In this article, we will discuss the 5 stocks that Ken Griffin is selling. If you want to read our detailed analysis of Ken Griffin’s hedge fund and its performance over the years, go directly to read Billionaire Ken Griffin is Selling These 10 Stocks.
5. Truist Financial Corporation (NYSE:TFC)
Number of Hedge Fund Holders: 39
Truist Financial Corporation (NYSE:TFC), an American bank holding company, was recently appreciated at Citigroup due to its growing insurance business. The firm lifted its price target on the stock to $72, while upgrading it to Buy from Neutral.
Ken Griffin’s fund sold its entire stake in the company in the third quarter. However, by the end of Q2, 39 hedge funds tracked by Insider Monkey held positions in Truist Financial Corporation (NYSE:TFC), up from 36 in the previous quarter. These stakes are valued at over $1 billion, compared with the value of $845.8 million in Q1.
On October 26, Truist Financial Corporation (NYSE:TFC) declared a quarterly dividend of $0.26 per share. The stock’s current dividend yield stands at 2.97%. In its Q3 earnings, the company posted an EPS of $1.42, beating the estimates by $0.22. Moreover, Truist Financial Corporation (NYSE:TFC) reported revenue of $5.63 billion, driven by insurance, investment banking, and residential mortgage banking. The stock gained 29.09% in the past year.
4. Dropbox, Inc. (NASDAQ:DBX)
Number of Hedge Fund Holders: 39
Dropbox, Inc. (NASDAQ:DBX) is an American software company that offers cloud storage, file synchronization, and personal cloud to its users. In Q3, the company reported a 12% year-over-year growth in its accounting rate of return at $2.21 billion. Moreover, paying users also increased to 16.49 million, up from 15.25 million during the same period last year.
Recently, Jefferies Financial lifted its price target on Dropbox, Inc. (NASDAQ:DBX) to $40, while keeping a Buy rating on the shares. Since the beginning of the year, the stock gained 13.5%, while its 12-month returns stood at 30.9%. In Q3, Dropbox, Inc. (NASDAQ:DBX) is not included in Ken Griffin’s portfolio.
With roughly 10 million shares, Renaissance Technologies is the leading shareholder of Dropbox, Inc. (NASDAQ:DBX) in Q3. Overall, 39 hedge funds tracked in Insider Monkey’s database were bullish on the company in Q2, up from 31 in the previous quarter. The total value of these stakes is over $929.4 million, compared with $775.8 million in the previous quarter.
3. U.S. Bancorp (NYSE:USB)
Number of Hedge Fund Holders: 41
U.S. Bancorp (NYSE:USB), an American bank holding company, has recently announced to buy TravelBank, a fintech and travel management company. Through this, U.S. Bancorp (NYSE:USB) seeks to enhance the integration of digital payments within its commercial segment.
In Q3, U.S. Bancorp (NYSE:USB) posted a GAAP EPS of $1.30, beating the estimates by $0.14. The company also reported a 4% year-over-year growth in its digital active customers. This October, RBC Capital raised its price target on U.S. Bancorp (NYSE:USB) to $66, with an Overweight rating on the shares, appreciating the company’s strong Q3 results.
At the end of Q2, 41 hedge funds tracked by Insider Monkey reported owning stakes in U.S. Bancorp (NYSE:USB), down from 43 in the previous quarter. The total value of these stakes is over $8.3 billion. Warren Buffett’s Berkshire Hathaway is the leading shareholder of U.S. Bancorp (NYSE:USB) in Q3, holding stakes worth $7.5 billion.
2. NIKE, Inc. (NYSE:NKE)
Number of Hedge Fund Holders: 67
NIKE, Inc. (NYSE:NKE) is an American company that mainly deals in footwear, apparel, accessories, and equipment. On November 18, the company announced an 11% growth in its quarterly dividend at $0.305 per share. The stock’s current dividend yield stands at 0.71%.
This October, Goldman Sachs initiated its coverage on NIKE, Inc. (NYSE:NKE) with a Buy rating and a $172 price target, appreciating the company’s high cash balance. In its fiscal Q1 2022 earnings, NIKE, Inc. (NYSE:NKE) reported a 15.6% year-over-year growth in its revenue at $12.2 billion. In Q3, the company is not included in Ken Griffin’s portfolio.
Of the 873 elite funds tracked by Insider Monkey, 67 hedge funds held stakes in NIKE, Inc. (NYSE:NKE) in Q2, compared with 78 in the previous quarter. These stakes are valued at over $6.4 billion, up significantly from $5.1 billion in Q1.
1. Berkshire Hathaway Inc. (NYSE:BRK-A)
Number of Hedge Fund Holders: 116
Berkshire Hathaway Inc. (NYSE:BRK-A) is an American multinational holding company. Citadel sold 100% of its stake in the company in Q3.
Since the beginning of the year, Berkshire Hathaway Inc. (NYSE:BRK-A) delivered a 23.2% return to shareholders in 2021. It is one of the most expensive stocks today, currently trading at over $423,374 per share. Recently, Keefe Bruyette presented a positive outlook on Berkshire Hathaway Inc. (NYSE:BRK-A), while setting a $485,000 price target on the stock, with a Market Perform rating on the shares.
As of Q3, Bill & Melinda Gates Foundation Trust is the largest shareholder of Berkshire Hathaway Inc. (NYSE:BRK-A), holding stakes worth $10.5 billion. Overall, 116 hedge funds tracked by Insider Monkey were bullish on the company in Q2, up from 111 in the previous quarter. These stakes are valued at over $22.3 billion.
Black Bear Value Partners mentioned Berkshire Hathaway Inc. (NYSE:BRK-A) in its Q3 2021 investor letter. Here is what the firm has to say:
“Please see Q1 letter for our Berkshire on a Napkin investment exercise. We have written on it extensively and will save your eyeballs from extraneous reading. Berkshire is very cheap for owning such high-quality businesses and will continue to grind higher and compound value for us.”
You can also take a look at Cathie Wood Is Selling These 10 Stocks and Hedge Funds are Selling These 10 Chinese Stocks Amid Crackdowns
