5 Cheap Blue Chip Stocks To Buy

In this piece, we will take a look at the five cheap blue chip stocks to buy. If you want to learn more about the illustrious stock index and its recent performance, then check out 13 Cheap Blue Chip Stocks To Buy.

5. 3M Company (NYSE:MMM)

Forward Price To Earnings Ratio: 9.78

3M Company (NYSE:MMM) is a global industrial conglomerate with close to a hundred thousand employees. It released its third quarter earnings in late October, and despite the fact that analysts continue to rate the stock as Neutral, Underperform, or Underweight, the firm upgraded its 2023 EPS forecast to a high end of $9.15. This led to a stock price appreciation after the earnings report.

After digging through 910 hedge fund portfolios for their Q2 2023 investments, Insider Monkey found that 49 had held a stake in 3M Company (NYSE:MMM). Ken Fisher’s Fisher Asset Management owns the biggest stake among these which is worth $266 million and comes via 2.6 million shares.

4. JPMorgan Chase & Co. (NYSE:JPM)

Forward Price To Earnings Ratio: 9.39

JPMorgan Chase & Co. (NYSE:JPM) is the biggest private bank in the world in terms of assets. The bank has been making full use of today’s high interest rate environment as it has beaten analyst EPS estimates in all four of its latest quarters.

106 out of the 910 hedge funds part of Insider Monkey’s second quarter of 2023 research were the bank’s investors. JPMorgan Chase & Co. (NYSE:JPM)’s largest investor in our database is Ken Fisher’s Fisher Asset Management due to its $1.3 billion investment.

3. The Goldman Sachs Group, Inc. (NYSE:GS)

Forward Price To Earnings Ratio: 9.22

The Goldman Sachs Group, Inc. (NYSE:GS) is another large American bank. It is having a rough time as of late due to several unprofitable business divisions and a lack of confidence in its CEO Mr. David Solomon. However, The Goldman Sachs Group, Inc. (NYSE:GS) is aiming to see profits soon from a new business division created by a merger of its wealth management and asset management sections.

Insider Monkey scoured through 910 hedge funds for their shareholdings during this year’s June quarter to find 70 The Goldman Sachs Group, Inc. (NYSE:GS) shareholders. Out of these, Ken Fisher’s Fisher Asset Management owns the biggest stake which is worth $1.6 billion.

2. Verizon Communications Inc. (NYSE:VZ)

Forward Price To Earnings Ratio: 7.75

Verizon Communications Inc. (NYSE:VZ) is an American telecommunications products and services provider. The firm experienced a significant management shakeup in November 2023 which saw it replace its chief financial officer. The new hire, Tony Skiadas, shared that a key Verizon Communications Inc. (NYSE:VZ) goal will remain paying off its debt.

For their second quarter of 2023 shareholdings, 53 out of the 910 hedge funds part of Insider Monkey’s database had bought the firm’s shares. Verizon Communications Inc. (NYSE:VZ)’s largest hedge fund shareholder is Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital as it owns $489 million worth of shares.

1. Walgreens Boots Alliance, Inc. (NASDAQ:WBA)

Forward Price To Earnings Ratio: 6.62

Walgreens Boots Alliance, Inc. (NASDAQ:WBA) is an American pharmaceutical retailer that was set up in 1909. The firm is currently on a cost cutting spree, and as part of these initiatives, it has decided to suspend employee bonuses for 2023 and plans to resume them next year.

As of Q2 2023 end, 34 out of the 910 hedge funds part of Insider Monkey’s research had held a stake in Walgreens Boots Alliance, Inc. (NASDAQ:WBA). Stephen Dubois’s Camber Capital Management owns the biggest stake out of these, which is worth $213 million and comes via 7.5 million shares.

Disclosure: None. You can also take a look at 15 Worst Performing Industries in 2023 and 12 Best German Stocks To Buy Now.

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