In this article, we will discuss the 15 best 52-week low large cap stocks to buy now. You can skip our outlook and go directly to the 5 Best 52-Week Low Large Cap Stocks to Buy Now.
Large cap stocks, also known as “blue chip” stocks, are stocks of well-established companies that have a long track record of financial stability and strong performance. Some investors may consider buying large capitalization stocks because they are seen as a safer investment with a lower level of risk compared to smaller or newer companies.
All in all, 2022 has been a rather bad year for investors. Inflation and interest rates have been the two main market drivers that have weighed on stocks throughout 2022. In 2022 alone, investors in the mutual funds invested in US equities lost about 19% on average. The FED’s monetary tightening has weighed on equity valuations, and the central bank has shown no sign of pivot as of yet.
Although the outlook may appear grim, there is some respite for long-term investors in that this may be an excellent time to buy equities. The stock market as a whole has recovered from every previous bear market in history and gone on to establish new all-time highs. The good thing about a bear market is that investors get to pick solid companies at cheap valuations, which is a luxury they don’t get in bull cycles. Hence, in this article, we are going to talk about some large cap companies whose stocks have been hammered in 2022, which may be a good buy for long-term holding.
The 52-week low is the lowest price at which a stock has traded over the past 52 weeks. It is a commonly used benchmark for investors to gauge the performance of a particular stock or to compare the performance of multiple stocks. The 52-week low can be an indicator of potential buying opportunities, as the stock may be undervalued based on its recent performance. In this article, we are going to talk about some large cap companies that are hovering around their 52-week lows, hence trading on an attractive valuation as compared to a year before.
Our Methodology
We identified mega cap stocks that lost at least 35% year-to-date that are near their 52-week lows and ranked them using Insider Monkey’s proprietary hedge fund sentiment index. Basically, our article lists the best 52-week low stocks to buy according to hedge funds. We sorted the stocks by their YTD returns. We also shared the number of hedge funds with bullish positions in each stock to give you an idea about the consensus hedge fund opinion towards each stock.
15 Best 52-Week Low Large Cap Stocks To Buy Now
15. Accenture plc (NYSE:ACN)
YTD return as of December 30, 2022: -34.09%
Number of Hedge Fund Holders: 58
Founded in 1989, Accenture plc (NYSE:ACN) is a global professional services company that provides consulting, technology, and outsourcing services. Accenture plc (NYSE:ACN) operates in more than 200 cities in 120 countries around the world. It serves clients in a variety of industries, including financial services, healthcare, government, communication, media, and technology.
On December 15, 2022, Tien-tsin Huang, an analyst at JPMorgan, increased his price target on Accenture plc (NYSE:ACN) to $327 from $306 while keeping an Overweight rating on the company’s stock. Compared with 2022, the analyst anticipates a stronger performance in 2023 from growth stocks.
As per Insider Monkey’s database, 58 hedge funds held shares of Accenture plc (NYSE:ACN) at the end of the third quarter of 2022. Ako Capital was the most bullish fund on the company’s stock at the end of Q3 2022.
14. Intel Corporation (NASDAQ:INTC)
YTD return as of December 30, 2022: -50.74%
Number of Hedge Fund Holders: 69
Intel Corporation (NASDAQ:INTC) is a global technology company that designs, develops, and manufactures a range of technology products, including microprocessors, data centers, and other computing and communication components. Intel Corporation (NASDAQ:INTC)’s microprocessors are used in a wide range of devices, including personal computers, servers, smartphones, tablets, and Internet of Things (IoT) devices.
On October 28, 2022, KinNgai Chan, an analyst at Summit Insights, upgraded his rating on Intel Corporation (NASDAQ:INTC) to Buy from Hold. The analyst anticipates an improvement in the company’s gross margin performance through 2023, and his analysis of the market indicates that market-share erosion in the company’s Memory Protection Unit (MPU) sector has eased.
At the end of Q3 2022, 69 hedge funds in Insider Monkey’s database were long Intel Corporation (NASDAQ:INTC). Two Sigma Advisors remained the leading stakeholder of the company at the end of Q3 2022.
13. QUALCOMM Incorporated (NASDAQ:QCOM)
YTD return as of December 30, 2022: -41.01%
Number of Hedge Fund Holders: 80
Headquartered in San Diego, California, QUALCOMM Incorporated (NASDAQ:QCOM) is a global technology company that designs, develops, and manufactures wireless telecommunications products and services. QUALCOMM Incorporated (NASDAQ:QCOM)’s products and services are used in a wide range of devices, including smartphones, tablets, laptops, and other wireless devices.
On November 3, 2022, Melissa Fairbanks, an analyst at Raymond James, reduced his price target on QUALCOMM Incorporated (NASDAQ:QCOM) to $150 while keeping a Strong Buy rating on the company’s stock. According to the analyst, the company is dealing with significant inventory challenges that will affect the company’s near-term profits by $2 billion.
As per Insider Monkey’s database, 80 hedge funds owned stakes in QUALCOMM Incorporated (NASDAQ:QCOM) at the end of the third quarter. Matrix Capital Management remained the leading stakeholder of the company at the end of Q3 2022.
12. Intuit Inc. (NASDAQ:INTU)
YTD return as of December 30, 2022: -38.10%
Number of Hedge Fund Holders: 86
Founded in 1983, Intuit Inc. (NASDAQ:INTU) is a global financial software company that provides a range of products and services designed to help individuals, small businesses, and accountants manage their finances. Intuit Inc. (NASDAQ:INTU) is known for its flagship product, QuickBooks, which is a financial management software for small businesses. The company also offers a range of other products and services, including personal finance software, tax preparation software, and cloud-based accounting software.
On November 30, 2022, Scott Schneeberger, an analyst at Oppenheimer, reduced his price target on Intuit Inc. (NASDAQ:INTU) to $476 from $516 while keeping an Outperform rating on the company’s stock. According to the analyst, the company’s first-quarter results were better than the guidance, although, the total growth revenue outlook for 2023 was reduced to 10%-12% from 14%-16% YOY.
As per Insider Monkey’s database, 86 hedge funds held shares of Intuit Inc. (NASDAQ:INTU) at the end of the third quarter of 2022. Fisher Asset Management was the most bullish fund on the company’s stock at the end of Q3 2022.
11. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)
YTD return as of December 30, 2022: -40.99%
Number of Hedge Fund Holders: 87
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is a global semiconductor company that designs and manufactures a range of semiconductor products for a variety of applications. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is one of the largest semiconductor companies in the world, and is known for its advanced manufacturing processes and technologies. The company produces a range of semiconductor products, including microprocessors, memory chips, and other specialized chips used in a variety of devices, including computers, smartphones, and other electronic devices.
On October 13, 2022, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) reported its third-quarter results. The company reported a revenue of $20.23 billion, beating market expectations by $1.14 billion. The Normalized EPS stood at $1.79, beating market expectations by $0.11. The company has opened a new fab facility in Arizona and recently got 4nm chip orders from Tesla, Inc. (NASDAQ:TSLA).
At the end of Q3 2022, 87 hedge funds in Insider Monkey’s database were long Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM). Berkshire Hathaway remained the leading stakeholder of the company at the end of Q3 2022.
10. Tesla, Inc. (NASDAQ:TSLA)
YTD return as of December 30, 2022: -69.54%
Number of Hedge Fund Holders: 88
Founded in 2003, Tesla, Inc. (NASDAQ:TSLA) is an American electric vehicle and clean energy company that designs, develops, and manufactures electric vehicles, renewable energy products, and energy storage systems. Tesla, Inc. (NASDAQ:TSLA) is known for its electric vehicles, which include luxury sedans, SUVs, and pickup trucks.
On December 13, 2022, Mark Delaney, an analyst at Goldman Sachs, reduced his price target on Tesla, Inc. (NASDAQ:TSLA) to $235 while keeping a Buy rating on the company’s stock. The analyst is reducing his fiscal year 2023 EPS projection to $4.50 from $4.90 and fiscal year 2024 EPS projection to $5.60 from $6.00.
According to Insider Monkey’s database, 88 hedge funds held shares of the company at the end of the third quarter of 2022. ARK Investment Management was the most bullish fund on the company’s stock at the end of Q3 2022.
9. NVIDIA Corporation (NASDAQ:NVDA)
YTD return as of December 30, 2022: -51.52%
Number of Hedge Fund Holders: 89
NVIDIA Corporation (NASDAQ:NVDA) is a global technology company that designs, develops, and manufactures a range of technology products, including graphics processing units (GPUs), data centers, and other computing and communication components. NVIDIA Corporation (NASDAQ:NVDA) is known for its leadership in the development and production of GPUs, which are specialized chips used in a wide range of applications, including gaming, professional visualization, and artificial intelligence (AI). The company’s GPUs are used in a variety of devices, including personal computers, servers, and mobile devices.
On November 17, 2022, Rajvindra Gill, an analyst at Needham, increased his price target on NVIDIA Corporation (NASDAQ:NVDA) to $200 from $155 while keeping a Buy rating on the stock. According to the analyst, the company delivered strong third-quarter results with data center revenue projection marginally higher, despite a decline in China data center sales.
89 hedge funds were long on NVIDIA Corporation (NASDAQ:NVDA) at the end of the third quarter, according to Insider Monkey’s database. Fisher Asset Management had the biggest long position in the company at the end of Q3 2022.
8. Advanced Micro Devices, Inc. (NASDAQ:AMD)
YTD return as of December 30, 2022: -56.86%
Number of Hedge Fund Holders: 89
Headquartered in Santa Clara, California, Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global technology company that designs, develops, and manufactures a range of technology products, including microprocessors, graphics processing units (GPUs), and other computing and communication components.
On November 2, 2022, Ruben Roy, an analyst at Stifel, reduced his price target on Advanced Micro Devices, Inc. (NASDAQ:AMD) to $91 from $100 while keeping a Buy rating on the stock. According to the analyst, the overall third-quarter sales witnessed an increase of 29% YoY due to robust growth in the data center, gaming, and embedded segments, despite noticeably reduced client revenue.
As per Insider Monkey’s database, 89 hedge funds held the company’s stock at the end of the third quarter. Fisher Asset Management had the biggest long position in the company at the end of Q3 2022.
7. Adobe Inc. (NASDAQ:ADBE)
YTD return as of December 30, 2022: -40.18%
Number of Hedge Fund Holders: 93
Headquartered in San Jose, Adobe Inc. (NASDAQ:ADBE) is a global software company that provides a range of products and services designed to help individuals, businesses, and governments create, publish, and distribute digital content. Adobe Inc. (NASDAQ:ADBE) is known for its creative software products, which include industry-leading applications such as Photoshop, Illustrator, and InDesign.
On December 16, 2022, Brent Bracelin, an analyst at Piper Sandler, increased his price target on Adobe Inc. (NASDAQ:ADBE) to $380 from $345 while keeping an Overweight rating on the stock. Despite increasing macro challenges, the analyst is optimistic heading into 2023 due to the strong end to 2022, highlighted by a $25 million beat to digital media sales.
As per Insider Monkey’s database, 93 hedge funds remained bullish on Adobe Inc. (NASDAQ:ADBE) at the end of Q3 2022. Fisher Asset Management came out to be the biggest holder of the company’s shares at the end of the quarter.
6. The Walt Disney Company (NYSE:DIS)
YTD return as of December 30, 2022: -44.39%
Number of Hedge Fund Holders: 112
The Walt Disney Company (NYSE:DIS) is a global entertainment company that creates and distributes a range of media content, including movies, television shows, and music. The Walt Disney Company (NYSE:DIS) is known for its iconic franchises, including Mickey Mouse, Star Wars, and Marvel. The company produces and distributes a wide range of movies, television shows, and music, and has a strong presence in the theme park and resort industry, with properties such as Disneyland and Walt Disney World.
On December 12, 2022, Benjamin Swinburne, an analyst at Morgan Stanley, reduced his price target on The Walt Disney Company (NYSE:DIS) to $115 from $125 while keeping an Overweight rating on the stock. According to the analyst, the momentum at Parks should continue to push 20% CAGR EPS growth through fiscal year 2025.
At the end of Q3 2022, 112 hedge funds in Insider Monkey’s database were long The Walt Disney Company (NYSE:DIS). Fisher Asset Management remained the leading stakeholder of the company at the end of Q3 2022.
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Disclosure: None. 15 Best 52-Week Low Large Cap Stocks To Buy Now is originally published on Insider Monkey.
