5 Undervalued S&P 500 Stocks Billionaires Are Loading Up On

4. Albemarle Corporation (NYSE:ALB)

Number of Billionaire Investors: 12
Forward P/E Ratio as of June 5: 6.68

Albemarle Corporation (NYSE:ALB) is next on our list of the top undervalued S&P 500 stocks among billionaires. The chemical manufacturing company generated $2.58 billion in revenue in Q1 2023, up 128.3% from the same period last year. It offers a quarterly dividend of $0.40 per share for a dividend yield of 0.77%, as recorded on June 5. The company maintains a 29-year streak of consecutive dividend growth.

UBS upgraded Albemarle Corporation (NYSE:ALB) to Buy in May and also lifted its price target on the stock to $225. The firm mentioned that the company’s guidance offers a good entry point for the best ‘growth opportunity’ in chemicals.

At the end of Q1 2023, 41 hedge funds tracked by Insider Monkey reported having stakes in Albemarle Corporation (NYSE:ALB), compared with 46 in the previous quarter. These stakes are collectively valued at $355.7 million. Billionaire Ken Griffin’s Citadel Investment Group was the largest stakeholder in the company.

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