5 Best Stocks to Buy According to Warren Buffett

3. American Express Company (NYSE:AXP)

Number of Hedge Fund Holders: 57

American Express Company (NYSE:AXP) is a New York-based payments and travel company. It is one of the top payment stocks in the hedge fund universe. Among the hedge funds being tracked by Insider Monkey, Washington-based firm Fisher Asset Management is a leading shareholder in American Express Company (NYSE:AXP) with 15.7 million shares worth more than $2.5 billion. 

According to the latest data, Berkshire Hathaway owned over 151 million shares of American Express Company (NYSE:AXP) at the end of the fourth quarter of 2021 worth $24.8 billion, representing 7.49% of the portfolio. 

In its Q2 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and American Express Company (NYSE:AXP) was one of them. Here is what the fund said:

“In financials, American Express has done an excellent job demonstrating the resiliency of its franchise in the midst of a global pandemic that drove a 60% decline in its core travel and entertainment business. The company’s spend-centric model has been helped by fiscal stimulus ensuring a flush consumer, while management continues to execute well by adding millions of new consumer and small and medium business accounts, which should benefit the franchise over the medium to long term. We remain optimistic regarding the company’s prospects as travel and entertainment activity rebounds, adding to our position in the quarter.”