5 Best Low Beta Stocks to Buy

1. Activision Blizzard, Inc. (NASDAQ:ATVI)

No. of Hedge Fund Holders: 96

Activision Blizzard, Inc. (NASDAQ:ATVI) was formed in 2008 as a result of the merger of Activision, which was one of the largest console video game publishers, and Blizzard, one of largest PC video game publishers. As a result, the combined firm has been categorised as one of the world’s largest video game publishers.

Activision Blizzard, Inc. (NASDAQ:ATVI) has released its results for the third quarter of 2022, and generated net revenues of $1.78 billion against $2.07 billion for the third quarter of 2021.

Microsoft Corporation (NASDAQ:MSFT) intends to acquire Activision Blizzard, Inc. (NASDAQ:ATVI) for $95.00 per share in all-cash transaction. This transaction is expected to close in Microsoft Corporation’s (NASDAQ:MSFT) fiscal year ending June 30, 2023, and has been approved by the Boards of Directors of both the companies and by stockholders of Activision Blizzard, Inc. (NASDAQ:ATVI).

At the end of Q3 2022, 96 elite hedge funds reported owning stakes in Activision Blizzard, Inc. (NASDAQ:ATVI) worth $9.07 billion. In the preceding quarter, 84 hedge funds held stakes worth $9.24 billion.

Analysts at Robert W. Baird recently initiated coverage on Activision Blizzard, Inc. (NASDAQ:ATVI) and gave an “Outperform” rating with the price target of $95.00 on the stock on November 22, 2022.

The company’s COO Daniel Alegre decided to sell 10,000 shares in a transaction dated September 9, 2022.

Cooper Investors, an asset management company, released its second quarter 2022 investor letter and mentioned Activision Blizzard, Inc. (NASDAQ:ATVI). Here is what the fund said:

“Activision Blizzard, Inc. (NASDAQ:ATVI) – our investment preceded news that the company was under investigation for workplace bullying. When it became clear management had misled the market on the extent of the problem we sold, led by our principles of Responsible Investing. We did not benefit from the subsequent M&A premium paid by Microsoft.”

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