In this article, we will take a look at the 5 oversold large cap stocks to buy. To read our analysis of the recent trends and market activity, you can go to the 10 Oversold Large Cap Stocks to Buy.
5. Willis Towers Watson Public Limited Company (NASDAQ:WTW)
14-day RSI as of July 31: 28.91
Number of Hedge Fund Holders: 42
London-based Willis Towers Watson Public Limited Company (NASDAQ:WTW), is a leading global advisory, broking and solutions company that provides data-driven, insight-led solutions in the areas of people, risk, and capital.
On May 18, the Board of Directors of Willis Towers Watson Public Limited Company (NASDAQ:WTW) approved a regular quarterly cash dividend of $0.84 per share which represents a 1.61% dividend yield based on the share price on July 28.
On July 28, Raymond James lowered the price target on Willis Towers Watson Public Limited Company (NASDAQ:WTW) shares to $260 and changed the rating on the shares to ‘Outperform’ from ‘Strong Buy’.
As of Q1 2023, Willis Towers Watson Public Limited Company (NASDAQ:WTW) shares were held by 42 hedge funds. First Eagle Investment Management was the largest hedge fund shareholder with ownership of 4.9 million shares valued at $1.1 billion.
4. HCA Healthcare, Inc. (NYSE:HCA)
14-day RSI as of July 31: 28.44
Number of Hedge Fund Holders: 65
Founded in 1968, HCA Healthcare, Inc. (NYSE:HCA) is a leading healthcare provider. It owns and operates 182 hospitals and approximately 2,300 ambulatory sites of care, including surgery centers, free standing emergency rooms, urgent care centers and physician clinics in 20 states and the United Kingdom.
On July 27, HCA Healthcare, Inc. (NYSE:HCA) released its financial results for Q2 2023 which showed a solid performance. Its revenue increased by 7% y-o-y to $15.9 billion while net income increased by 2% y-o-y to $1.4 billion. At $4.29, its normalized EPS for the quarter surpassed consensus estimates by $0.05.
Earlier on May 18, HCA Healthcare, Inc. (NYSE:HCA) had announced an agreement to acquire 41 urgent care centers in Texas from FastMed to augment its existing urgent care operations in the state. Terms of the transaction were not disclosed.
HCA Healthcare, Inc. (NYSE:HCA) ranks #1 on our list of 10 oversold large cap stocks to buy based on the number of hedge fund shareholders as of March 31. Its shares were owned by 65 hedge funds with a total value of $2.8 billion.
3. Edwards Lifesciences Corporation (NYSE:EW)
14-day RSI as of July 31: 28.38
Number of Hedge Fund Holders: 47
Edwards Lifesciences Corporation (NYSE:EW) is a medical equipment manufacturing company providing patient-focused medical innovations for structural heart disease, as well as critical care and surgical monitoring.
Edwards Lifesciences Corporation (NYSE:EW) reported a strong quarterly performance for Q2 2023 with 11% y-o-y revenue growth to reach $1.53 billion. The company also raised FY 2023 revenue guidance from a range of $5.6-$6.0 billion to $5.9-$6.1 billion, and adjusted EPS guidance range from $2.48-$2.60 to $2.50-$2.60.
Following the earnings release, Morgan Stanley reiterated an ‘Outperform’ rating and a target price of $102 for Edwards Lifesciences Corporation (NYSE:EW) shares which represents a potential upside of 16.97% based on the share price on July 31.
2. The Hershey Company (NYSE:HSY)
14-day RSI as of July 31: 27.88
Number of Hedge Fund Holders: 44
The Hershey Company (NYSE:HSY) is a global confectionery company with product offerings including chocolate and non-chocolate confectionery products; gum and mint refreshment products and protein bars; snack items such as popcorn, pretzels, spreads, snack bites and mixes; and pantry items, such as baking ingredients, toppings, and beverages.
The Hershey Company (NYSE:HSY) sells its products under more than 100 brand names in nearly 80 countries worldwide. Some of its well-known brands include Hershey’s, Reese’s, Kisses, Cadbury, Good & Plenty, Heath, Kit Kat, Twizzlers, Whoppers and York, among others.
On July 27, the Board of Directors of The Hershey Company (NYSE:HSY) announced a quarterly cash dividend of $1.192 for the common shares of the company which represents an increase of 15% from its previous dividend amount. This marks the 374th consecutive regular dividend on the Common Stock of the company.
As of Q1 2023, 44 prominent hedge funds tracked by Insider Monkey held shares of The Hershey Company (NYSE:HSY), with a total value of $1.9 billion. Jim Simons’ Renaissance Technologies was its largest hedge fund shareholder with ownership of 2.3 million shares valued at $586 million.
1. GFL Environmental Inc. (NYSE:GFL)
14-day RSI as of July 31: 24.05
Number of Hedge Fund Holders: 21
Ontario, Canada-based GFL Environmental Inc. (NYSE:GFL) is the fourth largest diversified environmental services company in North America, offering solid waste management, liquid waste management, and soil remediation services across Canada and in more than half of the U.S. states.
GFL Environmental Inc. (NYSE:GFL) released its financial results for the Q2 2023 which showed continuation in solid performance from the previous quarter. The revenue of the company increased by 14% y-o-y to reach C$1.9 billion while net income more than tripled to C$294 million. The company also managed to achieve its target of non-core divestitures during the quarter. The gross proceeds, amounting to C$1.65 billion, were mainly used to deleverage the balance sheet.
GFL Environmental Inc. (NYSE:GFL) ranks #1 on our list of 10 oversold large cap stocks to buy based on its 14-day RSI of 24.05. The shares of the company were held by 21 hedge funds, valued at $290 million.
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