company (NYSE:DIS)
Number of Hedge Fund Holders: 112
The Walt Disney Company (NYSE:DIS) operates as an entertainment company worldwide. A mandatory filing from late December shows that Rep. Michael Burgess bought The Walt Disney Company (NYSE:DIS) stock worth somewhere $15,000 to $50,000 in mid-November.
On December 12, Morgan Stanley analyst Benjamin Swinburne maintained an Overweight rating on The Walt Disney Company (NYSE:DIS) stock and lowered the price target to $115 from $125, noting that cost opportunities in the media business and momentum at parks should support about the 20% adjusted EPS compound annual growth forecast through Financial Year 2025.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in The Walt Disney Company (NYSE:DIS) with 9 million shares worth more than $862.5 million.
In its Q3 2022 investor letter, Third Point, an asset management firm, highlighted a few stocks and The Walt Disney Company (NYSE:DIS) was one of them. Here is what the fund said:
“As disclosed in our Q2 letter, we reinitiated a significant position in The Walt Disney Company (NYSE:DIS) when the company retested its Covid lows earlier this year. At the current price, Disney is trading for little more than the stand-alone value of its Parks business and a mere 15x ’24 “street” consensus. The company remains early in its Direct to Consumer (“DTC”) transition with a leading market position, and yet the current stock price ascribes negligible value to the streaming business. We believe this is due to questions around the terminal economics of streaming, given the large losses being generated today at Disney (> 1 billion dollars last quarter) and stagnating margins at peers such as Netflix. On the last earnings call, management highlighted three items that could lead to an inflection in DTC profitability over the next 12 months: a 38% price increase for Disney+ in the US; moderating growth in cash content expense; and an advertising tier for Disney+ launching in two months that can drive additional ARPU given the high demand for the Disney brand amongst advertisers.
While the company has guided to Disney+ achieve breakeven sometime within the fiscal year ending September 2024, the valuation suggests the market remains sceptical. Disney only trades at ~14x the $7 in earnings generated before the Fox acquisition, which implies investors don’t expect earnings to meaningfully exceed this figure in the coming years. Hence, the first value driver we highlighted in our last letter is the opportunity for management to optimize Disney’s cost base to drive earnings growth. We believe Disney has ample means to rationalize costs across its operating platform and deliver targeted content for home viewing that does not entail the same cost structure of exclusive theatrical releases… read more
3. Apple Inc. (NASDAQ:AAPL)
Number of Hedge Fund Holders: 140
Apple Inc. (NASDAQ:AAPL) designs, manufactures and markets smartphones, personal computers, tablets, wearables, and accessories. According to the data available publicly, Rep. Rob Wittman bought Apple Inc. (NASDAQ:AAPL) stock worth somewhere between $1,000 and $15,000 in late November this year.
On December 12, Oppenheimer analyst Marti Yang maintained an Outperform rating on Apple Inc. (NASDAQ:AAPL) stock and lowered the price target to $170 from $190, noting that no further COVID-related production capacity constraints are expected for Apple in 2023.
At the end of the third quarter of 2022, 140 hedge funds in the database of Insider Monkey held stakes worth $144 billion in Apple Inc. (NASDAQ:AAPL), compared to 128 in the previous quarter worth $143 billion.
In its Q2 2022 investor letter, Alger Capital, an asset management firm, highlighted a few stocks and Apple Inc. (NASDAQ:AAPL) was one of them. Here is what the fund said:
“Apple Inc. (NASDAQ:AAPL) is a leading technology provider in telecommunications. computing and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives extremely tight engagement with consumers and enterprises. The engagement is fostering the growing purchase of high-margin services like music, apps, and apple pay. Apple’s shares detracted from performance as management lowered its guidance for the second quarter due to headwinds from the war in Ukraine, adverse foreign currency shifts, and dampened consumer demand associated with the coronavirus in China. Additionally, many investors were concerned that lockdowns implemented to curtail the spread of COVID-19 would impact the production of apple products, however, the manufacturing facilities have resumed activity.”
2. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 252
Amazon.com, Inc. (NASDAQ:AMZN) engages in the retail sale of consumer products and subscriptions in North America and internationally. A financial disclosure report shows that Rep. Rob Wittman purchased Amazon.com, Inc. (NASDAQ:AMZN) stock in November 2022 worth somewhere between $1,000 and $15,000.
On December 1, Cowen analyst John Blackledge maintained an Outperform rating on Amazon.com, Inc. (NASDAQ:AMZN) stock and raised the price target to $160 from $150, noting that lower operating losses are expected excluding AWS and Advertising in 2023 as cost headwinds subside.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Amazon.com, Inc. (NASDAQ:AMZN) was one of them. Here is what the fund said:
“Amazon.com, Inc. (NASDAQ:AMZN) is the world’s largest retailer and cloud services, provider. Shares of Amazon declined 35% in the quarter due to weaker-than-expected profits resulting from the overcapacity of resources coming out of COVID. We expect Amazon to grow its retail capacity in the quarters to come, which would enable it to improve profitability accordingly. Amazon remains one of our largest holdings due to its durable competitive advantages with a leading position in multiple trillion-dollar markets with a long runway for growth (…read more)
1. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 269
Microsoft Corporation (NASDAQ:MSFT) develops, licenses, and supports software, services, devices, and solutions worldwide. A financial disclosure report shows that Rep. Kurt Schrader purchased Microsoft Corporation (NASDAQ:MSFT) stock in November 2022 worth somewhere between $1,000 and $15,000.
On October 26, RBC Capital analyst Rishi Jaluria maintained an Outperform rating on Microsoft Corporation (NASDAQ:MSFT) stock and lowered the price target to $310 from $380, noting that several near-term headwinds are now expected to pressure Financial Year 2023 operating margins, which Microsoft management now expects to contract by a point.
In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Microsoft Corporation (NASDAQ:MSFT) was one of them. Here is what the fund said:
“Shares of Microsoft Corporation (NASDAQ:MSFT), a leading global provider of software solutions, declined 16.6% in the quarter along with the broader software group as well as due to growing concerns of a potential macro-driven slowdown. This is despite the company posting strong quarterly financial results and successfully absorbing headwinds from the war in Ukraine. The company had 21% revenue growth, 23% operating income growth, and 35% growth in Microsoft Cloud (all year-over-year in constant currency), which now represents 47% of total revenues. (read more…)
You can also take a peek at 11 Undervalued Canadian Stocks To Buy and 10 Best Cannabis Stocks To Buy.
