5 Best Communication Stocks To Buy According To Hedge Funds

1. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 234

Meta Platforms, Inc. (NASDAQ:META) is one of the top communication stocks to invest in according to hedge funds. On February 1, Meta Platforms, Inc. (NASDAQ:META) reported a Q4 GAAP EPS of $5.33 and a revenue of $40.11 billion, outperforming Wall Street expectations by $0.39 and $940 million, respectively. Meta’s board of directors also approved a cash dividend of $0.50 per share for its outstanding common stock. The dividend is scheduled to be paid on March 26, 2024, to shareholders of record as of February 22.

According to Insider Monkey’s third quarter database, 234 hedge funds were bullish on Meta Platforms, Inc. (NASDAQ:META), compared to 225 funds in the preceding quarter. Rajiv Jain’s GQG Partners is a prominent stakeholder of the company, with more than 11 million shares worth $3.3 billion.

The FPA Crescent Fund stated the following regarding Meta Platforms, Inc. (NASDAQ:META) in its fourth quarter 2023 investor letter:

“Meta Platforms, Inc. (NASDAQ:META) saw a welcome recovery in engagement and revenue year-to-date following a tough 2022. The company has continued to offer new solutions that allow advertisers to target customers effectively and efficiently via one of the world’s leading digital platforms. Moreover, operating profits are rising due to an organization-wide focus on improving productivity and accelerating the time to market for new products. However, overall profitability continues to be weighed down by losses in the Reality Labs segment. But, there is positive optionality that Meta will emerge from the AI arms race as one of the leading players in the industry.”

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