5 Best Communication Stocks To Buy According To Hedge Funds

3. Charter Communications, Inc. (NASDAQ:CHTR)

Number of Hedge Fund Holders: 73

Charter Communications, Inc. (NASDAQ:CHTR) is a broadband connectivity and cable operator in the United States, serving both residential and commercial customers. The company provides internet, video, mobile, and voice services, along with a range of broadband connectivity solutions, including fixed internet, WiFi, and mobile services. It is one of the best communication stocks to invest in. 

On February 5, J.P. Morgan downgraded Charter Communications, Inc. (NASDAQ:CHTR) stock from Overweight to Neutral and reduced the price target to $370 from $445. The downgrade is attributed to weaker broadband trends and a slowdown in EBITDA growth. Analysts anticipate persistent broadband weakness until 2025, resulting in losses. 

According to Insider Monkey’s third quarter database, 73 hedge funds were long Charter Communications, Inc. (NASDAQ:CHTR), compared to 67 funds in the prior quarter. Harris Associates is the largest stakeholder of the company, with 5.2 million shares worth $2.3 billion. 

Here is what Weitz Conservative Allocation Fund has to say about Charter Communications, Inc. (NASDAQ:CHTR) in its Q3 2023 investor letter:

“We swapped the Fund’s Liberty Broadband Corporation (NASDAQ:LBRDK) shares back to Charter Communications, Inc. (NASDAQ:CHTR) (Charter is by far Liberty Broadband’s largest asset), and the combined position was the most notable quarterly contributor. Investor sentiment around broadband’s competitive position became less negative, and the stocks rebounded nicely from what we considered oversold levels.”