14 Best Forever Stocks To Buy Now

Published on December 10, 2023 at 11:10 am by Fatima Farooq in Hedge Funds, News

In this article, we will be taking a look at the 14 best forever stocks to buy now. To skip our detailed analysis of current stock market trends, you can go directly to see the 5 Best Forever Stocks To Buy Now.

The Easing of Inflation

As we head towards the end of the year, several trends are beginning to take shape as far as the economic situation of the US is concerned. The stock market ended November with an optimistic rally, putting most investors and financial experts in high spirits regarding the state of the market. At the same time, market forecasters are beginning to see the easing of inflation at this point in the year as well. On December 8, Jared Bernstein, the Chair of the Council of Economic Advisers (CEA), was invited to CNBC’s ‘Squawk on the Street‘ to discuss the inflation outlook for 2024. Here’s what he had to say:

“So, the best indicator of inflation is inflation. Inflation in the PCE, which is the index the Fed watches most closely, was zero in October, and of course, the CPI is down about two-thirds off of its peak. And the reasons for that are, I think, pretty knowable. I wouldn’t call it immaculate, I’d call it a normalization of supply chains, helping to really take down goods inflation. We know that there’s been some easing off of rents, and that enters the CPI with about a 10-month lag, so we’re seeing that on the shelter part, and as the job market has cooled, and it has cooled, it’s an important point here, we’ve seen a slower nominal wage growth, and that means a lot for services inflation. So, the general forecast, if you talk to a market forecaster, is that this easing of inflation should continue.”

All in all, Bernstein seemed to be quite optimistic about the latest trends in the economy, particularly the latest jobs report and the state of inflation in the US at present.

“The Risk of Recession is Quite Low”

Jan Hatzius, the Chief Economist and Head of Global Investment Research at Goldman Sachs, also joined CNBC’s ‘Squawk on the Street‘ on December 8 to discuss his take on market expectations regarding pricing cuts and rate cuts from the Federal Reserve and the possibility of a recession. Here’s what he had to say on the matter:

“The market is looking for cuts pretty early, March, at this point, is, you know, half-priced or so, and I think a lot would have to happen for them to go that soon. I think the key thing though, from a broader perspective, is that they can cut. If the economy were to see more of a slowdown than we expect, then the Fed could cut and provide some support, and that means the risk of recession is, in my view, quite low. We’re at 15% over the next 12 months.”

When asked when he expects to see the first cut from the Fed, Hatzius said the following:

“I think in the second half of the year is more realistic than in the first half, but again, it’s going to depend on the data and they could respond to a slowdown more quickly. Or if inflation comes down even more quickly to the target than what we have in our forecast, they could also go somewhat earlier.”

The comments noted above highlight how the US economy may be moving in a more positive direction come 2024. At this point, many investors may be wondering what would be the best forever stocks to invest in at the moment. Since markets can be unpredictable regardless of how many forecasts you follow, we picked out some stocks that have proven to be safe picks throughout history, such as Microsoft Corporation (NASDAQ:MSFT), Amazon.com, Inc. (NASDAQ:AMZN), and Meta Platforms, Inc. (NASDAQ:META). We consider them to be some of the best forever stocks to buy now.

A portfolio manager in front of their computer screen, evaluating a variety of mid-cap stocks.

Our Methodology

We selected our best forever stocks to buy now using Insider Monkey’s hedge fund data for the third quarter. The stocks are ranked based on the number of hedge funds holding stakes in them, from the lowest to the highest, and have strong growth records to date.

Best Forever Stocks To Buy Now

14. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 110

Alibaba Group Holding Limited (NYSE:BABA) is a broad-line retail company based in China. It provides technology infrastructure and marketing reach to help merchants, brands, retailers, and businesses engage with their users and customers.

Shyam Patil at Susquehanna maintains a Positive rating and a $150 price target on Alibaba Group Holding Limited (NYSE:BABA) as of November 22.

There were 110 hedge funds long Alibaba Group Holding Limited (NYSE:BABA) in the third quarter, with a total stake value of $3.4 billion.

Like Microsoft Corporation (NASDAQ:MSFT), Amazon.com, Inc. (NASDAQ:AMZN), and Meta Platforms, Inc. (NASDAQ:META), Alibaba Group Holding Limited (NYSE:BABA) is among the best forever stocks to buy now.

13. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 110

An Outperform rating and a $200 price target were reiterated on Advanced Micro Devices, Inc. (NASDAQ:AMD) on December 7 by Hans Mosesmann at Rosenblatt.

Based in Santa Clara, California, Advanced Micro Devices, Inc. (NASDAQ:AMD) is a semiconductor company. It operates through its Data Center, Client, Gaming, and Embedded segments.

Advanced Micro Devices, Inc. (NASDAQ:AMD) was found in the 13F holdings of 110 hedge funds in the third quarter, with a total stake value of $9.2 billion.

12. Adobe Inc. (NASDAQ:ADBE)

Number of Hedge Fund Holders: 112

We saw 112 hedge funds long Adobe Inc. (NASDAQ:ADBE) in the third quarter, with a total stake value of $8.2 billion.

Adobe Inc. (NASDAQ:ADBE) is an application software company based in San Jose, California. It offers products and services that enable users to create, publish, and promote content, among more.

BMO Capital’s Keith Bachman maintains an Outperform rating and a $690 price target on Adobe Inc. (NASDAQ:ADBE) as of December 8.

11. Berkshire Hathaway Inc. (NYSE:BRK-B)

Number of Hedge Fund Holders: 116

Bill & Melinda Gates Foundation Trust was the most prominent shareholder in Berkshire Hathaway Inc. (NYSE:BRK-B) at the end of the third quarter, holding 22.5 million shares.

Berkshire Hathaway Inc. (NYSE:BRK-B) is a multi-sector holdings company in the financial sector. It is based in Omaha, Nebraska, and works in the insurance, freight and rail transportation, and utility businesses.

Our hedge fund data for the third quarter shows 116 hedge funds long Berkshire Hathaway Inc. (NYSE:BRK-B), with a total stake value of $15.3 billion.

10. salesforce.com, inc. (NYSE:CRM)

Number of Hedge Fund Holders: 122

Based in San Francisco, California, salesforce.com, inc. (NYSE:CRM) is an application software company. It provides Customer Relationship Management (CRM) technology.

In the third quarter, salesforce.com, inc. (NYSE:CRM) was found in the portfolios of 122 hedge funds, with a total stake value of $10.5 billion.

Joseph Bonner at Argus Research maintains a Buy rating and a $290 price target on salesforce.com, inc. (NYSE:CRM) as of December 1.

9. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 134

Berkshire Hathaway was the largest shareholder in Apple Inc. (NASDAQ:AAPL) at the end of the third quarter, holding 915.5 million shares.

An Overweight rating and a $220 price target were maintained on Apple Inc. (NASDAQ:AAPL) on December 8 by Erik Woodring at Morgan Stanley.

Based in Cupertino, California, Apple Inc. (NASDAQ:AAPL) is a big tech company. It designs, manufactures, and markets smartphones, computers, tablets, wearables, and more.

Apple Inc. (NASDAQ:AAPL) had 134 hedge funds long its stock in the third quarter, with a total stake value of $179 billion.

ClariVest Asset Management, LLC mentioned Apple Inc. (NASDAQ:AAPL) in its third-quarter 2023 investor letter:

“Apple Inc. (NASDAQ:AAPL) designs, manufactures and markets mobile communication devices, personal computers and media devices. Shares fell following a report that Chinese government agencies have barred staff from using Apple products at work because of security concerns.”

8. Mastercard Incorporated (NYSE:MA)

Number of Hedge Fund Holders: 140

A Strong Buy rating and a $495 price target were maintained on Mastercard Incorporated (NYSE:MA) on December 7 by Ivan Feinseth at Tigress Financial.

At the end of the third quarter, 140 hedge funds were long Mastercard Incorporated (NYSE:MA), with a total stake value of $15.3 billion.

Mastercard Incorporated (NYSE:MA) is a transaction and payment processing services company. It is based in Purchase, New York.

7. Uber Technologies, Inc. (NYSE:UBER)

Number of Hedge Fund Holders: 146

At the end of the third quarter, Altimeter Capital Management was the largest shareholder in Uber Technologies, Inc. (NYSE:UBER), holding 13.3 million shares.

There were 146 hedge funds long Uber Technologies, Inc. (NYSE:UBER) in the third quarter, with a total stake value of $8.1 billion.

Uber Technologies, Inc. (NYSE:UBER) is a passenger ground transportation company based in San Francisco, California. It develops and operates proprietary technology applications.

Oppenheimer’s Jason Helfstein maintains an Outperform rating and a $75 price target on Uber Technologies, Inc. (NYSE:UBER) as of December 4.

6. Visa Inc. (NYSE:V)

Number of Hedge Fund Holders: 167

Visa Inc. (NYSE:V) is another transaction and payment processing services company on our list of best forever stocks to buy. It is based in San Francisco, California.

Rufus Hone at BMO Capital initiated coverage on Visa Inc. (NYSE:V) with an Outperform rating and a $280 price target on December 5.

In total, 167 hedge funds were long Visa Inc. (NYSE:V) in the third quarter, with a total stake value of $24.3 billion.

Like Microsoft Corporation (NASDAQ:MSFT), Amazon.com, Inc. (NASDAQ:AMZN), and Meta Platforms, Inc. (NASDAQ:META), Visa Inc. (NYSE:V) is among the top forever stocks to buy now.

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