In this article, we will be taking a look at the 20 most owned stocks by hedge funds now. To skip our detailed analysis of the current stock market news, you can go directly to see the 5 Most Owned Stocks by Hedge Funds Now.
Rate Cuts in June
As the US economy continues to settle down, financial professionals are continuing to keep a close eye on the inflation numbers and what they may imply for the markets and investors moving forward. Many are concerned about the Federal Reserve’s next steps in 2024, particularly regarding interest rate cuts. Recent sentiments from the Fed have led many to believe that rate cuts may be on the way, but the progression of this process may be slower than most expected. On March 15, Peter Boockvar, the Chief Investment Officer at Bleakley Financial Group, joined CNBC’s “The Exchange” to discuss recent developments in this area. Here are some of his comments:
“Based on his [Powell’s] testimony, just last week, he seems to wanna cut, but he wants to do it slowly and carefully, as he said.”
According to Boockvar, June is very much a possibility for a rate cut this year, particularly because it seems as though the Fed’s Jerome Powell will want to position his rate cuts as far away as possible from the US Presidential election. The impact of this drawn-out strategy on the market may well be something to keep an eye on.
The NVIDIA GTC Conference
Apart from inflation news, investors should look at the position and performance of stocks in the market that have been performing well enough to keep rising. A good place to start on this front is to consider the performance of the most owned stocks by hedge funds in 2023 and beyond, such as Apple Inc. (NASDAQ:AAPL), salesforce.com, inc. (NYSE:CRM), and Eli Lilly and Company (NYSE:LLY). However, perhaps one of the most exciting stocks to look at right now is the semiconductor manufacturer NVIDIA Corporation (NASDAQ:NVDA). In the third week of March, the company is organizing its GTC Conference, bringing together tech professionals, developers, researchers, and engineers. The main topic at the 2024 GTC is going to be artificial intelligence, an area that is ripe for investment at present. On March 15, CNBC’s Kristina Partsinevelos joined the “Halftime Report” to highlight the main things to expect from the Conference. Here’s what she said:
“The first thing is gonna be any update of their [NVIDIA’s] architecture for a new AI chip, the Blackwell B100. We’ll wanna know specs, you know, how is the memory content, if the memory content surpasses AMD’s latest chip, then that’s gonna be a negative for AMD. Then we’ll also wanna know, maybe, some details on the average selling price, because that’ll affect margins… The second major point is this adoption across enterprise… And last, not least, inferencing. Inferencing is the second part of a Large Language Model, you shoot the training in and use the training data to answer queries. On the earnings call, Jensen Huang, the CEO, said that 40% of data center revenue actually came from inferencing.”
These comments highlight the fact that the remainder of March is going to be exciting for the tech sector, particularly the AI space, so investors should keep a sharp eye on how the GTC Conference develops. Tech is an area that makes up a large part of the list of most owned stocks by hedge funds today. As such, our list below contains many of the fastest growing technology companies in the US, alongside some of the best American tech stocks to buy.
A financial analyst looking at a monitor displaying the stocks of the public company.
Our Methodology
For our list of the most owned stocks by hedge funds now, we used Insider Monkey’s hedge fund data for the fourth quarter and selected the top 20 stocks with the highest number of hedge funds holding stakes in them. The stocks are ranked based on this metric, from the lowest to the highest number. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by over 140 percentage points over the last 10 years (see the details here). That’s why we pay very close attention to this often-ignored indicator.
Most Owned Stocks by Hedge Funds Now
20. Oracle Corporation (NASDAQ:ORCL)
Number of Hedge Fund Holders: 100
Oracle Corporation (NASDAQ:ORCL) is a systems software company based in Austin, Texas. It offers products and services addressing enterprise information technology environments worldwide, such as cloud software applications.
Argus Research analysts hold a Buy rating on Oracle Corporation (NASDAQ:ORCL) as of March 14.
There were 100 hedge funds long Oracle Corporation (NASDAQ:ORCL) in the fourth quarter, with a total stake value of $6.4 billion.
Like Apple Inc. (NASDAQ:AAPL), salesforce.com, inc….
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