5 Best Internet-of-Things (IoT) Stocks to Buy

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 300

Microsoft Corporation (NASDAQ:MSFT) stands as one of the pioneering platform companies to offer a comprehensive suite of IoT (Internet of Things) solutions, encompassing IoT Software as a Service (SaaS), IoT Platform as a Service (PaaS), and fundamental IoT building components to its customers. The proficiency gained from remotely managing Windows devices has significantly contributed to the development of Microsoft’s robust Azure IoT platform.

In a recent announcement, Microsoft Corporation (NASDAQ:MSFT) unveiled its financial results for the first quarter of the 2024 fiscal year. The technology giant reported significant revenue of $56.5 billion, accompanied by a net income of $22.3 billion for Q1. This marks a remarkable increase, with revenue up by 13% and net income experiencing substantial growth of 27%. Although the Devices segment encountered some challenges in this quarter, there was a slight recovery observed in the Windows division. Notably, the cloud services and Office suite experienced substantial growth. Microsoft’s Cloud revenue soared to an impressive $31.8 billion, showcasing an impressive 24% year-over-year growth.

The company distributes a quarterly dividend of $0.75 per share, and it recently enhanced this dividend by 10% in September of the current year. This increase marks the 17th consecutive year of dividend growth for the company. As of October 29, the MSFT stock boasts a dividend yield of 0.89%.

According to Insider Monkey’s database of Q2 2023, Microsoft Corporation (NASDAQ:MSFT) was the most popular stock among hedge funds with 300 funds owning stakes in the company. These stakes have a collective value of nearly $70 billion.

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