Michael Burry’s 2024 Portfolio: 5 New Stock Picks

3. Citigroup Inc (NYSE:C)

Michael Burry’s Stake: $5,144,000

Michael Burry bought 100,000 shares of Citigroup Inc (NYSE:C) during the last quarter of 2023. The total worth of these shares was $5.1 million.

Piper Sandler recently upgraded Citigroup Inc (NYSE:C) stock to Overweight from Neutral. Piper Sandler thinks the pullback in the stock is an attractive entry point for investors.

Patient Capital Management stated the following regarding Citigroup Inc. (NYSE:C) in its fourth quarter 2023 investor letter:

“Citigroup Inc. (NYSE:C), run by Jane Fraser since 2021, is on a multi-year journey to reorganize the business and reach return on tangible common equity of 11-12% by 2025-2026 (and higher further out). Citigroup is finally taking the hard actions necessary, cutting unprofitable departments, taking out middle management layers, and reducing overall headcount. We have high confidence Citi will hit its targets.”