Ken Griffin Stock Portfolio: 10 Stocks to Buy

7. Charter Communications Inc. (NASDAQ:CHTR)

Citadel Investment Group’s Stake: $602.9 million

Charter Communications Inc. (NASDAQ:CHTR), operating under the Spectrum brand, is a leading telecommunications and mass media company in the U.S. It provides services such as high-speed internet, digital cable television, and home phone services.

In October, Charter Communications Inc. (NASDAQ:CHTR) partnered with Comcast to offer its cable TV customers free access to the Peacock streaming service, aiming to retain subscribers amid the growing dominance of streaming platforms. Additionally, Charter Communications Inc. (NASDAQ:CHTR) secured agreements with major content providers like Warner Bros. Discovery to expand its streaming offerings.

For the third quarter, Charter Communications Inc. (NASDAQ:CHTR) reported a net income of $1.3 billion and free cash flow of $1.6 billion, alongside capital expenditures of $2.6 billion. While the company lost 110,000 internet customers, it added 545,000 Spectrum mobile lines, resulting in a 1.6% revenue increase and a 3.6% rise in adjusted EBITDA. However, management anticipates losing 100,000 Affordable Connectivity Program (ACP) internet subscribers in Q4 2024.

On November 5, Benchmark analyst Matthew Harrigan raised Charter’s price target to $450 from $440, maintaining a Buy rating on the stock. The adjustment followed Charter’s earnings report, prompting an updated evaluation of its 2025 financial outlook.

Parnassus Value Equity Fund stated the following regarding Charter Communications, Inc. (NASDAQ:CHTR) in its first quarter 2024 investor letter:

“During the quarter, we added new positions in Pfizer, NICE and Charter Communications, Inc. (NASDAQ:CHTR). NICE is a leading cloud contact center software company. Charter’s stock had fallen due to near-term concerns, which we believe will not have a major impact on the long-term value of the business. Charter Communications has had several issues that created short-term uncertainty. We assessed that these issues have limited impacts on the long-term value of the business and initiated a position to take advantage of the stock’s historically low valuation.”