In this piece, we’ll take a look at the 5 Best Performing Dow Stocks in 2022. For more such companies, go to 15 Best Performing Dow Stocks in 2022.
5. Caterpillar Inc. (NYSE:CAT)
YTD Total Return as of December 25, 2022: 18.73%
Number of Hedge Fund Holders: 43
Headquartered in Illinois, United States, Caterpillar Inc. (NYSE:CAT) is one of the world’s largest manufacturers of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Caterpillar Inc. (NYSE:CAT)’s business is organized into three main segments: Construction Industries, Resource Industries, and Energy & Transportation.
On December 19, 2022, Stanley Elliott, an analyst at Stifel, increased his price target on Caterpillar Inc. (NYSE:CAT) to $271 while keeping a Buy rating on the stock. The analyst is anticipating late-cycle trends and a sluggish pace in housing. However, he believes that the non-residential sector will accelerate, and the overall price/cost situation will improve.
At the end of Q3 2022, 43 hedge funds in Insider Monkey’s database were long Caterpillar Inc. (NYSE:CAT). Bill & Melinda Gates Foundation Trust remained the leading stakeholder of the company at the end of Q3 2022.
4. Amgen Inc. (NASDAQ:AMGN)
YTD Total Return as of December 25, 2022: 21.01%
Number of Hedge Fund Holders: 53
Amgen Inc. (NASDAQ:AMGN) is a multinational biopharmaceutical company and is one of the largest biotechnology companies in the world. Amgen Inc. (NASDAQ:AMGN)’s business is organized into three main segments: Oncology, Inflammation & Nephrology, and Neuroscience. The Oncology segment includes the development and sales of cancer therapies. The Inflammation & Nephrology segment includes the development and sales of therapies for inflammatory and kidney diseases. The Neuroscience segment includes the development and sales of therapies for neurological conditions.
On December 12, 2022, Christopher Raymond, an analyst at Piper Sandler, increased his price target on Amgen Inc. (NASDAQ:AMGN) to $299 while keeping an Overweight rating on the stock after the company reached a deal to acquire Horizon Therapeutics Public Limited Company (NASDAQ:HZNP). The analyst believes that this deal will result in substantial profit growth starting in 2024.
As per Insider Monkey’s database, 53 hedge funds had stakes in Amgen Inc. (NASDAQ:AMGN) at the end of the third quarter. Two Sigma Advisors remained the leading stakeholder in the company at the end of Q3 2022.
3. The Travelers Companies, Inc. (NYSE:TRV)
YTD Total Return as of December 25, 2022: 23.71%
Number of Hedge Fund Holders: 37
Headquartered in New York City, The Travelers Companies, Inc. (NYSE:TRV) is one of the largest property and casualty insurance companies in the United States. It offers a wide range of insurance products, including personal, business, and financial insurance, as well as risk management services. The Travelers Companies, Inc. (NYSE:TRV)’s business is organized into three main segments: Business and International Insurance, Bond and Specialty Insurance, and Personal Insurance.
On October 20, 2022, C. Gregory Peters, an analyst at Raymond James, increased his price target on The Travelers Companies, Inc. (NYSE:TRV) to $200 after the company reported better-than-estimated results for Q3 2022. The analyst currently keeps a Strong Buy rating on the company’s stock.
37 hedge funds were long on the company’s stock at the end of the third quarter, according to Insider Monkey’s database. First Eagle Investment Management had the biggest long position in the company at the end of Q3 2022.
2. Merck & Co., Inc. (NYSE:MRK)
YTD Total Return as of December 25, 2022: 50.61%
Number of Hedge Fund Holders: 82
Merck & Co., Inc. (NYSE:MRK) is a global healthcare company based in Kenilworth, New Jersey. Merck & Co., Inc. (NYSE:MRK) was founded in 1891 as a chemical company but has since evolved into a leading pharmaceutical and healthcare company. The company’s business is organized into three main segments: Pharmaceutical, Animal Health, and Healthcare Services.
On December 20, 2022, Carter Gould, an analyst at Barclays, increased his price target on Merck & Co., Inc. (NYSE:MRK) to $128 while keeping an Overweight rating on the company’s stick. The analyst believes that the company will be able to achieve high levels of subcutaneous use in the future.
At the end of Q3 2022, 82 hedge funds in Insider Monkey’s database were long Merck & Co., Inc. (NYSE:MRK). Fisher Asset Management remained the leading stakeholder of the company at the end of Q3 2022.
1. Chevron Corporation (NYSE:CVX)
YTD Total Return as of December 25, 2022: 56.64%
Number of Hedge Fund Holders: 66
Headquartered in San Ramon, California, Chevron Corporation (NYSE:CVX) is one of the world’s largest integrated energy companies, with operations in more than 180 countries. Chevron Corporation (NYSE:CVX)’s business is organized into three main segments: Upstream, Downstream, and Chemicals. The Upstream segment includes the exploration, development, and production of oil and natural gas, as well as the transportation and storage of those energy sources. The Downstream segment includes the refining, marketing, and distribution of oil, natural gas, and other energy products. The Chemicals segment includes the manufacturing and marketing of petrochemicals, polymers, and specialty chemicals.
On November 11, 2022, Ryan Todd, an analyst at Piper Sandler, increased his price target on Chevron Corporation (NYSE:CVX) to $206 from $186 while keeping an Overweight rating on the stock. The analyst believes that the company’s third-quarter results have boosted the integrated oil macro outlook for 2023.
As per Insider Monkey’s database, 66 hedge funds remained bullish on Chevron Corporation (NYSE:CVX) at the end of Q3 2022. Berkshire Hathaway came out to be the biggest holder of the company’s shares at the end of the quarter.
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