Bank of America’s 5 Stock Picks for 2023

In this piece, we will take a look at Bank of America’s Top 5 Stock Picks for 2023. For more top stocks, head on over to Bank of America’s 15 Stock Picks for 2023.

5. General Motors Company (NYSE:GM)

Year to Date Share Price Growth as of February 8, 2023: 22.92%

Number of Hedge Fund Holders In Q3 2022: 74

General Motors Company (NYSE:GM) is one of the biggest car manufacturers in America. The firm makes and sells trucks, cars, crossover cars, and other vehicles. It also provides spare parts for its products and is based in Detroit, Michigan.

Keeping an eye on the electric vehicle future, General Motors Company (NYSE:GM) is interested in acquiring a stake in the Brazilian metals giant Vale SA’s metals unit, according to multiple media reports in February 2023. 74 of the 920 hedge funds polled by Insider Monkey had bought the firm’s shares in Q3 2022.

4. United Rentals, Inc. (NYSE:URI)

Year to Date Share Price Growth as of February 8, 2023: 28.41%

Number of Hedge Fund Holders In Q3 2022: 51

United Rentals, Inc. (NYSE:URI) is an industrial equipment renting company. It provides machines such as forklifts, cranes, tools, booms, scissor lifts, and others to customers such as construction firms.

In a fresh note issued in February 2023, Credit Suisse set an Outperform rating for United Rentals, Inc. (NYSE:URI) in February 2023, with the rating coming after Argus had raised the company’s share price target to $475 from $360 in the previous month. Insider Monkey’s 920 hedge fund survey for last year’s third quarter revealed that 51 had invested in the company.

United Rentals, Inc. (NYSE:URI)’s largest investor is Andrew Wellington and Jeff Keswin’s Lyrical Asset Management which owns one million shares that are worth $280 million.

3. Chewy, Inc. (NYSE:CHWY)

Year to Date Share Price Growth as of February 8, 2023: 29.24%

Number of Hedge Fund Holders In Q3 2022: 25

Chewy, Inc. (NYSE:CHWY) is an online retailer headquartered in Dania Beach, Florida. The firm has thousands of products in its portfolio and it focuses its attention on primarily supplying pet products.

Wedbush increased Chewy, Inc. (NYSE:CHWY)’s share price target to $55 from $35 in January 2023 as it outlined that the pet sector should prove to be more resilient than some others this year. By the end of 2022’s September quarter, 25 of the 920 hedge funds part of Insider Monkey’s research owned a stake in Chewy, Inc. (NYSE:CHWY).

Paul Marshall and Ian Wace’s Marshall Wace LLP is Chewy, Inc. (NYSE:CHWY)’s largest hedge fund investor in our database. It owns 1.8 million shares that are worth $1.8 million.

2. Western Digital Corporation (NASDAQ:WDC)

Year to Date Share Price Growth as of February 8, 2023: 36.07%

Number of Hedge Fund Holders In Q3 2022: 46

Western Digital Corporation (NASDAQ:WDC) is an American computer hardware firm. It makes and sells storage devices such as hard disks and solid state drives.

Western Digital Corporation (NASDAQ:WDC) was another consumer technology company that had a tough time during the calendar year 2022’s final quarter as its revenue dropped by a massive 36% annually. Insider Monkey’s 920 hedge fund database saw 46 investors in the company as of Q3 2022.

Western Digital Corporation (NASDAQ:WDC)’s largest investor is Andreas Halvorsen’s Viking Global which owns 7.4 million shares that are worth $240 million.

1. Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Year to Date Share Price Growth as of February 8, 2023: 52.62%

Number of Hedge Fund Holders In Q3 2022:

Warner Bros. Discovery, Inc. (NASDAQ:WBD) is a media and entertainment company that operates its own television channels and also a film production studio. The firm is based in New York, New York.

According to a report from the Wall Street Journal in February 2023, Warner Bros. Discovery, Inc. (NASDAQ:WBD) is now aiming to keep its Discovery+ streaming service separate from HBO Max, despite initially planning to merge the two. 61 of the 920 hedge funds polled by Insider Monkey for their September quarter of 2022 investments had bought the firm’s shares.

Disclosure: None. You can also take a peek at 20 Stocks That Are Aggressively Buying Back Shares and 10 Best February Dividend Stocks To Buy.

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