On November 8, investment advisory Deutsche Bank initiated coverage of Eli Lilly and Company (NYSE:LLY) stock with a Hold rating and a price target of $535, noting the GLP-1 phenomenon had lifted fiscal 2024 earnings multiple for the firm to 48-times.
Among the hedge funds being tracked by Insider Monkey, Florida-based investment firm GQG Partners is a leading shareholder in Eli Lilly and Company (NYSE:LLY) with 3.2 million shares worth more than $1.7 billion.
Just like Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOG), and Amazon.com, Inc. (NASDAQ:AMZN), Eli Lilly and Company (NYSE:LLY) is one of the top stocks in the portfolio of Israel Englander.
In its Q3 2023 investor letter, RiverPark Advisors highlighted a few stocks and Eli Lilly and Company (NYSE:LLY) was one of them. Here is what the fund said:
“Eli Lilly and Company (NYSE:LLY): LLY discovers, develops, manufactures, and markets pharmaceuticals. The company manufactures and distributes products through facilities in the United States and seven other countries and sells into 110 countries. The company has a broad and deep portfolio of products including a focus on diabetes, oncology, immunology, and neuroscience. More recently, LLY’s obesity drug Mounjaro, has delivered revenue growth acceleration, and investors are optimistic that the company’s Alzheimer drug, currently in trials, will add to that growth in the future.
Number of Hedge Fund Holders: 69
Boston Scientific Corporation (NYSE:BSX) makes and sells medical devices. According to the latest 13F filings, Millennium Management owned 11 million shares of Boston Scientific Corporation (NYSE:BSX) at the end of September 2023 worth $561 million, representing 0.28% of the portfolio.
On October 27, investment advisory Canaccord maintained a Buy rating on Boston Scientific Corporation (NYSE:BSX) stock and lowered the price target to $60 from $64, appreciating the strong earnings beat of the firm in the third quarter.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Boston Scientific Corporation (NYSE:BSX) with 21 million shares worth more than $1.1 billion.
In its Q3 2023 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Boston Scientific Corporation (NYSE:BSX) was one of them. Here is what the fund said:
“We added to our position in Boston Scientific Corporation (NYSE:BSX), a global developer, manufacturer, and marketer of medical devices that are used in a broad range of interventional medical specialties. We wrote about Boston Scientific last quarter. We believe Boston Scientific can grow revenue in the high single digits, driven by differentiated products used to treat atrial fibrillation, among others. The company held an Investor Day during the quarter at which management established financial targets for the 2024– 2026 period calling for an organic sales CAGR of 8% to 10%, 150 basis points of margin expansion and strong double-digit adjusted EPS growth and improved free-cash-flow conversion. We think this growth profile makes Boston Scientific a compelling name within the large medical device universe.”
Number of Hedge Fund Holders: 86
T-Mobile US, Inc. (NASDAQ:TMUS) operates in the wireless communications services business. It is headquartered in Washington. According to the latest filings, Millennium Management owned 4 million shares of T-Mobile US, Inc. (NASDAQ:TMUS) at the end of September 2023 worth $572 million, representing 0.28% of the portfolio.
On November 3, investment advisory RBC Capital maintained an Outperform rating on T-Mobile US, Inc. (NASDAQ:TMUS) stock and raised the price target to $168 from $163, noting the firm posted solid trends in postpaid phone net adds and ARPA growth.
Among the hedge funds being tracked by Insider Monkey, Omaha-based investment firm Berkshire Hathaway is a leading shareholder in T-Mobile US, Inc. (NASDAQ:TMUS) with 5.2 million shares worth more than $734 million.
In its Q3 2023 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and T-Mobile US, Inc. (NASDAQ:TMUS) was one of them. Here is what the fund said:
“During the quarter we initiated positions in two new names: T-Mobile US, Inc. (NASDAQ:TMUS) and Gilead Sciences. T-Mobile is the best-in-class player in the wireless space, delivering the strongest growth with the lowest cost structure and the best consumer proposition. T-Mobile’s strength is rooted in its advantaged competitive position. Its superior spectrum holdings enable it to provide better wireless service at meaningfully lower cost. T-Mobile’s annual capital expenditures run about $10 billion, on the order of half the amount its peers must spend. Due to its lower cost structure, T-Mobile can undercut its competitors on price while still generating compelling profitability and returns.
Number of Hedge Fund Holders: 70
VMware, Inc. (NYSE:VMW) provides software solutions in the areas of modern applications, cloud management and infrastructure, networking, security, and workspaces. According to the latest data, Millennium Management owned 3.7 million shares of VMware, Inc. (NYSE:VMW) at the end of September 2023 worth $621 million, representing 0.31% of the portfolio.
In early September, BMO Capital analyst Keith Bachman maintained a Market Perform rating on VMware, Inc. (NYSE:VMW) stock and raised the price target to $160 from $140, noting the second quarter results of the firm were mixed even as subscription growth accelerated.
Among the hedge funds being tracked by Insider Monkey, California-based investment firm Silver Lake Partners is a leading shareholder in VMware, Inc. (NYSE:VMW) with 42 million shares worth more than $7 billion.
Number of Hedge Fund Holders: 135
Apple Inc. (NASDAQ:AAPL) is a consumer electronics firm. Latest 13F filings show that Millennium Management owned 3.6 million shares of Apple Inc. (NASDAQ:AAPL) at the end of September 2023 worth $626 million, representing 0.31% of the portfolio of the fund.
On November 19, investment advisory Morgan Stanley maintained an Overweight rating on Apple Inc. (NASDAQ:AAPL) stock, noting that delivery lead times had moderated for the eighth consecutive week for the firm, now tracking on average to 2 days across the iPhone 15 Series.
At the end of the second quarter of 2023, 135 hedge funds in the database of Insider Monkey held stakes worth $194 billion in Apple Inc. (NASDAQ:AAPL), compared to 131 in the previous quarter worth $165 billion.
In addition to Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOG), and Amazon.com, Inc. (NASDAQ:AMZN), Apple Inc. (NASDAQ:AAPL) is one of the top stocks in the portfolio of Israel Englander.
In its Q3 2023 investor letter, Baron Funds highlighted a few stocks and Apple Inc. (NASDAQ:AAPL) was one of them. Here is what the fund said:
“After a strong start to the year, shares of Apple Inc. partially retraced their gains this quarter. Mixed second calendar quarter financial results, with iPhone, iPad, and Wearables revenue coming in just shy of consensus expectations, coupled with elevated investor concerns about the macro economy and potential weakness in consumer spending later this year, pressured shares. Despite these quarterly fluctuations in product sales, we are encouraged by several long-term trends, including: (1) revenue from higher-margin services like the App Store, iCloud, and Apple Pay, which are growing faster than the overall business, driving better revenue visibility and higher free-cash-flow (FCF) margins; (2) continued gains in global market share in smartphones, wearables, and other hardware categories; and (3) consistent returns of capital to shareholders via share repurchases and dividends. On top of these trends in the core business, Apple is thoughtfully investing in new categories like augmented reality, search, financial services, and streaming media content. We took advantage of weakness in the quarter to add to our position in Apple.”
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Disclosure. None. 10 Top Stock Picks of Israel Englander is originally published on Insider Monkey.
