5 Best Stocks to Buy According to Billionaire Steve Cohen

4. Facebook, Inc. (NASDAQ: FB)

Cohen’s Stake Value: $241,598,000
Percentage of Steve Cohen’s 13F Portfolio: 1.12%
Number of Hedge Fund Holders: 257

Facebook, Inc. (NASDAQ: FB) is an American multinational social-media company connecting people via mobile devices, personal computers, virtual reality headsets, and in-home devices. It was founded in 2004 and is ranked fourth on the list of 10 best stocks to buy according to billionaire Steve Cohen. Facebook currently has a $985.69 billion market capitalization and was able to deliver a 42.97% return in the past 12 months.

On July 15, Facebook, Inc. (NASDAQ: FB) announced plans to pay content creators a whopping $1 billion through 2022. This is part of the company’s plan to woo influencers and creators amid tough competition with TikTok, Snapchat and other social media platforms. On June 2, KGI Securities initiated a coverage on Facebook, Inc. (NASDAQ: FB) with an “Outperform” rating and a price target of $420.

At the end of the first quarter of 2021, Point72 Asset Management owned 820,283 shares in Facebook, Inc. (NASDAQ: FB) worth over $241 million. This represented 1.12% of the investment portfolio of Point72 Asset Management. There were 257 hedge funds in our database that held stakes in Facebook, Inc. (NASDAQ: FB) at the end of the first quarter of 2021, compared to 242 funds in the quarter earlier.

ClearBridge Investments, in their second quarter 2021 investor letter, mentioned Facebook, Inc. (NASDAQ: FB). Here is what the fund said:

“Facebook saw its antitrust case dismissed by the FTC in late June, an outcome that highlights the challenges regulators face in pursuing these cases. Investors are acutely aware of all the calls for change among the mega caps, but the legal framework around antitrust and privacy laws makes these difficult cases to win. For Facebook, we believe regulatory risk had been overpriced in the stock, while the potential probe into Apple and calls to open up its App Store to outside sellers could be a more material risk.”