11 Defensive Stocks Billionaires are Buying amid US Trade Tariff Uncertainty

4. 3M Company (NYSE:MMM)

Year to Date Returns as of July 29: 17.41%

Number of billionaires: 17

Number of Hedge Fund Holders: 69

3M Company (NYSE:MMM) is one of the defensive stocks billionaires are buying amid US trade tariff uncertainty. On July 21, UBS reiterated a ‘Buy’ rating on the stock and a $184 price target. The positive stance stems from the company delivering better-than-expected second-quarter results, as it also increased its full-year earnings per share guidance.

The research firm noted organic growth exceeded expectations, resulting in a 4% operating profit beat and a 7% earnings per share beat in the quarter. Sales in the quarter totaled $6.2 billion at the back of 1.5% year-over-year organic growth. Adjusted EPS was up 12% year-over-year to $2.16 a share.

UBS expects organic growth rates to improve in the second half of the year for 3M’s largest businesses, as the new management continues to operate efficiently. The remarks come on the company raising its full year guidance to $7.88 a share at the midpoint of its previous guidance of $7.75 and slightly above consensus estimates of $7.66.

3M Company (NYSE:MMM) is a diversified technology services company that offers industrial abrasives and finishing for metalworking applications. Its products are used in various sectors including healthcare, industrial, consumer, and transportation.