In this piece, we will take a look at the top ten stocks in billionaire Leon Cooperman’s 2022 portfolio.
Leon Cooperman is an American billionaire hedge fund owner who is known for having set up the hedge fund Omega Advisors. The fund was based out of New York City, United States and Mr. Cooperman shut it down in 2018. Now, the investor manages his wealth through a family office, which is a privately held company that is responsible for overseeing the personal net worth of wealthy individuals and families.
In an interview given to CNBC in June 2022, Mr. Cooperman shared his thoughts on the current turmoil rippling through the stock markets. He outlined that, in his opinion, the current situation follows the growth in popularity of some of the greatest speculative products in history, such as special purpose acquisition companies (SPACs) and different cryptocurrencies. The billionaire shared that it is unlikely for investors to head back into a bull market anytime soon, with returns in the equity market expected to be “modest” in the near term future. He concluded by stating that highly speculative stock trading, such as that involving ”meme stocks” will result in a lot of pain now, especially when combined with monetary policies, and investors such as Cathie Wood will see outflows instead of inflows.
As a testament to his humble beginnings, Mr. Cooperman is one of the billionaires who have signed the Giving Pledge. His latest net worth estimate according to Forbes Magazine is $2.5 billion, and the billionaire runs several notable ventures that help college students with their fees and individuals with chronic illnesses.
This piece will focus on the top stocks that are held by Mr. Cooperman’s family office as of the end of the first quarter.
Our Methodology
In order to discover which stocks are on Leon Cooperman’s family office’s radar, we sifted through its filings with the Securities and Exchange Commission as of the end of March.
Billionaire Leon Cooperman’s 2022 Portfolio: Top 10 Stock Picks
10. WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC)
Omega Advisors’ Stake Value: $69 million
Percentage of Omega Advisors’ 13F Portfolio: 3.48%
Number of Hedge Fund Holders: 58
WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) is a rental and leasing services company that is based in Phoenix, Arizona, United States. The company provides storage and working spaces to a host of different companies in different industries and it owns hundreds of thousands of storage units and thousands of tank storage units. Some of the industries that use its spaces are the construction, education, and industrial industries.
Mr. Cooperman’s family office owned 1.6 million WillScot Mobile Mini Holdings Corp. shares for its Q4 2021 portfolio, which enabled it to own a $69 million stake in the company. Insider Monkey’s 912 hedge fund survey for the first quarter of this year saw 58 as having bought the company’s shares.
WillScot Mobile Mini Holdings Corp. expanded its business in July 2022 after it acquired the storage rental fleet and assets of another company. The deal saw the firm add 400 mobile units and roughly 100 storage containers to its facilities in New England. This was the latest in a string of similar deals that it has been undertaking throughout this year. For its current fiscal year, WillScot Mobile Mini Holdings Corp. hopes to rake in at least $2.1 billion in revenue.
WillScot Mobile Mini Holdings Corp. meets Alphabet Inc. (NASDAQ:GOOG), Mr. Cooper Group Inc. (NASDAQ:COOP), and Athene Holding Ltd. (NYSE:ATH-PA) in the list of Mr. Cooperman’s favorite stocks.
9. Microsoft Corporation (NASDAQ:MSFT)
Omega Advisors’ Stake Value: $82 million
Percentage of Omega Advisors’ 13F Portfolio: 4.15%
Number of Hedge Fund Holders: 259
Microsoft Corporation (NASDAQ:MSFT) is one of the largest technology companies in the world. Known originally for its Windows operating system, the company has now diversified its business to include several hot and emerging markets and industries such as consumer electronics, cloud computing, and gaming.
Microsoft Corporation continued its diverse business approach in July 2022 when it announced that it is part of a partnership that will focus on developing sustainable aviation fuels. This approach will try to use Carbon Dioxide and renewable energy to make the fuel. BMO Capital reduced the company’s share price target to $305 from $345 in July 2022, as it stated that the company has a deep portfolio but a strengthening dollar will hurt its revenue.
Mr. Cooperman held an $82 million stake in Microsoft Corporation according to his Q1 portfolio which came in the form of 245,705 shares. Insider Monkey’s Q1 2022 survey of 912 hedge funds saw that 259 had invested in the company.
Microsoft Corporation’s largest investor in our database is Ken Fisher’s Fisher Asset Management which owns 27 million shares that are worth $8.5 billion.
8. Ashland Global Holdings Inc. (NYSE:ASH)
Omega Advisors’ Stake Value: $94 million
Percentage of Omega Advisors’ 13F Portfolio: 4.71%
Number of Hedge Fund Holders: 17
Ashland Global Holdings Inc. (NYSE:ASH) is a specialty chemicals company that is based out of Wilmington, Delaware, United States. The firm provides a host of products to different industries such as the life sciences, household, and personal care sectors. The products include chemicals such as polymers, thickeners, foam control agents, thermoplastic metals, and pH agents.
As part of its Q1 portfolio holdings, Mr. Cooperman’s family office owned a $94 million stake in Ashland Global Holdings Inc. that came in the form of 871,965 shares. Insider Monkey’s poll of 912 hedge funds for this year’s March quarter revealed that 17 had also bought Ashland Global Holdings Inc.’s shares.
Ashland Global Holdings Inc. raised its dividend to 33.5 cents per share in May 2022, marking a 12% increase. Mizuho increased the company’s share price target to $138 from $135 in July 2022, sharing optimism about the company’s ability to post a strong revenue.
Ricky Sandler’s Eminence Capital is Ashland Global Holdings Inc.’s largest investor. It owns four million shares that are worth $397 million.
7. MP Materials Corp. (NYSE:MP)
Omega Advisors’ Stake Value: $97 million
Percentage of Omega Advisors’ 13F Portfolio: 4.88%
Number of Hedge Fund Holders: 25
MP Materials Corp. (NYSE:MP) is an American mining company located in Las Vegas, Nevada. The firm focuses its attention on mining rare earth metals such as lanthanum, praseodymium, and cerium. These metals are used in a wide variety of industries such as aviation and consumer electronics.
MP Materials Corp. reported its earnings report for its fiscal first quarter in May 2022. These revealed that the company had brought in $166 million in revenue, allowing it to beat consensus analyst estimates by a wide margin. Morgan Stanley increased the company’s share price target to $46 from $42 in June 2022, highlighting that the company’s plans for new production facilities are promising.
Leon Cooperman owns 2.1 million MP Materials Corp. shares revealed his office’s Q1 filings. These were worth $97 million and represented 4.88% of its investment portfolio. 25 of the 912 hedge funds part of Insider Monkey’s Q1 2022 poll had held a stake in the mining company.
6. Cigna Corporation (NYSE:CI)
Omega Advisors’ Stake Value: $103 million
Percentage of Omega Advisors’ 13F Portfolio: 5.19%
Number of Hedge Fund Holders: 63
Cigna Corporation (NYSE:CI) is one of the oldest American healthcare plans, benefits, and insurance providers. The company was set up soon after the American revolution in 1792 and it is currently headquartered in Bloomfield, Connecticut. Its plans cover several types of users such as senior citizens, employed individuals, and self insured customers.
Mr. Cooperman’s family office holds a $103 million stake in Cigna Corporation which comes through it owning 450,000 shares of the company. Insider Monkey took a look at 63 hedge fund portfolios for this year’s March quarter to discover that 63 had also bought a stake in the healthcare plan provider.
Cigna Corporation’s price target was raised by Truist to $330 from $310 in July 2022, as it outlined that the sector is set to perform well despite the recent economic uncertainty.
Cigna Corporation’s largest investor is Larry Robbins’s Glenview Capital with a $382 million stake that comes through 1.5 million shares.
Mr. Cooper Group Inc., Alphabet Inc., and Athene Holding Ltd. are met by Cigna Corporation in the list of Leon Cooperman’s top stock picks.
5. Fiserv, Inc. (NASDAQ:FISV)
Omega Advisors’ Stake Value: $106 million
Percentage of Omega Advisors’ 13F Portfolio: 5.37%
Number of Hedge Fund Holders: 58
Fiserv, Inc. (NASDAQ:FISV) is a payment and financial technology services provider headquartered in Brookfield, Wisconsin, United States. The company provides customer deposit and loan accounts, point of sale merchant services, and card based payments services.
Mr. Cooperman’s family office held a $106 million stake in Fiserv, Inc. by the end of December 2021, which came through owning one million shares. Insider Monkey’s 912 hedge fund survey for Q1 2022 outlined that 58 had bought the company’s shares.
Fiserv, Inc. bolstered its payment services portfolio in June 2022 by allowing its customers to also use digital checks to make large scale customer payments. Wells Fargo reduced the company’s share price target to $97 from $123 in July 2022, sharing that while it has a strong business model, inflationary concerns still merit some caution.
Fiserv, Inc.’s largest investor is Natixis Global Asset Management’s Harris Associates which owns 24 million shares that are worth $2.4 million.
4. Devon Energy Corporation (NYSE:DVN)
Omega Advisors’ Stake Value: $119 million
Percentage of Omega Advisors’ 13F Portfolio: 6.02%
Number of Hedge Fund Holders: 66
Devon Energy Corporation (NYSE:DVN) is an American oil and gas company headquartered in Oklahoma City, Oklahoma. The firm explores and produces oil and natural gas and it has more than 5,000 wells.
In light of the recent surge in profits for U.S. energy companies, Devon Energy Corporation acquired more acreage and assets to its portfolio in June 2022, by paying $865 million. The company is currently the target of bullish sentiment on Wall Street, with several analysts having raised its price target. For instance, Barclays raised its price target to $90 from $73 in June 2022, outlining that high oil price forecasts will bode well for the company.
Mr. Cooperman’s Q1 stake in Devon Energy Corporation saw the investor owning 2.7 million shares for a $119 million investment. Insider Monkey took a look at 912 hedge fund portfolios for this year’s first quarter and found out that 66 had also bought the company’s shares.
Rajiv Jain’s GQG Partners is Devon Energy Corporation’s largest investor. It owns 15 million shares that are worth $888 million.
3. Athene Holding Ltd. (NYSE:ATH-PA)
Omega Advisors’ Stake Value: $133 million
Percentage of Omega Advisors’ 13F Portfolio: 6.69%
Number of Hedge Fund Holders: N/A
Athene Holding Ltd. is a retirement services company based in Hamilton, Bermuda. It offers several different kinds of services such as annuities, reinsurance, pension risk transfer products, and institutional products.
June 2022 proved to be a fruitful month for Athene Holding Ltd. as the American defense and aerospace giant Lockheed Martin announced that it will transfer roughly $3.4 billion of its pension obligations to the company. The company will start administering retirement benefits from this transfer starting next year.
As December 2021 came to an end, Mr. Cooperman’s family office had disclosed a $133 million stake in Athene Holding Ltd. which came through it holding 1.6 million shares of the company.
2. Alphabet Inc. (NASDAQ:GOOG)
Omega Advisors’ Stake Value: $173 million
Percentage of Omega Advisors’ 13F Portfolio: 8.73%
Number of Hedge Fund Holders: 160
Alphabet Inc. is one of the largest technology companies in the world, which is known primarily for its search engine Google. Apart from Google, however, the company offers smartphones, other technology products, cloud computing, video streaming, and productivity software.
Alphabet Inc.’s Android software scored a big win in June 2022 when BMW announced that it will integrate Android Automotive OS with its own operating system. This will allow consumers to use Android starting from March next year and will be limited to certain models for the time being. Insider Monkey profiled 912 hedge funds for 2022’s first quarter and found out that 160 had bought the company’s shares.
Mr. Cooperman held a $173 million stake in Alphabet Inc. reveal his Q1
filings, which come through owning 60,000 shares. Just like other technology companies, Alphabet Inc. also saw its price target cut down by Evercore ISI to $3,110 from $3,300 in July 2022, as the firm accounted for inflationary pressures.
Alphabet Inc.’s largest investor in our database is Chris Hohn’s TCI Fund Management which owns 2.3 million shares that are worth $6.6 billion.
1. Mr. Cooper Group Inc. (NASDAQ:COOP)
Omega Advisors’ Stake Value: $176 million
Percentage of Omega Advisors’ 13F Portfolio: 8.88%
Number of Hedge Fund Holders: 30
Mr. Cooper Group Inc. is an American financial services provider that primarily targets the housing industry. The company provides mortgages to residential customers and collects payments on their behalf as well. It is headquartered in Coppell, Texas.
Mr. Cooper Group Inc. is the largest nonbank mortgage services provider in America and it handles payments for more than 3 million customers. The company also plans to increase its services balances portfolio to $1 trillion over the next three years. In a July 2022 note, Barclays reduced the company’s share price target to $43 from $44, stating that high mortgage rates will affect volumes.
Mr. Cooperman’s family office owns 4.2 million Mr. Cooper Group Inc. shares that are worth $176 million and represent 8.88% of its portfolio. 30 of the 912 hedge funds part of Insider Monkey’s survey covering the first quarter of this year had invested in the company.
Parag Vora’s HG Vora Capital Management is Mr. Cooper Group Inc.’s largest investor through a $148 million stake that comes through 3.2 million shares.
Suggested Articles:
- 10 Monthly Dividend Stocks With Over 5% Yield
- 10 Best Artificial Intelligence Stocks to Invest In That Are Under $10
- 10 Best Recession Stocks To Buy
This article is originally published at Insider Monkey.
