In this article, we will discuss some stocks sold by Ken Fisher in the first quarter. You can skip this part and go to read Ken Fisher is Selling These 5 Stocks in 2022.
Ken Fisher is one of the most followed finance experts in the world. Fisher, whose worth stands at $5 billion, is a well-known author and frequently shares his opinion on current market situation on his Twitter and YouTube. Having authored 11 books and countless columns for renowned publications, Fisher is regarded as a saner voice in the current investment environment full of noise. A true value investor, Fisher is often given the credit for being the first to define and use the price-to-sales ratio (PSR) metric as a forecasting tool.
Ken Fisher’s hedge fund recently released its holdings data for the first quarter. The fund’s top holdings include Apple Inc. (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT) and Amazon.com, Inc. (NASDAQ:AMZN).
In this article, we used Ken Fisher’s first quarter 2022 portfolio data and took a look at some stocks he sold in the three-month period ending March 30.
10. Agilent Technologies Inc. (NYSE:A)
Agilent Technologies Inc. (NYSE:A) is a California-based analytical instrumentation development and manufacturing company. As of the end of the fourth quarter, Ken Fisher’s hedge fund had a $363,000 stake in Agilent Technologies Inc. (NYSE:A). The fund sold all of its shares in the company in the first quarter of 2022. Recently, Wells Fargo analyst Timothy Daley downgraded Agilent Technologies Inc. (NYSE:A) to Equal Weight from Overweight with a $130 price target ahead of quarterly results. The stock is down 24% over the last 6 months.
Unlike Apple Inc. (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT) and Amazon.com, Inc. (NASDAQ:AMZN), on which Ken Fisher’s fund is bullish, Agilent Technologies Inc. (NYSE:A) was sold by Fisher Investments.
9. Airbnb, Inc. (NASDAQ:ABNB)
Ken Fisher’s hedge fund opened a new position in Airbnb, Inc. (NASDAQ:ABNB) in the fourth quarter of 2021. The total value of this position was around $241,000. However, the fund was quick to sell Airbnb, Inc. (NASDAQ:ABNB) as it closed its position in the first quarter of 2022. Airbnb, Inc. (NASDAQ:ABNB) stock is down 32% over the past 6 months. Airbnb, Inc. (NASDAQ:ABNB) is the 97th most popular stock among hedge funds in our database of 924 hedge funds.
Airbnb (NASDAQ:ABNB) on May 5 hit a 7-week low. Analyst firm Susquehanna also cut its price target on the stock to $190 from $235 but maintained its Positive rating.
8. Activision Blizzard, Inc. (NASDAQ:ATVI)
Ken Fisher’s hedge fund sold its position in Activision Blizzard, Inc. (NASDAQ:ATVI) in the first quarter of 2022. On the other hand, it’s reported that Berkshire Hathaway’s (BRK.A) (BRK.B) increased its stake in Activision Blizzard (NASDAQ:ATVI) to 9.5%, as of the end of April. Activision Blizzard, Inc. (NASDAQ:ATVI) has been in the news after Microsoft announced to buy the company for about $68.7 billion.
A total of 70 hedge funds in our database of 924 funds had stakes in Activision Blizzard, Inc. (NASDAQ:ATVI) as of the end of the fourth quarter of 2021. The total value of these stakes was $3.7 billion.
Here is what Baron Partners Fund has to say about Activision Blizzard, Inc. (NASDAQ:ATVI) in its Q4 2021 investor letter:
“The Fund’s Core Growth investments were negatively impacted by the market rotation to value-oriented businesses. Fundamentals for most of our Core Growth holdings remain strong. We exited two positions in this space, which included Activision Blizzard, Inc. We believe ESG concerns at Activision could be a negative for the company in the coming years.
Shares of Activision Blizzard, Inc., a leading video game publisher, detracted from performance. The company reported solid earnings results and maintained guidance for fiscal year 2021. However, the stock fell primarily due to a combination of increased concern around an employee lawsuit alleging sexual harassment and timing delays for two key Blizzard games (Diablo IV and Overwatch 2). We sold our position.”
7. McDonald’s Corporation (NYSE:MCD)
McDonald’s Corporation (NYSE:MCD) was another notable name sold by Ken Fisher in the first quarter. Fisher’s fund entered the second quarter with 21,37 shares of McDonald’s Corporation (NYSE:MCD), worth $5.3 million. This shows a quarter-over-quarter decrease of 97% in the stake. JPMorgan analyst John Ivankoe upped his price target on McDonald’s Corporation (NYSE:MCD) to $275 from $260 but kept an Overweight rating on the shares.
McDonald’s Corporation (NYSE:MCD) shares are up 6% in the last 12 months.
6. Cisco Systems, Inc. (NASDAQ:CSCO)
Ken Fisher’s hedge fund sold 90% of its stake in Cisco Systems, Inc. (NASDAQ:CSCO) in the first quarter of 2022. The fund now owns 1.37 million shares of Cisco Systems, Inc. (NASDAQ:CSCO), which were worth $76.32 million at the end of March. Cisco Systems, Inc. (NASDAQ:CSCO) shares are down 13% in the past 6 months. Morgan Stanley analyst Meta Marshall decreased Cisco Systems, Inc. (NASDAQ:CSCO)’s price target to $59 from $61 but kept an Equal Weight rating on the shares. Major tech stocks like Cisco, Apple Inc. (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT) and Amazon.com, Inc. (NASDAQ:AMZN) are under pressure amid a broader decline in the technology sector due to investors’ shift towards value plays.
57 hedge funds tracked by Insider Monkey had owned positions in Cisco Systems, Inc. (NASDAQ:CSCO) at the end of the fourth quarter.
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Disclosure: None. Ken Fisher is Selling These 10 Stocks in 2022 is originally published on Insider Monkey.
