Billionaire Rob Citrone Is Selling These 5 Stocks

1. JPMorgan Chase & Co. (NYSE:JPM)

Number of Hedge Fund Holders: 110

JPMorgan Chase & Co. (NYSE:JPM) is a New York-based multinational investment bank and financial services holding company. Rob Citrone’s Discovery Capital Management held 86,300 shares of JPMorgan Chase & Co. (NYSE:JPM) in the fourth quarter of 2021, worth $13.6 million. The hedge fund disposed of its stake in the first quarter of 2022. 

On July 20, Berenberg analyst Peter Richardson upgraded JPMorgan Chase & Co. (NYSE:JPM) to Hold from Sell with an unchanged price target of $120. As per the analyst, JPMorgan Chase & Co. (NYSE:JPM) is operating in a tough environment but the stock is now trading at a 20% discount to its long-run average. Given that headwinds are temporary, the downside risks to JPMorgan Chase & Co. (NYSE:JPM)’s share price is now more limited, said the analyst.

Among the hedge funds tracked by Insider Monkey, 110 funds were long JPMorgan Chase & Co. (NYSE:JPM) at the end of March 2022, up from 107 funds in the prior quarter. Ken Fisher’s Fisher Asset Management is the leading stakeholder of the company, with 7.76 million shares worth $1.05 billion. 

Here is what Carillon Eagle Growth & Income Fund has to say about JPMorgan Chase & Co. (NYSE:JPM) in its Q1 2022 investor letter:

“More cyclical sectors, including technology and consumer discretionary, were among the weakest, likely due to rising interest rates and inflation. It was encouraging to see the quarter finish on a strong note with the S&P 500 only about 5% away from its all-time highs. Shares of JPMorgan Chase (NYSE:JPM) detracted from performance due to the company’s increased expense guidance, announced in January.”

You can also take a look at 6 Favorite Stock Picks of Munir Javeri’s 3G Sahana Capital Management and Top 10 Stock Picks of Billionaire Daniel Sundheim’s D1 Capital Partners. 

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