15 Best Blue Chip Stocks to Buy Now

11. Procter & Gamble Co. (NYSE:PG)

No of Hedge Funds: 75

Total Value of Hedge Fund Holdings:  $10 Billion

Procter & Gamble Co rnks 11th in our list of the 1 best blue chip stocks to buy now. P&G is an American multinational consumer goods corporation which is known as one of the world’s largest consumer goods companies that specializes in a wide range of essential products.

For this stock, the top hedge fund holder is Andy Brown’s Cedar Rock Capital with over $1 billion invested at the end of September. The fund allocated 35% of its 13F portfolio to PG.

During the fiscal year 2020, net sales were $71 billion, an increase of five percent versus the prior year.

10. Nike, Inc. (NYSE:NKE)

No of Hedge Funds: 75

Total Value of Hedge Fund Holdings:  $4 Billion

Nike, Inc. is an American multinational corporation. The company specializes in designing, marketing, and production of footwear, apparel, equipment, accessories, and services worldwide.

The top hedge fund holder is Ken Fisher’s Fisher Assest Management which is also the top fund holder for HD. Ken Fisher had $840 million invested in Nike.

The company recently announced a 12% hike to its dividend that will push the annual payout to $1.10 per share in 2021 compared to $0.70 per share in 2017.

During the fourth quarter fiscal year 2020, Nike, Inc.’s revenue is at $6.3 billion, declining from the previous year brought about by store closures due to the recent Covid-19 pandemic. Polen Capital talked about NKE in its Q2 investor letter. Here is what they said:

“The adjustments to Nike and adidas were a function of COVID-19 spread mitigation policy impacts and price. We believe both companies possess multiple competitive advantages working in concert that should allow them to emerge even stronger relative to competitors once humanity normalizes. However, the fact remains that the majority of their brick-and-mortar stores globally were closed. We applaud the business’s capital allocation to create true omnichannel capabilities in recent years, but these efforts likely will not be enough to offset the lack of business from other areas impacted by the coronavirus. We remain confident in both companies longer term, but we are mindful of the challenges of operating in the current retail environment and believe our position weightings reflect this awareness.”