In this article, we’ll look into Morgan Stanley’s top 5 stock picks for 2024. If you wish to read through the introduction about the investment bank and its recent business developments, you can dive straight into Morgan Stanley’s Top 5 Stock Picks for 2024.
5. Medtronic plc (NYSE:MDT)
Number of Hedge Fund Holders: 56
2024 Return so far: ~0%
Medtronic plc (NYSE:MDT) stands as a prominent global medical technology company, focusing on the development, manufacturing, and distribution of device-based medical therapies worldwide. It has been particularly instrumental in advancing robotic-assisted surgery technologies, notably in minimally invasive surgery and robotic-assisted spine procedures.
Insider Monkey’s data reveals that the number of hedge funds holding stakes in Medtronic plc (NYSE:MDT) decreased to 56 in Q4 2023, down from 59 in the previous quarter. However, the combined value of these stakes still exceeds $2.68 billion.
Polen International Growth Strategy stated the following regarding Medtronic plc (NYSE:MDT) in its fourth quarter 2023 investor letter:
“Medtronic plc (NYSE:MDT) is the largest medical technology company in the world. Despite a few tough years characterized by post-COVID supply chain issues, Chinese market payment changes, and diabetes business challenges, the company has continued to invest aggressively in its R&D pipeline. Because of this long-term mindset and commitment to product innovation, the company is in a position today where it has numerous significant new product launches across the business, helping to accelerate growth and improve profitability. More recently, the market’s infatuation with the promise of GLP-1 drugs has resulted in valuation de-ratings across the medtech industry broadly, to which Medtronic was not immune. The combination of all of these factors has resulted in Medtronic shares trading at their lowest valuation in a decade. Given the emerging business momentum, we felt the valuation offers a compelling chance to increase our weight in the world’s largest medtech company.”
4. Target Corporation (NYSE:TGT)
Number of Hedge Fund Holders: 58
2024 Return so far: ~12%
Target Corporation (NYSE:TGT), headquartered in Minneapolis, Minnesota, is a prominent American retail corporation operating discount department stores and hypermarkets.
On March 13, Target Corporation (NYSE:TGT) declared a quarterly dividend of $1.10, slated for payment on June 10 to shareholders of record as of May 15. As of April 30, the stock offers a dividend yield of 2.78%.
Insider Monkey’s analysis of 933 hedge funds for the end of December 2023 revealed that 58 of them had investments in Target Corporation (NYSE:TGT). The largest shareholder in Target Corporation (NYSE:TGT) is Ric Dillon’s Diamond Hill Capital, with a $401 million investment.
3. NextEra Energy Inc (NYSE:NEE)
Number of Hedge Fund Holders: 65
2024 Return so far: ~17%
NextEra Energy, Inc. (NYSE:NEE) is a major player in the electric power sector, involved in the generation, transmission, distribution, and sale of electricity across North America. Additionally, the company actively participates in energy commodity trading and manages electric generation facilities in wholesale energy markets.
Insider Monkey’s database for the fourth quarter showed that 65 hedge funds were bullish on NextEra Energy, Inc. (NYSE:NEE), an increase from 58 funds in the previous quarter. The largest position in the company was held by John Overdeck and David Siegel’s Two Sigma Advisors, with 3.9 million shares valued at $237.21 million.
2. Intel Corporation (NASDAQ:INTC)
Number of Hedge Fund Holders: 86
2024 Return so far: -38%
Intel Corporation (NASDAQ:INTC), headquartered in Santa Clara, California, is a prominent American multinational corporation and technology company. It is well-known for its leadership in semiconductor chip manufacturing, particularly in the x86 series of instruction sets widely used in personal computers.
Insider Monkey’s fourth-quarter database revealed that 86 hedge funds held long positions in Intel Corporation (NASDAQ:INTC), an increase from 70 funds in the previous quarter. The largest stakeholder of the company was William B. Gray’s Orbis Investment Management, which owned 16 million shares valued at $801.35 million.
1. The Walt Disney Company (NYSE:DIS)
Number of Hedge Fund Holders: 89
2024 Return so far: ~26%
Established in 1923, The Walt Disney Company (NYSE:DIS) is a prominent media and entertainment conglomerate known for its diverse content production and distribution, including movies, television shows, and animated films. Additionally, the company is celebrated for its globally renowned theme parks.
On March 28, Needham adjusted its outlook on The Walt Disney Company (NYSE:DIS), raising the stock’s price target from $120.00 to $145.00 while maintaining a buy rating. This upward revision reflects Needham’s optimistic view of The Walt Disney Company (NYSE:DIS)’s future growth potential and overall performance in the entertainment industry.
According to Insider Monkey’s Q4 2023 database, 89 out of 933 hedge funds had purchased shares of the firm. The largest stakeholder among them was Nelson Peltz’s Trian Partners, which owned $2.9 billion worth of shares.
Disclosure: None. You can also take a look at the 19 Best Alternatives to Discord in 2024 and Top 15 Cities Where Gen Z is Moving in the US.
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