Billionaire Ray Dalio is Dumping These 5 Stocks

In this article, we talk about 5 stocks that billionaire Ray Dalio dumped from his portfolio. If you want to see more stocks in this selection, check out Billionaire Ray Dalio is Dumping These 10 Stocks.

5. American Express Company (NYSE:AXP)

Number of Hedge Fund Holders: 68

Number of Shares Owned by Ray Dalio’s Fund in Q2: 29.37K

American Express Company (NYSE:AXP) is an American multinational corporation specializing in payment card services and headquartered in New York City.

On October 24, Wells Fargo analyst Donald Fandetti lowered the price target on American Express Company (NYSE:AXP) to $170 from $180 and maintained an Overweight rating on the shares following quarterly results. According to the analyst, higher funding costs have been a fairly neutral impact thus far, though they might become a modest headwind over time.

According to Insider Monkey’s data, 68 hedge funds were bullish on American Express Company (NYSE:AXP) at the end of Q3 2022, compared to 68 funds in the preceding quarter. Warren Buffett’s Berkshire Hathaway is the biggest position holder in the company.

In its Q2 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and American Express Company (NYSE:AXP) was one of them. Here is what the fund said:

“In financials, American Express Company (NYSE:AXP) has done an excellent job demonstrating the resiliency of its franchise in the midst of a global pandemic that drove a 60% decline in its core travel and entertainment business. The company’s spend-centric model has been helped by fiscal stimulus ensuring a flush consumer, while management continues to execute well by adding millions of new consumer and small and medium business accounts, which should benefit the franchise over the medium to long term. We remain optimistic regarding the company’s prospects as travel and entertainment activity rebounds, adding to our position in the quarter.”