In this piece, we will take a look at the five best extremely profitable stocks to invest in. If you want to take a deeper look at why profitable stocks are special, then check out 13 Best Extremely Profitable Stocks to Invest in.
5. MGIC Investment Corporation (NYSE:MTG)
Number of Q4 2023 Hedge Fund Shareholders: 27
Latest Trailing Twelve Month Net Margin: 61.72%
MGIC Investment Corporation (NYSE:MTG) is an American insurance company that also has a presence in Puerto Rico and Guam. The firm has beaten analyst EPS estimates in all of its four latest quarters, the shares are rated Buy on average, and the average analyst share price target is $22.31.
27 out of the 933 hedge funds covered by Insider Monkey’s Q4 2023 research had invested in the firm. MGIC Investment Corporation (NYSE:MTG)’s biggest investor among these is Cliff Asness’s AQR Capital Management as it has invested $74.9 million in the firm.
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Follow Mgic Investment Corp (NYSE:MTG)
4. Euronav NV (NYSE:EURN)
Number of Q4 2023 Hedge Fund Shareholders: 32
Latest Trailing Twelve Month Net Margin: 69.69%
Euronav NV (NYSE:EURN) is a Belgian based ocean oil and gas transportation company. The stock seems to have fallen out of favor with investment banks, as JPMorgan, Jefferies, and Deutsche Bank have all downgraded the shares between December 2023 to February 2024. JPMorgan’s latest investment note reaffirmed a Neutral rating for the shares (the earlier rating was Outperform) and a share price target of $21.
After sifting through 933 hedge fund portfolios for their December quarter of 2023 shareholdings, Insider Monkey found that 32 had bought a stake in Euronav NV (NYSE:EURN). Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital was the largest shareholder through its $94.3 million investment.
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Follow Euronav Nv (NYSE:EURN)
3. VICI Properties Inc. (NYSE:VICI)
Number of Q4 2023 Hedge Fund Shareholders: 44
Latest Trailing Twelve Month Net Margin: 69.59%
VICI Properties Inc. (NYSE:VICI) is one of the biggest REITs in the U.S. gambling industry due to its properties on the Las Vegas Strip which include big ticket names such as MGM and Caesars Palance. It’s one of the strongest rated profitable stocks on our list, with an average share rating of Strong Buy and an average share price target of $35.55.
For their fourth quarter of 2023 shareholdings, 44 out of the 933 hedge funds profiled by Insider Monkey were the firm’s shareholders. VICI Properties Inc. (NYSE:VICI)’s largest hedge fund investor is Ken Griffin’s Citadel Investment Group as it owns $269 million worth of shares.
Follow Vici Properties Inc. (NYSE:VICI)
Follow Vici Properties Inc. (NYSE:VICI)
2. Liberty Broadband Corporation (NASDAQ:LBRDK)
Number of Q4 2023 Hedge Fund Shareholders: 53
Latest Trailing Twelve Month Net Margin: 70.13%
Liberty Broadband Corporation (NASDAQ:LBRDK) is an Englewood, Colorado based telecommunications company that provides mobile, internet, and other associated services. The fact that its stock is down by a whopping 33% over the past twelve months is unsurprising given that the firm has missed analyst EPS estimates in all four of its latest quarters.
Insider Monkey scoured through 933 hedge fund portfolios for their December quarter of 2023 shareholdings and found that 54 had bought Liberty Broadband Corporation (NASDAQ:LBRDK)’s shares.
1. First Citizens BancShares, Inc. (NASDAQ:FCNCA)
Number of Q4 2023 Hedge Fund Shareholders: 54
Latest Trailing Twelve Month Net Margin: 90.32%
First Citizens BancShares, Inc. (NASDAQ:FCNCA) is a large North Carolina based regional bank with more than ten thousand employees. April 2024 is shaping up to be an important month for the bank as far as profitability is concerned as First Citizens BancShares, Inc. (NASDAQ:FCNCA) boosted its net income forecast for 2024 to a high end of $7.3 billion from an earlier $7.1 billion.
54 out of the 933 hedge funds surveyed by Insider Monkey were the firm’s shareholders in Q4 2023. Natixis Global Asset Management’s Harris Associates was the biggest First Citizens BancShares, Inc. (NASDAQ:FCNCA) shareholder among these due to its $710 million stake.
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Follow First Citizens Bancshares Inc (NASDAQ:FCNCA)
Disclosure: None. You can also take a look at the 10 Best Multibagger Stocks to Buy Now and 11 Oversold MidCap Stocks To Buy Now.
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