There are too many investors in the so-called Magnificent Seven and it's time to move away from them, according to value investor Bill Nygren.
There are too many investors in the so-called Magnificent Seven and it's time to move away from them, according to value investor Bill Nygren. While there has been some rotation out of high-flying tech names into smaller stocks, the small-cap Russell 2000 still lags the S & P 500 for the year. The former is up 11% in 2024, while the other has soared 22% — led by sharp gains in Nvidia , Meta Platforms and Amazon , among others.
He thinks the company is "quite misunderstood by investors," with most believing it's structurally disadvantaged and missing the fact that Genuine Parts is actually growing at a double-digit rate. Genuine Parts is currently at around 16 times trailing earnings, well below the S & P 500's multiple of 27.7, per FactSet. Nygren believes the stock's closest peer is Applied Industrial Technologies , which is currently trading over 23 times its earnings.
Stock Markets Russell 2000 Index S&P 500 Index Genuine Parts Co Applied Industrial Technologies Inc Merck & Co Inc NVIDIA Corp Meta Platforms Inc Amazon.Com Inc Business News
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