5 Best Cryptocurrency Stocks To Buy According To Hedge Funds

2. Mastercard Incorporated (NYSE:MA)

Number of Hedge Fund Holders: 139

Mastercard Incorporated (NYSE:MA) is a leading fintech company that offers an excellent investment opportunity in the cryptocurrency market. It provides a Crypto Card Program that enables customers to use digital currency for their everyday transactions in a straightforward and timely manner. Additionally, Mastercard Incorporated (NYSE:MA) is launching a new program that allows financial institutions to offer cryptocurrency trading services to their clients. On February 14, Mastercard Incorporated (NYSE:MA) declared a $0.57 per share quarterly dividend, in line with previous. The dividend is distributable on May 9, to shareholders of record on April 7. 

On January 30, Mizuho analyst Dan Dolev raised the firm’s price target on Mastercard Incorporated (NYSE:MA) to $405 from $380 and maintained a Buy rating on the shares following the “solid” Q4 results.

According to Insider Monkey’s fourth quarter database, 139 hedge funds were long Mastercard Incorporated (NYSE:MA), compared to 146 funds in the last quarter. Charles Akre’s Akre Capital Management is the biggest stakeholder of the company, with 5.86 million shares worth over $2 billion. 

Baron FinTech Fund made the following comment about Mastercard Incorporated (NYSE:MA) in its Q4 2022 investor letter:

“Shares of global payment network Mastercard Incorporated (NYSE:MA) increased after reporting strong quarterly results, with 15% revenue growth and 13% EPS growth despite significant headwinds from currency movements and the suspension of operations in Russia. Payment volume grew 21% in local currency (excluding Russia) as consumer spending remained resilient and the international travel recovery continued as border restrictions were lifted. We continue to own the stock due to Mastercard’s long runway for growth and significant competitive advantages.”