Jim Cramer’s 2024 Portfolio: 10 Latest Stock Picks

Published on February 22, 2024 at 4:44 pm by Fahad Saleem in Hedge Funds, News

In this article, we will take a detailed look at Jim Cramer’s 2024 Portfolio: 10 Latest Stock Picks. For a quick overview of such stocks, read our article Jim Cramer’s 2024 Portfolio: 5 Latest Stock Picks.

After NVIDIA Corp (NASDAQ:NVDA) posted another monster quarter, a jubilant Jim Cramer praised the company’s CEO Jensen Huang and went on to “grade” the Magnificent Seven stocks based on their earnings performance in a latest program on CNBC. Cramer said he wanted to see which stocks in the Mag. 7 group deserve the praise and a role in the “trillion dollar chase” and which companies “might be pretenders.”

Cramer called NVIDIA Corp (NASDAQ:NVDA) CEO Huang the “Taylor Swift” of business and a “long-term visionary.”

Jim Cramer “Grades” Magnificent Seven Stocks After Earnings

Jim Cramer also praised Amazon.com Inc (NASDAQ:AMZN) and said there was a time when the market was starting to think Amazon.com Inc (NASDAQ:AMZN)’s growth might be slowing down but the company did an excellent job by spending money to improve its delivery service. Cramer also said Amazon.com Inc (NASDAQ:AMZN)’s advertising business is “on fire” and AWS is back to double digit growth.

Jim Cramer is also bullish on Meta Platforms and said he thinks WhatsApp has a $100 billion valuation.

Regarding Microsoft, Cramer said you don’t have to “worry about this one” as he thinks Microsoft’s Cloud business is “smoking hot.”

Jim Cramer’s thoughts on Apple Inc (NASDAQ:AAPL) are mixed in the short-term as he believes China “remains an issue.” However, Cramer is bullish on Apple Vision Pro and also likes strong iPhone sales. Jim Cramer repeated his “own it don’t trade it” mantra for Apple Inc (NASDAQ:AAPL).

Jim Cramer is in a wait-and-see mode on Alphabet because he was disappointed with the company’s advertising business. Cramer said while Meta and Amazon.com Inc (NASDAQ:AMZN) thrived in their ads business, Alphabet failed to impress, and the fact that YouTube and Search business of Alphabet are based on ads business worries him.

Lastly, Tesla is the weakest company in the Mag. 7 group of stocks according to Jim Cramer as the CNBC host yet again pitched Eli Lilly as its replacement in the group.

However, Cramer said that a single quarter should not make or break a stock and he believes in long-term approach in investing.

Methodology

For this article we watched several latest programs of Jim Cramer and picked 10 stocks he’s recommending investors to buy. We have also mentioned hedge fund sentiment for these stocks. Why? Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here).

10. MPLX LP (NYSE:MPLX)

Number of Hedge Fund Investors: 9

A questioner recently asked Jim Cramer about his thoughts on midstream energy infrastructure company MPLX LP (NYSE:MPLX). Cramer said “I like it very much.” Cramer said he was telling some “colleagues” recently that “these master limited partnership pipelines are very good.”

Cramer said that MPLX LP (NYSE:MPLX) is “like a fixed income bond.”

Insider Monkey’s database of 933 hedge funds shows that just nine hedge funds had stakes in MPLX LP (NYSE:MPLX).

Last month MPLX LP (NYSE:MPLX) posted fourth quarter results. GAAP EPS in the period came in at $1.10 beating estimates by $0.17. Revenue in the period jumped 11.7% year over year to $2.97 billion, surpassing estimates by $120 million.

9. Affirm Holdings Inc (NASDAQ:AFRM)

Number of Hedge Fund Investors: 31

Fintech company known for buy now pay later solutions Affirm Holdings Inc (NASDAQ:AFRM) is one of the top Jim Cramer stock picks as of February 2024. Cramer recently said in a program that “you’ve got a winner with Affirm.”

Cramer said that Levchin (Max Levchin, the founder of Affirm) is “constantly underrated.” He said that people don’t understand that the “guy has got passion.” Cramer said that “they keep thinking” Affirm Holdings Inc (NASDAQ:AFRM) is going to “bust” but “they are wrong.”

As of the end of the fourth quarter of 2023, 31 hedge funds tracked by Insider Monkey had stakes in Affirm Holdings Inc (NASDAQ:AFRM). The biggest stakeholder of Affirm Holdings Inc (NASDAQ:AFRM) during this period was D. E. Shaw which had a $461 million stake in Affirm Holdings Inc (NASDAQ:AFRM).

8. Zscaler Inc (NASDAQ:ZS)

Number of Hedge Fund Investors: 48

Zscaler Inc (NASDAQ:ZS) is one of the stocks Jim Cramer recently recommended investors to buy in 2024. Answering a question about Zscaler Inc (NASDAQ:ZS), Cramer praised Zscaler’s Zero Trust security platform and said the stock is a “good one” to buy. Zscaler Inc (NASDAQ:ZS) shares are down by about 11% over the past one month and Jim Cramer believes this dip is an opportunity to buy the stock.

Like Zscaler, Cramer also loves Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN) and NVIDIA Corp (NASDAQ:NVDA).

As of the end of the fourth quarter of 2023, 48 hedge funds out of the 933 funds in Insider Monkey’s database had stakes in Zscaler Inc (NASDAQ:ZS). The most notable stakeholder of Zscaler Inc (NASDAQ:ZS) was D E Shaw which had a $268 million stake in Zscaler Inc (NASDAQ:ZS).

Artisan Mid Cap Fund made the following comment about Zscaler, Inc. (NASDAQ:ZS) in its Q3 2023 investor letter:

“Notable trims in the quarter included Zscaler, Inc. (NASDAQ:ZS), BioNTech and Ingersoll Rand. Zscaler provides cloud-based Internet security solutions. In the quarter, it announced solid financial results including 43% revenue growth and 38% growth in billings, which were both ahead of expectations. We believe the dual trends of rising security vulnerability and increased enterprise digitization will lead to sustained demand, even in a recession. Cybersecurity remains a top concern for businesses and governments as cyberattacks can have devastating financial and reputational consequences. Meanwhile, managing the security needs of legacy on-premise applications, a growing number of cloud-based applications (e.g., Office 365 and Salesforce) and more remote workers than before the pandemic make operating IT infrastructures increasingly complex. The stock has been a top performer this year, and we decided to trim the position based on valuation considerations.”

7. General Dynamics Corp (NYSE:GD)

Number of Hedge Fund Investors: 49

A caller asked Jim Cramer about his thoughts on General Dynamics Corp (NYSE:GD) during his program on CNBC. Cramer recommended the investor to “stick with” the stock and said:

“Oh, I love that CEO.”

Cramer said that General Dynamics Corp (NYSE:GD) is not expensive. He also said “problems overseas” (a reference to the geopolitical situation) are expected to bode well for the stock.

As of the end of the fourth quarter of 2023, 49 hedge funds out of the 933 hedge funds in Insider Monkey’s database had stakes in General Dynamics Corp (NYSE:GD). The biggest stakeholder of General Dynamics Corp (NYSE:GD) during this period was James A. Star’s Longview Asset Management with a $7.3 billion stake.

6. Home Depot Inc (NYSE:HD)

Number of Hedge Fund Investors: 70

Jim Cramer was not impressed with Home Depot Inc’s (NYSE:HD) numbers for the fourth quarter where comp. sales fell 3.5% during the period (still better than a 3.6% expected decline) and sales per retail square foot dropped 3.6% to $550.50. But Cramer recommended investors to hold on to Home Depot Inc (NYSE:HD) and wait for the turnaround which he believes is around the corner.

“Sure, the quarter wasn’t great, but the conference call commentary I found encouraging, which is why I’m willing to be patient and hold on to Home Depot. Remember, you can’t wait for the actual turn, you have to get in ahead of time or you’ll miss the move.”

Jim Cramer also thinks Home Depot Inc (NYSE:HD) shares can gain in the future on the back of the “spring planting season, which is like Christmas for any retailer with a gardening business.”

In addition to Home Depot Inc (NYSE:HD), Jim Cramer is also bullish on Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN) and NVIDIA Corp (NASDAQ:NVDA).

ClearBridge Sustainability Leaders Strategy made the following comment about The Home Depot, Inc. (NYSE:HD) in its Q3 2023 investor letter:

“The Home Depot, Inc. (NYSE:HD) has long been a leader in advancing sustainable forestry, and its wood products can have a significant impact, as timber rates at the top of high-risk commodities responsible for most agriculture-related deforestation (Exhibit 3). The home improvement retailer adopted its first wood purchasing policy in 1999, pledging to give preference to sustainably sourced wood and to eliminate wood purchases from endangered regions around the world.

Biodiversity-boosting efforts at Home Depot have included tracing the origin of all the wood products it sells. This forms part of the process of verifying sustainable production, which it does using the certification standards of the Forest Stewardship Council (FSC). Since 2000 Home Depot has developed programs to purchase FSC wood products, such as doors, boards and patio furniture, from over 60 global suppliers. It has also moved more than 90% of its cedar purchases to second-and third-growth forests, with the rest coming from areas with local community stakeholder review.”

Click to continue reading and see Jim Cramer’s 2024 Portfolio: 5 Latest Stock Picks.

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Disclosure. None. Jim Cramer’s 2024 Portfolio: 10 Latest Stock Picks was initially published on Insider Monkey.

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AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on October 30, 2024 at by Inan Dogan, PhD

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A New Dawn is Coming to U.S. Stocks

Published on November 16, 2024 at by Insider Monkey Staff

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Click to continue reading…

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