In this article, we discuss 5 stocks that recently hit all-time highs. If you want our detailed analysis of these stocks, go directly to 10 Stocks That Recently Hit All-Time Highs.
5. Check Point Software Technologies Ltd. (NASDAQ:CHKP)
All-Time Share Price High: $148.98 on March 02, 2022
Number of Hedge Fund Holders: 31
Check Point Software Technologies Ltd. (NASDAQ:CHKP) is an Israel-based company that specializes in network security, endpoint security, cloud security, mobile security, and data security. The stock reached its record-high price of $148.98 on March 02, 2022.
In its Q4 earnings report, published on February 3, Check Point Software Technologies Ltd. (NASDAQ:CHKP) reported an EPS of $2.25, topping consensus estimates by $0.10. Revenue over the period came in at $599.10 million, exceeding market predictions by $12.68 million.
On February 16, BMO Capital analyst Keith Bachman upgraded Check Point Software Technologies Ltd. (NASDAQ:CHKP) to Outperform from Market Perform with a price target of $157, up from $150. The analyst stated that security demand should remain strong in 2022 and also noted that the company’s relative positioning in the security market is improving.
According to the fourth quarter database of Insider Monkey, 31 hedge funds were long Check Point Software Technologies Ltd. (NASDAQ:CHKP), up from 30 funds in the quarter earlier. Arrowstreet Capital is the leading shareholder of the company, with 1.9 million shares worth $224.5 million.
Here is what Polen International Growth Fund has to say about Check Point Software Technologies Ltd. (NASDAQ:CHKP) in its Q1 2021 investor letter:
“We also exited Check Point Software because we believe we found a better investment alternative. Check Point continues to perform in line with expectations and has delivered approximately 10% earnings per share growth. The company’s intensive focus on maintaining its position in on-premise firewall security, a corner of the market that we think offers slower growth prospects, means the wave innovation and growth hitting security software is not driving Check Point’s business.
Check Point innovated firewall architectures in the 1990s, and we believe it continues to orient its business for leadership in the data center. Security software is rapidly evolving as changes to the enterprise computing architecture alter the way companies position their IT infrastructure. As infrastructures change, security demands shift, and new companies come to market with innovative ways to protect distributed networks. We believe Check Point’s legacy of technology leadership, though robust, may be preventing the company from evolving fast enough to capture these changes. We feel Check Point will continue to lead in on-premise security systems and grow in line with its recent past.”
4. Northrop Grumman Corporation (NYSE:NOC)
All-Time Share Price High: $456.10 on March 01, 2022
Number of Hedge Fund Holders: 33
Northrop Grumman Corporation (NYSE:NOC) is a Virginia-based company that operates in the aerospace and defense sectors worldwide. In the fourth quarter of 2021, 33 hedge funds were bullish on Northrop Grumman Corporation (NYSE:NOC), up from 29 funds in the prior quarter. Yacktman Asset Management is the biggest shareholder of the company, with 442,198 shares worth $171.1 million.
On January 28, Susquehanna analyst Charles Minervino raised the price target on Northrop Grumman Corporation (NYSE:NOC) to $437 from $416 and kept a Positive rating on the shares. The analyst said that program timing, pension, and tax charges continue to pose short-term hurdles that will pass in due time, but given the company’s favorable portfolio relative to US defense priorities and its shareholder-friendly capital return policy, he maintains positive on the shares.
Russia’s invasion of Ukraine may mean increased defense spending over the longer term, and shares of defense contractors trade mixed at the open after most have been moving higher during the past month. Northrop Grumman Corporation (NYSE:NOC) traded 3.5% higher on February 24, and the stock reached an all-time high of $456.10 on March 01, 2022.
Here is what Artisan Value Fund has to say about Northrop Grumman Corporation (NYSE:NOC) in their Q4 2020 investor letter:
“New purchases include Northrop Grumman. Northrop Grumman is a leader in manned aircraft, unmanned aircraft, spacecraft and missile-defense systems. We initiated a position in November 2020, as we believe the name is trading at an undeserved discount, despite having the potential to accelerate revenue over the next 24 months. In 2020, Northrup signed a contract to work with the US Air Force on their Ground Based Strategic Deterrent (GBSD) and B21 bomber. We believe the company’s portfolio is well-positioned with a highly desirable space segment business, significant classified content and GBSD driving growth. While the market has been focused on a “blue wave” risk to the defense budget, the industry is typically driven by threat assessment rather than budget constraints. If budget cuts were ever to affect the US Army, that customer represents less than 10% of the company’s revenue. This reinforces our belief that Northrop is well-positioned for the future and trades at an attractive valuation.”
3. Archer-Daniels-Midland Company (NYSE:ADM)
All-Time Share Price High: $81.93 on March 03, 2022
Number of Hedge Fund Holders: 41
Headquartered in Chicago, Illinois, Archer-Daniels-Midland Company (NYSE:ADM) procures and merchandises agricultural commodities and ingredients to customers in the United States, Switzerland, Cayman Islands, Brazil, Mexico, the United Kingdom, and internationally.
On February 23, Archer-Daniels-Midland Company (NYSE:ADM) priced its first sustainable bond, which will support initiatives to advance its ESG goals. Archer-Daniels-Midland Company (NYSE:ADM) agreed to issue $750 million in aggregate principal amount of 2.9% notes due 2032. The offering closed on February 28.
Archer-Daniels-Midland Company (NYSE:ADM) on January 25 declared a per share quarterly dividend of $0.40, an 8.1% increase from its prior dividend of $0.37. The dividend is payable on March 1, to shareholders of record on February 8.
Stifel analyst Vincent Anderson on January 26 raised the price target on Archer-Daniels-Midland Company (NYSE:ADM) to $80 from $78 and kept a Buy rating on the shares following a “solid” Q4 performance and management guidance for 2022.
According to the Q4 database of Insider Monkey, 41 hedge funds were bullish on Archer-Daniels-Midland Company (NYSE:ADM), and Ric Dillon’s Diamond Hill Capital is the biggest shareholder of the company, with 5.70 million shares worth approximately $386 million.
2. Chevron Corporation (NYSE:CVX)
All-Time Share Price High: $156.22 on March 03, 2022
Number of Hedge Fund Holders: 53
Chevron Corporation (NYSE:CVX) was founded in 1879 and is based in San Ramon, California, and operates as an integrated energy and chemicals company. Amid rising oil and gas prices, the company posted a fourth quarter revenue of $48.13 billion, up roughly 91% year-over-year, outperforming estimates by $2.83 billion.
On March 1, Chevron Corporation (NYSE:CVX) surged 3.4% and topped the Dow Jones index, hitting a new 52-week high after raising its stock buyback program to $5 billion-10 billion per year, up from previous plans for $3 billion-5 billion of annual repurchases. The stock reached an all-time high of $156.22 on March 03, 2022.
Chevron Corporation (NYSE:CVX) declared on January 26 a $1.42 per share quarterly dividend, a 6% increase from its prior dividend of $1.34. The dividend will be paid on March 10, to shareholders of record on February 16.
Truist analyst Neal Dingmann raised the price target on Chevron Corporation (NYSE:CVX) on March 3 to $160 from $150 but kept a Hold rating on the shares. The company’s investor day highlighted its capital and cost discipline, along with a lower carbon focus, the analyst told investors in a research note.
Among the hedge funds tracked by Insider Monkey in Q4 2021, 53 funds were bullish on Chevron Corporation (NYSE:CVX), up from 51 funds in the previous quarter. Warren Buffett’s Berkshire Hathaway is the leading shareholder of Chevron Corporation (NYSE:CVX), with 38.2 million shares worth $4.4 billion.
Here is what Goehring & Rozencwajg Associates has to say about Chevron Corporation (NYSE:CVX) in its Q3 2021 investor letter:
“After successfully replacing 25% of Exxon’s board of directors despite owning just 0.02% of the outstanding equity, Engine No. 1, the climate-focused activist hedge fund, met with Chevron’s management late last summer. In discussions that were later described as “cordial,” Chevron executives shared their plan to reduce carbon emissions. Subsequently, Chevron announced new plans to further reduce carbon output, along with their intention to appoint a new director with “environmental expertise.” Although it remains unclear exactly what Engine No. 1 is planning, rumors suggest the fund has contacted other investors, strongly suggesting they intend to launch a second campaign in the not-too-distant future.
What should Chevron expect?
It was recently reported by The Wall Street Journal that Exxon was considering abandoning two massive natural gas projects: the 75 trillion cubic foot (tcf ) Rovuma LNG project (capital cost $30 bn) and the 5 tcf Ca Voi Xanh offshore-Vietnam gas project (capital cost $10 bn). Exxon board members (most likely including the three supported by Engine No. 1) have publicly expressed concerns about both projects. According to internal reports, these projects are among the highest CO2 producers in Exxon’s pipeline; it is no surprise these projects have been called into question. However, we find the plight of both fields to be perplexing since production would almost certainly be used to displace coal in electricity generation, cutting CO2 emissions by nearly 50%. This fact seems to be lost on the new Exxon board members.”
1. AbbVie Inc. (NYSE:ABBV)
All-Time Share Price High: $150.41 on March 03, 2022
Number of Hedge Fund Holders: 82
AbbVie Inc. (NYSE:ABBV) is an Illinois-based company that sells pharmaceuticals worldwide, and the stock reached an all-time share price high of $150.41 on March 03, 2022. Hedge fund sentiment around AbbVie Inc. (NYSE:ABBV) was bullish in Q4 2021, as 82 funds reported owning stakes in the company, with collective stakes amounting to $3.74 billion. Ric Dillon’s Diamond Hill Capital is the biggest shareholder of AbbVie Inc. (NYSE:ABBV), with 2.2 million shares worth $299.4 million.
AbbVie Inc. (NYSE:ABBV) on February 17 declared a $1.41 per share quarterly dividend, in line with previous. The dividend is payable on May 16, to shareholders of record on April 15. AbbVie Inc. (NYSE:ABBV)’s dividend yield on March 3 came in at 3.80%.
On March 1, Citi analyst Andrew Baum raised the price target on AbbVie Inc. (NYSE:ABBV) to $170 from $155 and reiterated a Buy rating on the shares. The analyst increased estimates due to greater optimism for Rinvoq across all indications and the anticipated delay of generic Imbruvica in the U.S. until at least 2032.
Here is what Miller Howard Investments had to say about AbbVie Inc. (NYSE:ABBV) in its Q3 2021 investor letter:
“While optimistic about a recovery, we continue to balance our cyclical holdings with dividend-payers in stable, less economically-sensitive industries. We hold three pharmaceutical companies, (which includes) AbbVie (ABBV). All three have strong cash flows and balance sheets, making their high dividends reasonably safe. The investment controversy surrounding these pharma companies is whether they can develop or acquire new products to replace their current blockbuster drugs. The low valuations on these stocks reflects what we believe to be undue pessimism by investors on the prospects for new drugs.”
You can also take a look at 10 Gold Stocks to Buy Amid Russian Attack on Ukraine and 10 Companies That Topped Profit Expectations.
