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5. Merck & Co., Inc. (NYSE:MRK)
Number of Hedge Fund Holders: 85
Merck & Co., Inc. (NYSE:MRK) operates as a healthcare company worldwide. On December 12, investment advisory Morgan Stanley maintained an Equal Weight rating on Merck & Co., Inc. (NYSE:MRK) stock and lowered the price target to $116 from $118.
At the end of the third quarter of 2023, 85 hedge funds in the database of Insider Monkey held stakes worth $5 billion in Merck & Co., Inc. (NYSE:MRK), compared to 78 in the previous quarter worth $2.6 billion.
4. ArcelorMittal S.A. (NYSE:MT)
Number of Hedge Fund Holders: 19
ArcelorMittal S.A. (NYSE:MT) operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa. On December 12, investment advisory JPMorgan upgraded ArcelorMittal S.A. (NYSE:MT) stock to Overweight from Neutral and raised the price target to EUR 30 from EUR 20.
At the end of the third quarter of 2023, 19 hedge funds in the database of Insider Monkey held stakes worth $142 million in ArcelorMittal S.A. (NYSE:MT), the same as in the preceding quarter worth $179 million.
3. Cleveland-Cliffs Inc. (NYSE:CLF)
Number of Hedge Fund Holders: 41
Cleveland-Cliffs Inc. (NYSE:CLF) operates as a steel producer. In late September, investment advisory B Riley maintained a Buy rating on Cleveland-Cliffs Inc. (NYSE:CLF) stock and lowered the price target to $25 from $26.
At the end of the third quarter of 2023, 41 hedge funds in the database of Insider Monkey held stakes worth $741 million in Cleveland-Cliffs Inc. (NYSE:CLF), compared to 37 in the preceding quarter worth $425 million.
2. Molson Coors Beverage Company (NYSE:TAP)
Number of Hedge Fund Holders: 38
Molson Coors Beverage Company (NYSE:TAP) is an Illinois-based beverage firm. On November 6, investment advisory Barclays maintained an Equal Weight rating on Molson Coors Beverage Company (NYSE:TAP) stock and lowered the price target to $65 from $66.
At the end of the third quarter of 2023, 38 hedge funds in the database of Insider Monkey held stakes worth $1 billion in Molson Coors Beverage Company (NYSE:TAP), compared to 40 in the preceding quarter worth $1.1 billion.
In its Q2 2023 investor letter, Meridian Funds, an asset management firm, highlighted a few stocks and Molson Coors Beverage Company (NYSE:TAP) was one of them. Here is what the fund said:
“Molson Coors Beverage Company (NYSE:TAP) is the second largest brewing company in the U.S. and ranks among the Top 5 globally. For several years, the company struggled to grow earnings as domestic beer lost share to imports, craft brewers, seltzer, and other alcoholic beverages, and we avoided investing in it due to a lack of a solid strategy to revitalize growth. In the third quarter of 2021, however, we decided the risk/reward profile tipped in our favor as management was following a coherent innovation plan, our industry research indicated improved optimism within the distribution network, and the valuation and company expectations were low. Our patience paid off during the quarter as the stock gained due largely to broader market share improvements by beer relative to seltzer as well as a boycott of key rival Bud Light, which benefitted Molson Coors’ Coors Light and Miller Lite brands. We trimmed some of our exposure as the stock gained for risk management purposes but maintained a sizeable position.”
1. Alibaba Group Holding Limited (NYSE:BABA)
Number of Hedge Fund Holders: 110
Alibaba Group Holding Limited (NYSE:BABA) provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses to engage with their users and customers in the People’s Republic of China and internationally. On December 1, investment advisory Loop Capital maintained a Buy rating on Alibaba Group Holding Limited (NYSE:BABA) stock and lowered the price target to $115 from $125.
At the end of the third quarter of 2023, 110 hedge funds in the database of Insider Monkey held stakes worth $3.3 billion in Alibaba Group Holding Limited (NYSE:BABA), compared to 112 in the preceding quarter worth $4.1 billion.
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