Billionaire Leon Cooperman predicted in April that the US is headed for a financial crisis. Cooperman said that the Federal Reserve kept interest rates near zero, but raised them dramatically in a period of 12 months. The Omega Family Office chairman and CEO expects “one or two” rate cuts this year. He emphasized that the market remains overvalued.
In February last year, the billionaire said that the market was headed for a recession, and noted that the S&P 500 high of about 4,800 recorded in 2022 could “stand for some time.” In July 2022, while talking to Bloomberg, Cooperman said that he was “shocked” that interest rates were so low.
“I am of the view that equities are the best house in the financial asset in the neighborhood, but I don’t like the neighborhood, for a lot of reasons.”
Cooperman in the Bloomberg interview in 2022 had categorically said that sooner or later the strong dollar, prices of oil and the Fed would “lead us into a recession.” He went on to add that recession would be a “2023 event” and predicted that the market would bottom somewhere near 35% to 45% below its peak of 4800.
The billionaire had said that he would be “very surprised” if we were to see another bull market anytime soon, given his view that we’ve had one of the biggest bull runs driven by FAANG, SPACs and speculation. The AI revolution that started in 2023 was indeed a shocker for Cooperman as his recession predictions were proven wrong.
For this article we scanned billionaire Leon Cooperman’s Q1 portfolio and picked 10 stocks with the highest number of hedge fund investors. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
10. Sea Limited (NYSE:SE)
Number of Hedge Fund Holders: 51
Billionaire Leon Cooperman’s hedge fund bought a new stake in Singapore-based technology company Sea Limited (NYSE:SE) in the first quarter of 2024. Sea Limited (NYSE:SE) has gained a whopping 90% so far this year. Cooperman’s stake in Sea Limited (NYSE:SE) is worth about $12.9 million. Recently, Sea Limited (NYSE:SE) posted first quarter results. GAAP EPS in the quarter came in at -$0.04, missing estimates by $0.07. Revenue in the quarter jumped about 22.7% year over year to $3.73 billion, surpassing estimates by $110 million. Sea Limited (NYSE:SE) all three segments, Shopee, SeaMoney and Garena have shown strong growth. Shopee has increased its features and offerings which are kicking in. These new improvements include on-time guarantee program, direct management of the return and refund process and increasing quality of products and sellers on its platform. While the Wall Street expects the company to post earnings growth of 129% on average for the next five years, the stock’s valuation has raised some concerns. Its forward P/E is 62, and the stock has a 35x forward EBITDA based on estimates of $1.2 billion in EBITDA. The stock was recently downgraded by JPMorgan to Neutral from Overweight amid increased competition from TikTok and ecommerce platform Temu.
Lakehouse Global Growth Fund also talked about Sea Ltd.’s strong performance and the competitive environment in the region during its April investor letter:
“At the portfolio level, the biggest contributor to performance during the month was Sea Limited (NYSE:SE) (+18.2%), which performed well as both Shopee and its primary competitor, TikTok Shop, raised take-rates meaningfully across several countries during the quarter. This is a noteworthy development as we are now starting to see mounting evidence of more rational competitive behaviour from the dominant players in Southeast Asia’s e-commerce market, which in turn,signals a more favourable industry structure lay ahead.”
9. WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC)
Number of Hedge Fund Holders: 53
Storage solutions company WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) ranks ninth in our list of the best stocks to buy now according to billionaire Leon Cooperman. Omega Advisors owns a $138,918,750 stake in WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) as of the end of the first quarter of 2024. Over the past one year WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) has lost about 8% in value. WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) is the leading company in the storage industry as it provides portable and turnkey modular building units and storage space. According to some estimates the company owns a whopping 50% market share in core modular units industry. The company’s average rent for per unit rose at a CAGR of 16% from 2019 through 2023, while fleet utilization fell 10% during this period, something rare in the industry. Analysts think the company can offset the effects of a higher for longer interest rate scenario (low construction activity, low demand of storage solutions) since its average lease duration of units is three years.
Recently, WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) posted Q1 results. Adjusted EPS in the period came in at $0.29, missing estimates by $0.03. Revenue in the quarter jumped 3.8% year over year to $587 million, surpassing estimates by $6.09 million. From 2021 through 2023 the company’s revenue has grown by on average 18.9% per annum. The company was able to see an increase in key metrics like net profits, and all relevant cash flow metrics during this period. The stock’s forward P/E is 19.66, compared with the industry median of 18.42. Average analyst price target on the stock is $50.80, which presents a 34% upside potential from the current levels. Wall Street expects the company earnings to grow 39% next year.
Of the 933 hedge funds tracked by Insider Monkey, 53 hedge funds reported owning stakes in WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC).
Silver Beech Capital mentioned WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) in its Q1 2024 investor letter. Here is what the firm has to say:
“We recently initiated a new position in WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC). WillScot is the leading North American provider of portable and turnkey modular building units and storage space. WillScot’s 156k modular units and 212k portable storage units are leased to a diverse 80k+ customer base across industrial, infrastructure, education, government, and natural resources users. WillScot’s modular products are depicted in Figure 2 below.
WillScot’s products are mission-critical and possess minimal technological or obsolescence risk. On a large construction site, project managers work in modular units where they update and store site-specific documents (work orders, safety reports, etc.). WillScot also offers customers an extensive array of value-added products and services (“VAPS”). These VAPS include unit furnishings, air conditioning, solar panels, restrooms, tech hardware, and many other add-ons. WillScot’s extensive offerings help fulfill a structural shift in customer demand for flexible modular and reduced waste/lower carbon footprint solutions…” (Click here to read the full text)
8. Fiserv, Inc. (NYSE:FI)
Number of Hedge Fund Holders: 73
Wisconsin-based fintech company Fiserv, Inc. (NYSE:FI) ranks 8th in our list of the best stocks in Leon Cooperman 2024 portfolio based on hedge fund sentiment. In April Fiserv, Inc. (NYSE:FI) posted solid Q1 results and boosted 2024 guidance. Fiserv, Inc. (NYSE:FI) now expects 2024 EPS in the range of $8.60-$8.75, vs. $8.63 consensus. This translates to earnings growth of 14%-16%.
Analysts believe the company’s legacy payment processing business is performing well while Clover, a POS solutions product for small businesses, has promising growth prospects. During the first quarter, Fiserv, Inc. (NYSE:FI) adjusted EPS jumped 19%, while revenue jumped 7% to $4.5 billion. Operating margins increased 180bp to 35.8%. SG&A came up below 6% to $1.7 billion, driven by growth investments. Fiserv, Inc. (NYSE:FI) bulls are also excited about the company’s digital payments business, as Zelle, Fiserv’s bid to compete with PayPal, saw a 20% growth in users during the period while number of transactions went up 455%. Clover’s revenue also jumped 30% while volumes rose by 19%. Fiserv generated $454 million in free cash flow during the first quarter and conducted $1.5 billion worth of buybacks. The company has about $24.4 billion of debt and $1.2 billion in cash, with over 92% debt pegged at fixed rates, removing sensitives to interest rates. Wall Street expects Fiserv, Inc. (NYSE:FI) earnings to grow 15.70% this year and 16% next year. Average analyst price target on the stock is $171.95, which presents a 15% upside potential to the current levels.
Omega Advisors owns a $77 million stake in Fiserv, Inc. (NYSE:FI) as of the end of the March quarter.
Here is what Madison Investments analyzed about Fiserv, Inc. (NYSE:FI) in its Q1 2024 investor letter:
“At payment processor Fiserv, Inc. (NYSE:FI), revenue and profits continue to steadily compound. In fact, 2023 marked the 38th consecutive year of double-digit earnings growth for the company, a remarkable accomplishment considering the wide range of economic environments experienced during that long period. It goes without saying that success over such a prolonged timeframe requires a combination of strong competitive advantages, dependable stewardship, and continuous investment in new products and services. In more recent years, Fiserv has rolled out the Clover payment platform for small-and-medium sized businesses. Clover has been very successful in large part, not only due to its superior functionality relative to legacy point-of-sale payment platforms, but also Fiserv’s distribution scale across financial institutions and independent sales organizations, an advantage that is difficult to replicate by upstart fintech competitors. Investments like Clover give us confidence that Fiserv will continue to build upon its impressive long-term track record.”
7. Vertiv Holdings Co (NYSE:VRT)
Number of Hedge Fund Holders: 73
Data center company Vertiv Holdings Co (NYSE:VRT) is featuring in Leon Cooperman’s portfolio since 2020. Vertiv Holdings Co (NYSE:VRT) is flying high as data center demand continues to skyrocket amid the AI boom.
The stock jumped in April after Vertiv Holdings Co (NYSE:VRT) increased its guidance, citing AI-related data center growth. For the full-year 2024, Vertiv Holdings Co (NYSE:VRT) expects its revenue to come in the range of $7.54 billion and $7.69 billion, compared to the previous estimate of $7.52 billion to $7.66 billion.
Vertiv Holdings Co (NYSE:VRT) is a market leader in the data center power and cooling market, which has nowhere to go but up from here since companies are hungry for data center solutions as they begin to deploy AI software. During the first quarter the company saw a 60% increase in organic orders. For full-year, the company plans to increase its CapEx to $200 million, which is high, but still in the company’s CapEX margin range between 2.5% to 3%. Vertiv also upped its revenue guidance. Here’s what the management said during the latest earnings call:
“We are expecting organic sales growth of approximately 12% with Americas up mid-teens, APAC high single digits and EMEA low double digits. We anticipate an $18 million year-over-year foreign exchange headwind in the second quarter as the U.S. dollar has strengthened against most foreign currencies over the last several months. We expect second quarter adjusted operating profit between $315 million and $335 million and adjusted operating margin of 16.9%, up 240 basis points at the midpoint with expected benefits from price/cost partially offset by continued growth investments.
Based upon a favorable start to the year and visibility into a strong sales pipeline for the rest of the year, we are increasing estimates for organic sales growth from 10% at the midpoint to approximately 12% with higher expectations across all 3 regions. In addition, we are increasing the midpoint of adjusted operating profit guidance from $1.3 billion in our prior guidance to $1.35 billion primarily driven by contribution margin on incremental sales. And as a result, we are increasing midpoint guidance for adjusted operating margin to 17.7% with the primary driver there being fixed cost leverage.”
Vertiv Holdings Co (NYSE:VRT) earnings are expected to grow 35% this year, while the Wall Street expects a 28% growth next year. Based on these growth estimates, Vertiv’s forward P/E ratio of 37.45 looks attractive.
Leon Cooperman’s Omega Advisors owns a $172 million stake in Vertiv Holdings Co (NYSE:VRT) as of the end of the first quarter of 2024.
ClearBridge SMID Cap Growth Strategy stated the following regarding Vertiv Holdings Co (NYSE:VRT) in its first quarter 2024 investor letter:
“Stock selection in the industrials sector was also a positive contributor to performance, led by Vertiv Holdings Co (NYSE:VRT) and XPO. Vertiv, a global manufacturer of power, precision cooling and infrastructure management systems for mainframe computer, server racks and critical process systems, rallied on continued demand for AI-related companies and beneficiaries and anticipation of greater demand for data center systems.”
6. The Cigna Group (NYSE:CI)
Number of Hedge Fund Holders: 76
Leon Cooperman owns a $98 million stake in insurance company The Cigna Group (NYSE:CI) as of the end of the first quarter of 2024. It is one of the best stock picks of Leon Cooperman in 2024 based on hedge fund sentiment, as 75 hedge funds in addition to Cooperman reported having stakes in The Cigna Group (NYSE:CI).
According to data from Yahoo Finance, Cigna Group’s (NYSE:CI) estimated EPS for 2025 is $32.08. Assuming the insurance sector’s P/E ratio is 19 and using Cigna Group’s (NYSE:CI) current stock price of around $330, the stock is looks undervalued. This assumption is also backed by data compiled by Yahoo Finance, which says the average analyst price target set by the Wall Street for Cigna Group (NYSE:CI) is $391. Cigna Group (NYSE:CI) is a giant in the insurance industry, with 200 million total customer relationships. Over the past 20 years, Cigna Group (NYSE:CI) managed to grow its earnings in 18 years. Wall Street estimates expect Cigna Group (NYSE:CI) to grow 11.97% per annum over the next five years, while its growth this year is expected to hit 13.7%. The stock’s forward P/E ratio is 12.11, much lower than the sector median multiple of 19.70.
5. Apollo Global Management, Inc. (NYSE:APO)
Number of Hedge Fund Holders: 77
Apollo Global Management, Inc. (NYSE:APO) is one of the best stocks in Leon Cooperman based on hedge fund sentiment. A total of 77 hedge funds tracked by Insider Monkey had stakes in Apollo Global Management, Inc. (NYSE:APO) as of the end of the fourth quarter of 2023. Omega Advisors owns about 1.6 million shares of Apollo Global Management, Inc. (NYSE:APO) as of the end of the first quarter of 2024, worth about $183 million.
Baron Funds mentioned in its Q1 investor letter talked about the reason why it’s bullish on APO and why the stock was a top performer in its portfolio:
“Shares of alternative asset manager Apollo Global Management, Inc. (NYSE:APO) outperformed after the company reported strong financial results and gave a positive outlook on growth over the next several years. In the most recent quarter, assets under management increased 19% and earnings per share increased 27%. Despite a more dovish interest rate outlook, management maintained 2024 financial guidance, which calls for 15% to 20% growth in fee-related earnings and double-digit growth in spread-related earnings. Fundraising remains strong, which supports management’s goal of more than doubling the pace of capital deployment over the next five years. Management remains bullish on private credit due to growth opportunities across fixed income replacement, retirement accounts, and high-net-worth investors.”
Apollo Global Management, Inc. (NYSE:APO) is one of the most popular stocks these days amid the rise of alternative assets and the market’s increasing interest in private equity. As of the end of the first quarter, Apollo Global Management, Inc. (NYSE:APO) had $501 billion AUM of alternative credit. The stock is up 30% so far this year. The company plans to double its AUM by 2026 and reach $1 trillion over the next two years. Apollo Global Management, Inc. (NYSE:APO) is also a notable player in the retirement services business thanks to its acquisition of Athene. Apollo now generates around $100 billion in credit each year, which supports Athene’s growth. The company also benefited from the trend where banks started reducing their lending after the 2008-2009 Global Financial Crisis. As banks shifted their focus to larger borrowers and fee-based businesses, loans went to companies like Apollo, which could match these loans with long-term funding. Despite strong growth Apollo Global’s shares trade at a forward P/E of 15.62, which is attractive given the company’s earnings growth estimate of 20.10% set by Wall Street for 2024.
4. Elevance Health, Inc. (NYSE:ELV)
Number of Hedge Fund Holders: 83
Insurance company Elevance Health, Inc. (NYSE:ELV) is one of the best stocks in Leon Cooperman’s 2024 portfolio based on hedge fund sentiment. Insider Monkey’s database of 933 hedge funds shows that 83 funds had stakes in Elevance Health, Inc. (NYSE:ELV) as of the end of 2023. Leon Cooperman’s Omega Advisors reported having a $67.4 million stake in Elevance Health, Inc. (NYSE:ELV).
While Elevance Health, Inc. (NYSE:ELV) is operating in a mature industry, its expansion into new growth areas makes the stock promising. For example, Elevance Health, Inc. (NYSE:ELV) is foraying into office-based physicians, virtual healthcare, etc. Analysts are bullish on the company’s Managed Care business amid new growth catalysts. The company’s vertically integrated health business Carelon Health will partner with PE firm CD&R, Apree Health (a physician services provider) and Millennium Physician Group to serve over 1 million customers. During the first quarter the company’s operating revenue jumped 5% and operating margins also increased despite a decrease in customer volumes. During the first quarter the company’s diluted EPS surged 12.5% year over year. The company also upped its diluted EPS forecast for the year to over $37.20, up from its previous guidance of $37.10. Amid this low-double-digit earnings growth, the stock’s forward P/E ratio of 14 is attractive, especially when compared with the industry median P/E of 18.86. Average analyst price target on the stock set by Wall Street is $611, which present a 12% upside from the current stock price.
Artisan Partners analyzed Elevance Health, Inc. (NYSE:ELV)’s performance in its Q4 2023 investor letter. Here is what the firm has to say:
“Our top seven holdings are American Express (the world’s leading premium closed loop credit card network operator), Samsung Electronics (the leading global manufacturer of memory semiconductors), Berkshire Hathaway (the holding company run by Warren Buffett), Elevance Health, Inc. (NYSE:ELV) (a leading US health insurer), Danone (global food and nutrition), Heidelberg Materials (global cement and aggregates) and Alphabet (global Internet search). Our top seven are certainly not as dominant or as profitable collectively as their Magnificent Seven counterparts. But they are durable, attractive businesses with good growth prospects. Elevance benefits from continued growth in health care expenditures as our society ages. And so on.”
3. Citigroup Inc. (NYSE:C)
Number of Hedge Fund Holders: 87
Leon Cooperman’s stake in Citigroup Inc. (NYSE:C) is small (worth about $18 million) when compared to other major stocks in his portfolio. However, based on hedge fund sentiment, Citigroup Inc. (NYSE:C) ranks third in our list of the best stocks to buy according to Leon Cooperman in 2024. A total of 87 funds in the database of Insider Monkey reported owning stakes in Citigroup Inc. (NYSE:C) as of the end of 2023. Citigroup Inc. (NYSE:C) shares have gained about 37% over the past one year. The biggest hedge fund stakeholder of Citigroup Inc. (NYSE:C) as of March this year is Warren Buffett’s Berkshire Hathaway, which owns a massive $3.5 billion stake in the company.
Silver Beech Capital mentioned Citigroup Inc. (NYSE:C) in its first quarter 2024 investor letter. Here is what the firm said:
“Since the beginning of 2023, Citigroup Inc. (NYSE:C) has been one of the Fund’s largest holdings. In our Q3 2023 investor letter, we laid out our core investment thesis for Citi: although the bank was an underperformer (weak returns on equity), Citi was (1) less risky than it had ever been and (2) cheaper than it had ever been. The Fund’s investment thesis for Citi featured in a November 2023 Euromoney article Citi 2.0: If she builds it, will they come?
The market narrative has started to converge on our investment thesis. During the first quarter, Citi was the best-performing bank stock in the S&P 500 index. However, improvements in Citi’s operating performance have come more slowly than its share price gains. Due to this converging market perception with our own thesis, the Fund exited its position in Citi. The Fund’s stake in Citi generated a 34% gross IRR over our 14-month investment period.”
Warren Buffett, Leon Cooperman, Ken Fisher, Cliff Asness, Israel Englander – the list of billionaires having stakes in Citigroup Inc (NYSE:C) is long, thanks to Citigroup Inc’s (NYSE:C) strong fundamentals and dividend history. Citigroup Inc (NYSE:C) has upped its dividend every year since 2011. Citigroup Inc (NYSE:C) expects annual revenue growth of about 4%-5% by 2026, and it’s targeting an 11-12% return on tangible common equity in the same period.
Analysts at BofA expect Citi to clock in EPS growth of 8% this year. According to Yahoo Finance data, Citigroup Inc’s (NYSE:C) EPS estimate for the next year (2025) is around $7.21. Assuming the banking sector’s average multiple of 10.32, the stock is currently undervalued. Wall Street’s average analyst estimate for Citigroup Inc (NYSE:C) is $66, while the stock was trading at around $62 as of June 1.
2. Alphabet Inc. (NASDAQ:GOOG)
Number of Hedge Fund Holders: 166
Alphabet Inc. (NASDAQ:GOOG) accounts for about 4% of the total Q1 portfolio of Leon Cooperman. Omega Advisors has been holding stakes in the search engine company since 2015 (except for Q2 2020 when the fund totally dumped Alphabet Inc. (NASDAQ:GOOG), only to buy it again in the following quarter). Omega Advisors owns a $98 million stake in Alphabet Inc. (NASDAQ:GOOG) as of the end of the March quarter.
Alphabet Inc. (NASDAQ:GOOG) bulls believe the company is just getting started with AI product launches. Alphabet Inc. (NASDAQ:GOOG) is indeed in a strong position to develop an AI ecosystem around its products. For example, demos have shown that Gemini app will help people perform daily personal tasks like note taking, appointments, writing, etc. These features could easily be integrate with other Google apps. Alphabet Inc.’s (NASDAQ:GOOG) app is to urge users to sign up for ‘Google One AI Premium’ plan, which has a $19.99 price tag. Google saw advertising revenue accelerate in Q1 2024, boosted by YouTube in particular growing by almost 21% last quarter. Analysts also believe Alphabet Inc. (NASDAQ:GOOG) is in a strong position to offset any headwinds or lost market share in Google search with YouTube, which saw its ads revenue reach $8.1 billion in the first quarter, a 21% growth. Alphabet Inc.’s (NASDAQ:GOOG) net income in the period came in at $23.66 billion, up 57%, or $1.89 per share.
Here is what Bronte Capital said about Alphabet Inc. (NASDAQ:GOOG) in its Q1 2024 investor letter:
“Our biggest position is Alphabet Inc. (NASDAQ:GOOG), the holding company for Google. It is currently about 12 percent of funds under management. This has been a large position for over ten years.
We bought a large position in Google in October 20104, and the stock immediately dropped 11 percent.
That was an astonishingly good purchase and if we had held it all from October 2010 until the end of this month the gain would have been about 1300 percent.
Alas we did not hold it all. We have trimmed it many times – and it is now merely a large position. (We have lived to regret every single trim…)..” (Click here to read the full text)
1. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 302
While Microsoft Corporation (NASDAQ:MSFT) is the ninth biggest holding of Leon Cooperman, the stock tops our list of the best stocks in Leon Cooperman’s portfolio based on hedge fund sentiment. A total of 302 hedge funds tracked by Insider Monkey had stakes in Microsoft Corporation (NASDAQ:MSFT). Cooperman’s stake in Microsoft Corporation (NASDAQ:MSFT) is valued at $103 million.
New Street Research started covering the stock with a Buy rating. The firm said that Microsoft Corp (NASDAQ:MSFT) is well positioned to grow profit in the “low teens for years to come” even if the AI revolution fails to pan out. New Street Research has a $570 price target on Microsoft Corp (NASDAQ:MSFT).
Analysts believe Microsoft Corp’s (NASDAQ:MSFT) AI ecosystem around its products would strengthen its Cloud division thanks to Microsoft Corp’s (NASDAQ:MSFT) integration of AI into its Cloud products. Microsoft Corp’s (NASDAQ:MSFT) Intelligent Cloud segment’s profit in the latest quarter totaled $12.51 billion, a whopping 32% growth on a YoY basis.
Microsoft Corp’s (NASDAQ:MSFT) huge investments to revive its Search business are also working. Bing’s market share has jumped to 3.64% as of April 2024, a 0.88 points gain on a YoY basis.
Wall Street expects Microsoft Corp’s (NASDAQ:MSFT) earnings to grow 12.50% next year. The stock’s forward P/E of 31 based on 2025 EPS makes it look attractive at the current levels. Average analyst estimate for Microsoft Corp (NASDAQ:MSFT) is $483, which presents a 14% upside potential from the current levels.
Vulcan Value Partners appreciated Microsoft Corporation’s (NASDAQ:MSFT) execution in its Q1 2024 investor letter. Here is what the firm said:
“Microsoft Corporation (NASDAQ:MSFT) is the world’s largest software company with a broad range of offerings including Microsoft office, gaming, Azure cloud computing, LinkedIn, and more. It was a material contributor for the second consecutive quarter, and we discussed it at length in last quarter’s letter. The company continues to execute well.”
While we acknowledge the potential of MSFT, our conviction lies in the belief that under the radar AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than MSFT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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