5 Best Conglomerate Stocks to Buy Now

3. Honeywell International Inc. (NYSE:HON)

Number of Hedge Fund Holders: 44

On April 27, Honeywell International Inc. (NYSE:HON) reported strong earnings for the fiscal first quarter of 2023. The company generated a revenue of $8.86 billion, up 5.83% year over year, and outperformed market expectations by $349.90 million. The company reported earnings per share of $2.07 and beat EPS estimates by $0.14.

Shortly after the company’s earnings release, Citi analyst Andrew Kaplowitz raised his price target on Honeywell International Inc. (NYSE:HON) to $242 from $240 and maintained a Buy rating on the shares. Honeywell International Inc. (NYSE:HON) is one of the best conglomerate stocks to buy now, according to hedge funds.

Honeywell International Inc. (NYSE:HON) was held by 44 hedge funds at the end of Q4 2022 that disclosed stakes worth $697 million in the company. Of those, Diamond Hill Capital was the top stockholder and held a stake worth $245 million.

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