In this piece, we will take a look at Bill Miller’s latest stock picks. If you want to go through our overview of Miller, his firm, and the latest news revolving around his hedge fund, then you can skip ahead to Bill Miller’s Latest 13 Stock Picks.
5. AT&T Inc. (NYSE:T)
Number of Hedge Fund Investors: 66
Miller Value Partners’ Q4 2023 Investment Value: $9.26 million
AT&T Inc. (NYSE:T), a global telecommunications leader, provides a broad range of wireless communication services, device sales, and data solutions to diverse customer segments.
On February 1, J.P. Morgan upgraded its rating on AT&T Inc. (NYSE:T), citing expectations of sustained and long-term growth, particularly in the wireless and broadband segments. The primary catalyst for this growth is identified as AT&T Inc. (NYSE:T)’s broadband division, driven by its ongoing fiber buildout. Analyst Richard Choe of J.P. Morgan expressed optimism about the additional opportunities this expansion will create within existing markets. Consequently, Choe upgraded the rating on AT&T Inc. (NYSE:T) from Neutral to Overweight and raised the year-end price target to $21 from $18.
As of the end of Q4 2023, Insider Monkey’s database showed that 66 hedge funds held stakes in AT&T Inc. (NYSE:T), up from 52 in the previous quarter. The consolidated value of these stakes is nearly $3 billion. Miller Value Partners holds approximately $9.26 million in AT&T Inc. (NYSE:T) shares as of the fourth quarter of 2023.
4. Bread Financial Holdings, Inc. (NYSE:BFH)
Number of Hedge Fund Investors: 29
Miller Value Partners’ Q4 2023 Investment Value: $10.14 million
Bread Financial Holdings, Inc. is a U.S.-based company that specializes in providing loyalty and marketing services. These services include private label credit cards, coalition loyalty programs, and direct marketing, all of which are based on the capture and analysis of transaction-rich data.
By the end of last year’s fourth quarter, 29 out of the 933 hedge funds covered by Insider Monkey’s database had bought Bread Financial Holdings, Inc. (NYSE:BFH)’s shares. Andrew Wellington And Jeff Keswin’s Lyrical Asset Management was the largest shareholder due to its $47.17 million investment.
3. Jackson Financial Inc. (NYSE:JXN)
Number of Hedge Fund Investors: 26
Miller Value Partners’ Q4 2023 Investment Value: $10.22 million
Jackson Financial Inc. (NYSE:JXN) provides a variety of annuity products to individual investors across the United States. The company operates through three main segments: Retail Annuities, Institutional Products, and Closed Life and Annuity Blocks.
On February 21, Jackson Financial Inc. (NYSE:JXN) announced a cash dividend of $0.70 per share of common stock for the first quarter of 2024. This marked a nearly 13% increase compared to the previous year’s dividend level. The dividend was scheduled to be paid on March 21, 2024, to shareholders of record as of March 12, 2024.
According to Insider Monkey’s fourth quarter database, 26 hedge funds were bullish on Jackson Financial Inc. (NYSE:JXN), compared to 19 funds in the earlier quarter. Nathaniel August’s Mangrove Partners is the biggest stakeholder of the company for the quarter.
2. Western Alliance Bancorporation (NYSE:WAL)
Number of Hedge Fund Investors: 33
Miller Value Partners’ Q4 2023 Investment Value: $11.48 million
Western Alliance Bancorporation (NYSE:WAL) serves as a bank holding company for Western Alliance Bank, primarily operating in Arizona, California, and Nevada. The company’s operations are divided into three segments: Commercial, Consumer Related, and Corporate & Other.
As per Insider Monkey’s fourth-quarter database, 33 hedge funds maintained long positions in Western Alliance Bancorporation (NYSE:WAL), a decrease from 36 funds in the previous quarter. Ken Griffin’s Citadel Investment Group emerged as the top stakeholder of the company, holding 2.5 million shares valued at $167.5 million.
1. Stellantis N.V. (NYSE:STLA)
Number of Hedge Fund Investors: 33
Miller Value Partners’ Q4 2023 Investment Value: $11.56 million
Stellantis N.V. (NYSE:STLA) operates globally, engaging in the design, engineering, manufacturing, distribution, and sale of automobiles, light commercial vehicles, engines, transmission systems, metallurgical products, mobility services, and production systems.
In February 2023, Stellantis NV (NYSE:STLA) unveiled plans for a 3 billion euros ($3.22 billion) stock buyback program. Additionally, the company proposed a dividend of EUR1.55 per common share, marking a 16% increase from the previous year.
Insider Monkey’s database, tracking 933 hedge funds and their holdings, indicates that 33 hedge funds maintained stakes in Stellantis NV (NYSE:STLA) as of the end of 2023. The stock ranks at the top in Bill Miller’s portfolio, with a stake valued at $11.56 million as of Q4 2023.
Disclosure: None. You can also look at the 25 Best Cities in US with Great Weather for Retirees and Jorge Paulo Lemann’s Hedge Fund 3G Is Betting On These Stocks.
