5 Long-Term Stocks to Buy According to Billionaire Mario Gabelli

1. American Express Company (NYSE:AXP)

Number of Hedge Fund Holders: 67   

American Express Company (NYSE:AXP) provides charge and credit payment card products, as well as travel-related services. According to the latest filings, GAMCO Investors owned over 856,470 shares of American Express Company (NYSE:AXP) at the end of the second quarter of 2022 worth $118 million, representing 1.3% of the portfolio. 

On July 26, Citi analyst Arren Cyganovich maintained a Neutral rating on American Express Company (NYSE:AXP) stock and raised the price target to $159 from $148, noting the firm had posted strong sales trends. 

Among the hedge funds being tracked by Insider Monkey, Omaha-based investment firm Berkshire Hathaway is a leading shareholder in American Express Company (NYSE:AXP), with 151.6 million shares worth more than $2.1 billion. 

In its Q2 2022 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 Company (NYSE:AXP) 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.”

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