5 Stocks to Buy According to Peter Simmie’s Bristol Gate Capital Partners

2. Activision Blizzard, Inc. (NASDAQ:ATVI)

Bristol Gate Capital Partners’ Stake Value: $94,813,000
Percentage of Bristol Gate Capital Partners’ 13F Portfolio: 5.36%
Number of Hedge Fund Holders: 84

Activision Blizzard, Inc. (NASDAQ:ATVI) is an entertainment industry holding corporation that creates and distributes interactive video services and content. Hedge funds are piling into Activision Blizzard, Inc. (NASDAQ:ATVI). At the close of Q2 2022, Insider Monkey found 84 hedge funds long Activision Blizzard, Inc. (NASDAQ:ATVI), up from 80 funds in the previous quarter. Berkshire Hathaway is the leading shareholder of Activision Blizzard, Inc. (NASDAQ:ATVI) in the second quarter, with a position consisting of 68.40 million shares worth $5.33 billion.

In the second quarter of 2022, Bristol Gate Capital Partners held 1.22 million shares of Activision Blizzard, Inc. (NASDAQ:ATVI), which amounted to $94.81 million and occupied 5.36% of the hedge fund’s total portfolio.

On August 4, analyst Benjamin Soff at Deutsche Bank cut his price objective on Activision Blizzard, Inc. (NASDAQ:ATVI) from $95 to $84 while maintaining a ‘Hold’ rating for the stock. The analyst reasonably assessed the likelihood that the government would approve Microsoft Corporation (NASDAQ:MSFT)’s proposed acquisition of Activision Blizzard, Inc. (NASDAQ:ATVI).