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5. Wells Fargo & Company (NYSE:WFC)
Number of Hedge Fund Holders: 77
Wells Fargo & Company (NYSE:WFC) is a diversified financial services company that provides banking, investment, mortgage, and consumer and commercial finance products and services. On December 14, Odeon Capital analyst Dick Bove upgraded Wells Fargo & Company (NYSE:WFC) stock to Buy from Hold with a price target of $56.08.
At the end of the third quarter of 2023, 77 hedge funds in the database of Insider Monkey held stakes worth $4.3 billion in Wells Fargo & Company (NYSE:WFC), compared to 75 in the previous quarter worth $4 billion.
4. The Charles Schwab Corporation (NYSE:SCHW)
Number of Hedge Fund Holders: 77
The Charles Schwab Corporation (NYSE:SCHW) provides wealth management and other financial services. On December 12, UBS analyst Brennan Hawken maintained a Buy rating on The Charles Schwab Corporation (NYSE:SCHW) stock and raised the price target to $82 from $72.
At the end of the third quarter of 2023, 77 hedge funds in the database of Insider Monkey held stakes worth $4.6 billion in The Charles Schwab Corporation (NYSE:SCHW), compared to 88 in the previous quarter worth $4 billion.
In its Q3 2023 investor letter, Weitz Investment Management, an asset management firm, highlighted a few stocks and The Charles Schwab Corporation (NYSE:SCHW) was one of them. Here is what the fund said:
“Lastly, we decided to sell our shares of The Charles Schwab Corporation (NYSE:SCHW) during the first quarter as the regional banking crisis unfolded. The decision effectively locked in Schwab’s negative impact on Fund performance but has no bearing on forward-looking returns. Nevertheless, it is likely Schwab will remain on our detractors list for the balance of 2023.”
3. The Walt Disney Company (NYSE:DIS)
Number of Hedge Fund Holders: 89
The Walt Disney Company (NYSE:DIS) operates as an entertainment company worldwide. On December 12, investment advisory Morgan Stanley maintained an Overweight rating on The Walt Disney Company (NYSE:DIS) stock and raised the price target to $110 from $105.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in The Walt Disney Company (NYSE:DIS) with 11 million shares worth more than $929 million.
2. Salesforce, Inc. (NYSE:CRM)
Number of Hedge Fund Holders: 122
Salesforce, Inc. (NYSE:CRM) provides customer relationship management technology that brings companies and customers together worldwide. On December 21, investment advisory Morgan Stanley upgraded Salesforce, Inc. (NYSE:CRM) stock to Overweight from Equal Weight and raised the price target to $350 from $290.
At the end of the third quarter of 2023, 122 hedge funds in the database of Insider Monkey held stakes worth $10 billion in Salesforce, Inc. (NYSE:CRM), the same as in the preceding quarter worth $7 billion.
1. Alphabet Inc. (NASDAQ:GOOGL)
Number of Hedge Fund Holders: 221
Alphabet Inc. (NASDAQ:GOOGL) is a California-based technology firm. Investment advisory Needham has identified Alphabet Inc. (NASDAQ:GOOGL) as one of the top picks for 2024 given the expected rise in ad spending and artificial intelligence.
At the end of the third quarter of 2023, 221 hedge funds in the database of Insider Monkey held stakes worth $26 billion in Alphabet Inc. (NASDAQ:GOOGL), compared to 204 in the preceding quarter worth $17 billion.
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