7 Best Large-Cap Stocks to Buy in 2024 According to Billionaire Dan Loeb

4. S&P Global Inc. (NYSE:SPGI)

Billionaire Dan Loeb Q1’2024 Stake Value: $142,525,750

Billionaire Dan Loeb opened a new position in financial data and ratings company S&P Global Inc. (NYSE:SPGI) in the first quarter of 2024, buying 335,000 shares of S&P Global Inc. (NYSE:SPGI), worth about $142 million. S&P Global has 52 years of consistent dividend increases under its belt. S&P Global Inc. (NYSE:SPGI) recently posted Q1 results, beating estimates on both EPS and revenue. Adjusted earnings came in at $4.01 per share in the March quarter, surpassing estimates by $0.35. Revenue jumped 10.4% year over year to $3.49 billion, beating estimates by $80 million. S&P Global Inc. (NYSE:SPGI) also increased its full-year guidance for 2024. S&P Global Inc. (NYSE:SPGI) expects revenue growth of 6% to 8% in the year, while analysts were expecting growth of 7.42%.

Hedge fund sentiment for S&P Global Inc. (NYSE:SPGI) jumped in the first quarter, as 97 funds tracked by Insider Monkey reported owning stakes in S&P Global Inc. (NYSE:SPGI), up from 82 hedge funds in the previous quarter.

Aristotle Atlantic Focus Growth Strategy stated the following regarding S&P Global Inc. (NYSE:SPGI) in its first quarter 2024 investor letter:

“S&P Global Inc. (NYSE:SPGI detracted from portfolio performance in the quarter, as shares were weak following a lower-than-expected earnings report and newly issued fiscal year 2024 financial guidance that was slightly below expectations. The company’s lower-than-expected forecast of bond issuance activity for the year was the primary focus of the guidance, although management acknowledged that the guidance is likely conservative, which could result in actual activity exceeding expectations later in the year.”