In this article, we take a look at five stocks that are gaining today. If you want to take a look at some more stocks that are making headlines on Wednesday and the latest market situation, go to Top Gainers: 10 Stocks to Watch on Wednesday.
5. Rogers Communications Inc. (NYSE:RCI) has risen 5.64% as of 12:03 PM ET after the Canadian telecommunication and media company outperformed the adjusted EPS estimates for Q1 2022 comprehensively. The company reported an increase in revenue of 3.7% YoY to $2.82 billion, in line with the analysts’ estimates. Moreover, Rogers Communications Inc. (NYSE:RCI) posted an adjusted EPS of 72 cents, nine cents higher than the consensus forecast. Since the start of the year, the stock price of Rogers Communications Inc. (NYSE:RCI) has increased by over 22%, compared to a decline of 6% experienced by the S&P 500 Index during the same period.
Overall, Rogers Communications Inc. (NYSE:RCI) was held by 13 hedge funds as of Q4 2021.
4. The Procter & Gamble Company (NYSE:PG) is 2.74% in the green as of 12:02 PM ET after the Cincinnati, Ohio-based multinational reported better than expected revenue and EPS results for Q1 2022. The manufacturer of healthcare, household, and hygiene products reported an EPS of $1.33, beating the analysts’ forecast of $1.29. Meanwhile, revenue increased by 7.1% YoY to $19.4 billion and outperformed the consensus estimate of $18.69 billion.
Furthermore, The Procter & Gamble Company (NYSE:PG) also raised its full-year 2022 sales growth guidance from 3% – 4% to a range of 4% – 5%. Meanwhile, the analysts’ consensus stands at 4.2%. The Procter & Gamble Company (NYSE:PG) also reiterated its full-year EPS growth of 3% to 6%, compared to the analysts’ estimates of 3.5%.
Of the 924 hedge funds in Insider Monkey’s database, The Procter & Gamble Company (NYSE:PG) was held by 67 hedge funds as of Q4 2021.
3. Exelon Corporation (NASDAQ:EXC) has moved up 1.99% as of 12:04 PM ET after the Chicago, Illinois-based diversified utility company was upgraded from a Neutral to an Overweight rating by Jeremy Tonet at JPMorgan. The analyst increased the price target on Exelon Corporation (NASDAQ:EXC) from $47 to $55. The new target price implies a potential upside of 11.11% from the last closing price. In a note issued to investors earlier today, Tonet highlighted that during its transition as a pure-play in the regulated utility industry, Exelon Corporation (NASDAQ:EXC) has been able to refocus on its core operations around an ‘advantaged’ transmission and distribution system.
On a sequential basis, the number of hedge funds invested in Exelon Corporation (NASDAQ:EXC) increased by 11 to 47 funds as of Q4 2021.
2. International Business Machines Corporation (NASDAQ:IBM) is up 7.45% as of 12:02 PM ET after the Armonk, New York-based technology company’s Q1 2022 results outperformed revenue and bottom-line estimates. International Business Machines Corporation (NASDAQ:IBM) reported revenue and adjusted EPS of $14.2 billion and $1.40, respectively, outperforming the analysts’ estimates of $13.85 billion and $1.38. The company also upped its full-year guidance and anticipates revenue growth to be in the high-end of its mid-single-digit range.
Furthermore, International Business Machines Corporation (NASDAQ:IBM) sold Watson healthcare assets to a private equity firm during the quarter.
Out of the 924 hedge funds covered by Insider Monkey, 44 funds had a position in International Business Machines Corporation (NASDAQ:IBM) as of Q4 2021.
1. West Fraser Timber Co. Ltd. (NYSE:WFG) is up more than 10.26% as of 12:05 PM ET after the Canadian forestry company announced that it would buy back $1.25 billion worth of its outstanding common stock through a modified Dutch auction. The tender price will be in the range of $80 to $95. At a midpoint of $87.5, this represents a premium of over 9% from West Fraser Timber Co. Ltd.’s (NYSE:WFG) yesterday’s closing price. The offer will be for up to 15% of the total issued and outstanding shares on a non-diluted basis.
Overall, West Fraser Timber Co. Ltd. (NYSE:WFG) was held by 20 hedge funds as of Q4 2021.
You can also take a peek at the Top 10 Small-Cap Stocks Added to Billionaire Mario Gabelli’s Portfolio and 10 European Defense Stocks to Buy Now.
