In this article, we take a look at five stocks that are gaining today. If you want to take a look at some more stocks that are making headlines on Wednesday and the latest market situation, go to Top Gainers: 10 Stocks to Watch on Wednesday.
5. Rogers Communications Inc. (NYSE:RCI) has risen 5.64% as of 12:03 PM ET after the Canadian telecommunication and media company outperformed the adjusted EPS estimates for Q1 2022 comprehensively. The company reported an increase in revenue of 3.7% YoY to $2.82 billion, in line with the analysts’ estimates. Moreover, Rogers Communications Inc. (NYSE:RCI) posted an adjusted EPS of 72 cents, nine cents higher than the consensus forecast. Since the start of the year, the stock price of Rogers Communications Inc. has increased by over 22%, compared to a decline of 6% experienced by the S&P 500 Index during the same period.
Overall, Rogers Communications Inc. was held by 13 hedge funds as of Q4 2021.
4. The Procter & Gamble Company (NYSE:PG) is 2.74% in the green as of 12:02 PM ET after the Cincinnati, Ohio-based multinational reported better than expected revenue and EPS results for Q1 2022. The manufacturer of healthcare, household, and hygiene products reported an EPS of $1.33, beating the analysts’ forecast of $1.29. Meanwhile, revenue increased by 7.1% YoY to $19.4 billion and outperformed the consensus estimate of $18.69 billion.
Furthermore, The Procter & Gamble Company also raised its full-year 2022 sales growth guidance from 3% – 4% to a range of 4% – 5%. Meanwhile, the analysts’ consensus stands at 4.2%. The Procter & Gamble Company also reiterated its full-year EPS growth of 3% to 6%, compared to the analysts’ estimates of 3.5%.
Of the 924 hedge funds in Insider Monkey’s database, The Procter & Gamble Company was held by 67 hedge funds as of Q4 2021.
3. Exelon Corporation (NASDAQ:EXC) has moved up 1.99% as of 12:04 PM ET after the Chicago, Illinois-based diversified utility company was upgraded from a Neutral to an Overweight rating by Jeremy Tonet at JPMorgan. The analyst increased the price target on Exelon Corporation (NASDAQ:EXC) from $47 to $55. The new target price implies a potential upside of 11.11% from the last closing price. In a note issued to investors earlier today, Tonet highlighted that during its transition as a pure-play in the regulated utility industry, Exelon Corporation has been able to refocus on its core operations around an ‘advantaged’ transmission and distribution system.
On a sequential basis, the number of hedge funds invested in Exelon Corporation increased by 11 to 47 funds as of Q4 2021.
2. International Business Machines Corporation (NASDAQ:IBM) is up 7.45% as of 12:02 PM ET after the Armonk, New York-based technology company’s Q1 2022 results outperformed revenue and bottom-line estimates. International Business Machines Corporation (NASDAQ:IBM) reported revenue and adjusted EPS of $14.2 billion and $1.40, respectively, outperforming the analysts’ estimates of $13.85 billion and $1.38. The company also upped its full-year guidance and anticipates revenue growth to be in the high-end of its mid-single-digit range.
Furthermore, International Business Machines Corporation sold Watson healthcare assets to a private equity firm during the quarter.
Out of the 924 hedge funds covered by Insider Monkey, 44 funds had a position in International Business Machines Corporation as of Q4 2021.
1. West Fraser Timber Co. Ltd. (NYSE:WFG) is up more than 10.26% as of 12:05 PM ET after the Canadian forestry company announced that it would buy back $1.25 billion worth of its outstanding common stock through a modified Dutch auction. The tender price will be in the range of $80 to $95. At a midpoint of $87.5, this represents a premium of over 9% from West Fraser Timber Co. Ltd.’s (NYSE:WFG) yesterday’s closing price. The offer will be for up to 15% of the total issued and outstanding shares on a non-diluted basis.
Overall, West Fraser Timber Co. Ltd. was held by 20 hedge funds as of Q4 2021.
You can also take a peek at the Top 10 Small-Cap Stocks Added to Billionaire Mario Gabelli’s Portfolio and 10 European Defense Stocks to Buy Now.
