5 Top Rated Blue Chip Stocks Wall Street Analysts Are In Love With: January 2024

In this piece, we will take a look at the five top rated blue chip stocks Wall Street analysts are in love with in January 2024. If you want to find out what’s happening in the stock market right now, then head on over to 10 Top Rated Blue Chip Stocks Wall Street Analysts Are In Love With: January 2024.

5. Walmart Inc. (NYSE:WMT)

Number of Hedge Fund Investors In Q3 2023: 80

Average Analyst Share Rating: 1.8

Walmart Inc. (NYSE:WMT) is one of the biggest retailers in the world with more than ten thousand stores and outlets. It had some good news for employees earlier this month, after announcing a sizeable salary increase for its store managers.

During Q3 2023, 80 out of the 910 hedge funds tracked by Insider Monkey were Walmart Inc. (NYSE:WMT)’s shareholders. Ken Fisher’s Fisher Asset Management was the biggest investor due to its $1.4 billion stake.

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

Number of Hedge Fund Investors In Q3 2023: 80

Average Analyst Share Rating: 1.8

Meta Platforms, Inc. (NASDAQ:META) is the holding company for Facebook, Instagram, and WhatsApp. Its vast amounts of user data and marketing centric business model have placed it in the spotlight in today’s A.I. wage, with Meta Platforms, Inc. (NASDAQ:META) CEO Mark Zuckerberg outlining an ambitious plan to buy hundreds of thousands of the latest A.I. GPUs this year.

After digging through 910 hedge funds for their September quarter of 2023 shareholdings, Insider Monkey found that 234 had bought and owned the firm’s shares. Meta Platforms, Inc. (NASDAQ:META)’s largest hedge fund stakeholder is Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital as it owns $3.4 billion worth of shares.

3. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Investors In Q3 2023: 306

Average Analyst Share Rating: 1.7

Microsoft Corporation (NASDAQ:MSFT) is a global software giant with a presence in cloud computing, personal computing, and other lucrative technology industries. Its shares scored a win in January 2024 when BNP Paribas upgraded them to Outperform from Neutral and increased the share price target to $471 from $350.

As of September 2023 end, 306 hedge funds among the 910 that were part of Insider Monkey’s database were Microsoft Corporation (NASDAQ:MSFT) shareholders. Michael Larson’s Bill & Melinda Gates Foundation Trust was the biggest investor due to its $12.4 billion investment.

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

Number of Hedge Fund Investors In Q3 2023: 286

Average Analyst Share Rating: 1.7

Amazon.com, Inc. (NASDAQ:AMZN) is the world’s biggest eCommerce company. Over the years, it has diversified its business model to also include cloud computing and other products. The shares are rated Strong Buy on average and analysts have set an average share price target of $182.24.

By the end of last year’s third quarter, 286 out of the 910 hedge funds covered by Insider Monkey’s research had invested in the company. Amazon.com, Inc. (NASDAQ:AMZN)’s largest hedge fund shareholder is Ken Fisher’s Fisher Asset Management since it holds a $5.2 billion stake.

1. Alphabet Inc. (NASDAQ:GOOG)

Number of Hedge Fund Investors In Q3 2023: 163

Average Analyst Share Rating: 1.7

Alphabet Inc. (NASDAQ:GOOG) is another mega cap technology giant, best known for its search engine and video streaming platforms. Not looking to be left behind in the A.I. race, Alphabet Inc. (NASDAQ:GOOG) announced an upgraded A.I. product in January 2024 that seeks to compete with Microsoft’s integration of ChatGPT with Bing.

163 out of the 910 hedge funds part of Insider Monkey’s Q3 2023 database had bought Alphabet Inc. (NASDAQ:GOOG)’s shares. Ken Fisher’ Fisher Asset Management was the biggest investor among these due to its $5.7 billion investment.

Disclosure: None. You can also take a look at 10 Best Long-Term Tech Stocks To Buy and 30 Most Overweight and Obese Cities in the World.

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