In this article, we discuss the 5 S&P 500 stocks on the move. If you want to read our detailed analysis of these stocks, go directly to 12 S&P 500 Stocks On the Move.
5. Intuitive Surgical, Inc. (NASDAQ:ISRG)
Number of Hedge Fund Holders: 78
Return Over Past Month as of January 18: 12.7%
Intuitive Surgical, Inc. (NASDAQ:ISRG) develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care. Intuitive Surgical, Inc. (NASDAQ:ISRG) shares have rallied in the past few weeks after the firm released preliminary revenue figures for the fourth quarter of 2023 that were above consensus estimates. The firm expects Q4 revenue rising 17% year-on-year to around $1.93 billion, compared to consensus estimates of $1.88 billion. The firm said the increase was driven by strong demand for procedures using the flagship da Vinci robotic surgical systems marketed by the firm. Higher pricing for instruments and accessories also helped beat revenue estimates.
At the end of the third quarter of 2023, 78 hedge funds in the database of Insider Monkey held stakes worth $5 billion in Intuitive Surgical, Inc. (NASDAQ:ISRG), compared to 68 in the preceding quarter worth $3.4 billion.
In its Q3 2023 investor letter, ClariVest Asset Management, an asset management firm, highlighted a few stocks and Intuitive Surgical, Inc. (NASDAQ:ISRG) was one of them. Here is what the fund said:
“Intuitive Surgical, Inc. (NASDAQ:ISRG) provides robotic-assisted surgical solutions and invasive care through a comprehensive ecosystem of products and services. Management expects the backlog of deferred surgical procedures to take several quarters to recover, with bariatric surgery growth potentially slowing down with the increasing use of weight loss drugs.”
4. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 180
Return Over Past Month as of January 18: 14.5%
NVIDIA Corporation (NASDAQ:NVDA) provides graphics, computing and networking solutions. NVIDIA Corporation (NASDAQ:NVDA) stock has capitalized on the artificial intelligence wave at the market in the past few weeks, especially in context of the latest tech on display in Vegas at the CES 2024. A datacenter firm in India, for example, has ordered $1 billion worth of AI chips from the chip manufacturer, recent reports reveal.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in NVIDIA Corporation (NASDAQ:NVDA) with 20 million shares worth more than $8.8 billion.
In its Q3 2023 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said:
“At the portfolio level, the positive fundamental trends we noticed in the second quarter continued into the third quarter as well – many of our companies are reporting stability or slight improvement in business trends. Weighted average 2023 revenue growth expectations for the portfolio were up 3.8% during the third quarter or up 0.8% if we exclude NVIDIA. We wrote at length about NVIDIA earlier this year, but it is worth mentioning that the company has continued to exceed its own projections and the Street’s most optimistic expectations. After raising its revenue and EPS guidance for 2023 by 40% and 69%, respectively, following its last quarter, NVIDIA increased it further by 26% and 35%, respectively, after reporting the most recent one. Consensus expectations now call for revenues to grow 94% this year, while earnings per share are expected to increase by 192%. You may have seen these kinds of growth rates before, but we doubt you saw them from a company generating $50 billion in revenues. The skeptics who continue to question and doubt the accelerating demand for Generative artificial intelligence forgot to tell NVIDIA about it. But we digress…back to the portfolio…profit expectations have risen even faster than revenues and were up 11% during the third quarter (or up 7.8% ex-NVIDIA) with margin expectations up 149bps (107bps ex-NVIDIA). So, broadly speaking, our companies are seeing improvement in overall business trends, which flow through to their bottom lines, driving higher margins. We are also starting to see the benefits of leaner cost structures and more disciplined capital allocation compared to two or three years ago when capital was both cheaper and more readily available.”
3. Moderna, Inc. (NASDAQ:MRNA)
Number of Hedge Fund Holders: 37
Return Over Past Month as of January 18: 14.8%
Moderna, Inc. (NASDAQ:MRNA) is a biotech firm based in Cambridge. Moderna, Inc. (NASDAQ:MRNA) shares have performed better than peers in the past month after the company released unaudited data detailing that it had increased the COVID-19 vaccine share in the US market to 48% in 2023, up from 37% in 2022. The firm also reiterated a product sales outlook of $4 billion in 2024, based mainly on product launches in the second half of the year.
At the end of the third quarter of 2023, 37 hedge funds in the database of Insider Monkey held stakes worth $1.5 billion in Moderna, Inc. (NASDAQ:MRNA), compared to 40 in the preceding quarter worth $1.9 billion.
2. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Number of Hedge Fund Holders: 110
Return Over Past Month as of January 18: 18.6%
Advanced Micro Devices, Inc. (NASDAQ:AMD) is a semiconductor firm. Chip stocks like Advanced Micro Devices, Inc. (NASDAQ:AMD) have been in the spotlight over the past few weeks as the Consumer Electronics Show of 2024, the biggest tech event on the calendar, gets underway in Vegas. Leading investment advisors like Bank of America, Citi, and Barclays have also touted the rise of artificial intelligence products as one of the catalysts for chip stocks.
Among the hedge funds being tracked by Insider Monkey, Texas-based investment firm Fisher Asset Management is a leading shareholder in Advanced Micro Devices, Inc. (NASDAQ:AMD) with 27 million shares worth more than $2.8 billion.
1. Juniper Networks, Inc. (NYSE:JNPR)
Number of Hedge Fund Holders: 30
Return Over Past Month as of January 18: 27.3%
Juniper Networks, Inc. (NYSE:JNPR) designs, develops, and sells network products and services worldwide. Juniper Networks, Inc. (NYSE:JNPR) has soared in the past few weeks on the back of speculation that tech giant HP would be purchasing the firm in a deal worth more than $14 billion. The deal, confirmed by HP in the second week of January, values the company at $40 per share, up more than 32% to the share price at closing on January 9.
At the end of the third quarter of 2023, 30 hedge funds in the database of Insider Monkey held stakes worth $271 million in Juniper Networks, Inc. (NYSE:JNPR), compared to 29 in the preceding quarter worth $378 million.
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