On September 12, investment advisory Argus maintained a Buy rating on Canadian Pacific Kansas City Limited (NYSE:CP) stock and lowered the price target to $84 from $92, noting that there was macro positivity on the company as the rail industry displayed secular growth trends.
At the end of the second quarter of 2023, 52 hedge funds in the database of Insider Monkey held stakes worth $8.1 billion in Canadian Pacific Kansas City Limited (NYSE:CP), compared to 48 in the preceding quarter worth $7.7 billion.
Just like The Walt Disney Company (NYSE:DIS), Walmart Inc. (NYSE:WMT), and Marriott International, Inc. (NASDAQ:MAR), Canadian Pacific Kansas City Limited (NYSE:CP) is one of the top stocks in the portfolio of elite investors.
In its first half 2023 investor letter, Pershing Square Holdings, an asset management firm, highlighted a few stocks and Canadian Pacific Kansas City Limited (NYSE:CP) was one of them. Here is what the fund said:
Canadian Pacific Kansas City Limited (NYSE:CP) is a high-quality business with significant earnings growth potential that operates in an oligopolistic industry with considerable barriers to entry and significant pricing power due to its high quality competitive transportation offering. After receiving regulatory approval from the Surface Transportation Board on March 15, Canadian Pacific closed the acquisition of Kansas City Southern on April 14th and renamed the combined company Canadian Pacific Kansas City.
Number of Hedge Fund Holders: 152
We have to note that Ackman also has a nearly $600 million position in Alphabet Inc Class A (GOOGL) shares and if we combine this with his $1.2 billion position in Class C shares, this would become Ackman's biggest position in a company. Alphabet Inc. (NASDAQ:GOOG) provides various products and platforms such as Google Services, Google Cloud etc. Latest data shows that Pershing Square owned 9.3 million shares of Alphabet Inc. (NASDAQ:GOOG) at the end of the third quarter of 2023 worth $1.2 billion, representing 11.78% of the portfolio.
On November 16, investment advisory Wells Fargo maintained an Equal Weight rating on Alphabet Inc. (NASDAQ:GOOG) stock and raised the price target to $129 from $126.
Among the hedge funds being tracked by Insider Monkey, Texas-based investment firm Fisher Asset Management is a leading shareholder in Alphabet Inc. (NASDAQ:GOOG) with 43 million shares worth more than $5.7 billion.
In its Q3 2023 investor letter, Weitz Investment Management, an asset management firm, highlighted a few stocks and Alphabet Inc. (NASDAQ:GOOG) was one of them. Here is what the fund said:
“As for other quarterly contributors, Alphabet Inc. (NASDAQ:GOOG) and Meta Platforms, Inc., (META) added to their exceptional year-to-date returns. Meta Platforms and Alphabet were the true year-to-date standouts. After steep declines in 2022, both stocks rebounded sharply due to a combination of solid fundamentals, disciplined operational execution, and improved sentiment. Despite outsized gains and attention, we think both Alphabet and Meta remain undervalued.”
Number of Hedge Fund Holders: 26
Howard Hughes Holdings Inc. (NYSE:HHH) owns, manages, and develops commercial, residential, and hospitality operating properties. Securities filings reveal that Pershing Square owned 16.8 million shares of Howard Hughes Holdings Inc. (NYSE:HHH) at the end of the third quarter of 2023 worth $1.2 billion, representing 11.87% of the portfolio.
In early September, BWS Financial analyst Hamed Khorsand maintained a Buy rating on Howard Hughes Holdings Inc. (NYSE:HHH) stock and lowered the price target to $110 from $150, noting the stock was likely to trade at a discount to NAV until free cash flow stabilized.
At the end of the second quarter of 2023, 26 hedge funds in the database of Insider Monkey held stakes worth $1.4 billion in Howard Hughes Holdings Inc. (NYSE:HHH), compared to 24 in the previous quarter worth $1.3 billion.
In its first half 2023 investor letter, Pershing Square Holdings, an asset management firm, highlighted a few stocks and Howard Hughes Holdings Inc. (NYSE:HHH) was one of them. Here is what the fund said:
“Howard Hughes Holdings Inc. (NYSE:HHH)’s high-quality collection of well-located master planned communities (“MPC”) delivered resilient performance in the first half of 2023 led by a strong recovery in the housing market and robust leasing momentum in the company’s income producing operating assets.
Number of Hedge Fund Holders: 64
Lowe's Companies, Inc. (NYSE:LOW) operates as a home improvement retailer in the United States and internationally. According to regulatory filings, Pershing Square owned 7 million shares in Lowe's Companies, Inc. (NYSE:LOW) at the end of September 2023 worth $1.4 billion, representing 13.99% of the portfolio.
On October 18, Piper Sandler analyst Peter Keith maintained an Overweight rating on Lowe's Companies, Inc. (NYSE:LOW) stock and lowered the price target to $240 from $262, noting stability in total home equity extractions quarter-over-quarter.
At the end of the second quarter of 2023, 64 hedge funds in the database of Insider Monkey held stakes worth $3.7 billion in Lowe's Companies, Inc. (NYSE:LOW), compared to 67 in the previous quarter worth $5 billion.
In addition to The Walt Disney Company (NYSE:DIS), Walmart Inc. (NYSE:WMT), and Marriott International, Inc. (NASDAQ:MAR), Lowe's Companies, Inc. (NYSE:LOW) is one of the top stocks in the portfolio of elite investors.
In its Q3 2023 investor letter, Madison Investments, an asset management firm, highlighted a few stocks and Lowe's Companies, Inc. (NYSE:LOW) was one of them. Here is what the fund said:
“The bottom five individual contributors were Dollar Tree, Fiserv, Analog Devices, Lowe’s Companies, Inc. (NYSE:LOW), and Alcon. Both Analog Devices and Lowe’s Companies saw end-market demand moderate (in semiconductors and home improvement products, respectively) relative to the strong levels over the last couple of years. Despite these near-term trends, we remain very confident in the long-term trends within both markets.”
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Disclosure. None. Bill Ackman Stock Portfolio: 7 Top Stock Picks is originally published on Insider Monkey.
