5 Best Tech Stocks to Buy According to Billionaire Ken Griffin

1. AT&T Inc. (NYSE:T)

Citadel Investment Group’s Stake Value: $577.86 million

Percentage Of Citadel Investment Group’s 13F Portfolio: 0.11%

Number of Hedge Fund Holders: 74

AT&T Inc. (NYSE:T) is Ken Griffin’s favorite tech stock to buy, according to his portfolio for the first quarter of 2022. The billionaire’s position in the communication services firm consisted of 24.45 million shares worth nearly $578 million. This was a reduction of 45% in stake over the previous quarter, where Citadel Investment Group owned nearly 58 million shares of the firm. Overall, hedge fund sentiment around AT&T Inc. (NYSE:T) was positive at the end of the first quarter, where 74 hedge funds reported bullish bets on the company, as compared to 70 hedge funds a quarter earlier.

On June 16, Tigress Financial analyst Ivan Feinseth lowered the firm’s price target on AT&T Inc. (NYSE:T) to $28 from $31 and maintained a ‘Buy’ rating on the company shares. The analyst attributed the price target drop to the firm’s Warner Media spin-off as it pivots back to its communication focus. He believes the firm’s “resilient” business model and subscriber growth will lead towards long-term shareholder value creation and increasing cash flow. Since the start of the year, AT&T Inc. (NYSE:T) has gained 8.91% as of June 27.

In the first quarter of 2022, AT&T Inc. (NYSE:T) pulled in a revenue of $38.1 billion, missing estimates by $129.8 million. However, EPS of $0.77 was recorded above analysts’ expectations by $0.02. 

Here is what asset management firm Weitz Investment Management had to say about AT&T Inc. (NYSE:T) in its Q4 2021 investor letter:

“After several quarters of pandemic-induced outsized growth, new broadband connection growth has slowed for U.S. cable operators. This slower growth has coincided with a renewed push by competitors like Verizon and AT&T Inc. (NYSE:T) to offer high-speed data (either via wireless connects or by building new fiber-optic networks).”

You can also take a look at Billionaire Lee Ainslie’s Top 10 Stock Picks and 15 Fastest Growing Franchises.

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