In this article, we will take a look at the 15 Best Non-Tech Stocks to Buy According to Billionaires.
With the European Union and the United States seemingly headed towards a trade agreement akin to the one President Donald Trump reached with Japan, the S&P 500 and Nasdaq closed at record highs on July 23. The White House’s agreement with the European Union would impose a broad 15% tariff on EU goods imported into the US, according to Reuters. The rate, which might also apply to automobiles, would be similar to the framework deal the United States has with Japan.
According to economic data, June’s existing home sales in the US declined more than anticipated. In order to assess the state of the economy in the aftermath of tariff concerns, attention will now turn to the weekly unemployment claims figures for July 24 and S&P Global’s flash PMI data.
The ongoing trade and tariff talks between the United States and China, and a steadily falling rate of inflation, have all influenced investor mood around riskier assets like stocks. That said, although the tech sector has been in the spotlight for a few years now, investors overlooking the non-tech plays may miss out on a number of non-tech stocks that have room to grow.
With that in mind, we will now take a look at some of the best non-tech stocks to buy according to billionaires.
Stocks
Our Methodology
In this article, we analyzed Insider Monkey’s exclusive database of billionaire stock holdings to select the 15 non-tech stocks with the highest number of billionaire investors. These billionaires are founders or managers of some of the world’s leading hedge funds and companies.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
15. Chevron Corporation (NYSE:CVX)
Number of Billionaire Investors: 14
Number of Hedge Fund Holders: 81
Chevron Corporation (NYSE:CVX) ranks among the best non-tech stocks to buy according to billionaires. UBS has reaffirmed its Buy rating and $177 price target on Chevron Corporation (NYSE:CVX) following the completion of the Hess deal.
On July 21, Chevron Corporation (NYSE:CVX) announced that it had completed the Hess acquisition with a decision in favor of the Guyana Stabroek Block Arbitration Hearing by the International Chamber of Commerce. According to UBS, the merger boosts Chevron’s projected five-year growth rates for production and free cash flow while improving the company’s growth forecast clarity.
Additionally, UBS believes Chevron’s next major trigger for the stock will be its upcoming Analyst Day on November 12; the briefing is expected to center on its newly acquired Hess assets.
Chevron Corporation (NYSE:CVX), based in San Ramon, California, is a major American global energy company that specializes in the oil and gas industry. Founded as the Standard Oil Company of California, it is the second-largest direct descendant of Standard Oil.
14. Danaher Corporation (NYSE:DHR)
Number of Billionaire Investors: 18
Number of Hedge Fund Holders: 117
Danaher Corporation (NYSE:DHR) ranks among the best non-tech stocks to buy according to billionaires. On July 11, Scotiabank set a price target of $275 and upgraded Danaher Corporation (NYSE:DHR) from Sector Perform to Sector Outperform. The update reflects Scotiabank’s optimistic assessment of Danaher’s position in late-stage development and bioprocessing expenditures for the biotech and pharmaceutical industries, in addition to its diagnostics business.
Danaher Corporation (NYSE:DHR) largely stuck to its year-end guidance following the company’s first quarter 2025 results. Over the next 12 to 18 months, Scotiabank believes Danaher will remain on track to accelerate its growth profile, possibly achieving its long-term goal of a high single-digit top-line compound annual growth rate.
Additionally, the firm emphasized Danaher’s improved alignment with end markets that are expanding rapidly and its operational execution capabilities through the Danaher Business System.
A world leader in science and technology, Danaher Corporation (NYSE:DHR) specializes in biotechnology, life sciences, and diagnostics. The company offers lab apparatus, bioprocessing technology, and diagnostic instruments to improve human health.
13. Bank of America Corporation (NYSE:BAC)
Number of Billionaire Investors: 18
Number of Hedge Fund Holders: 117
Bank of America Corporation (NYSE:BAC) ranks among the best non-tech stocks to buy according to billionaires. On July 17, UBS reaffirmed its buy rating and $55 price target for Bank of America Corporation (NYSE:BAC) in the wake of the bank’s second-quarter earnings report.
Bank of America Corporation (NYSE:BAC) reported an EPS of $0.89, which includes a 6-cent tax rate reduction. According to UBS analyst Erika Najarian, a higher market balance sheet is part of why the bank’s net interest income fell just short of consensus forecasts.
The bank’s fixed income, currency, and commodities (FICC) trading revenue came in at $3.2 billion, 10% higher than anticipated, while its revenue from equity trading achieved $2.1 billion, in line with expectations. Due to a 24% outperformance in the equity capital markets, investment banking fees also beat Street predictions by a slight margin.
Bank of America Corporation (NYSE:BAC) is a financial holding company that offers a variety of services, including savings accounts, deposits, wealth and cash management, investment funds, online banking, and other financial products.
12. Chipotle Mexican Grill, Inc. (NYSE:CMG)
Number of Billionaire Investors: 18
Number of Hedge Fund Holders: 78
On July 25, Stifel retained its Buy rating and $65 price target on Chipotle Mexican Grill, Inc. (NYSE:CMG). According to Stifel, the Mexican-inspired restaurant chain’s second-quarter comparable sales and transactions fell 4% and 5%, respectively, showing “a challenging consumer environment and lapping extraordinary performance.”
Chipotle Mexican Grill, Inc. (NYSE:CMG) has taken a number of steps to combat the sales slowdown, including expanding its digital and marketing initiatives like the “Summer of Extras” rewards promotion, finishing the rollout of produce slicers, and adding high-efficiency equipment in more locations.
Management reports that comparable sales and traffic bounced back to positive territory in mid-June and have continued to do so through July, suggesting that the company’s efforts are yielding results.
Chipotle Mexican Grill, Inc. (NYSE:CMG) is a fast-casual restaurant chain that specializes in Mexican-inspired food, including salads, bowls, tacos, and burritos. The restaurant chain runs more than 3,500 outlets across the US, Canada, Europe, and the Middle East.
11. Freeport-McMoRan Inc. (NYSE:FCX)
Number of Billionaire Investors: 18
Number of Hedge Fund Holders: 84
On July 23, BMO Capital maintained its Outperform rating on Freeport-McMoRan Inc. (NYSE:FCX) but reduced its price objective from $55 to $54. The adjustment comes after what BMO called a “well-executed quarter” for the mining company, though Freeport’s 2025 gold production estimate was unexpectedly lowered.
Despite reducing short-term projections, BMO analyst Katja Jancic stated that the firm remains optimistic about Freeport-McMoRan’s U.S. operations, which should gain from tailwinds that could increase free cash flow and possibly boost shareholder returns.
The research firm stressed that the company’s current risk/reward profile seems favorable, though it acknowledged that tariff uncertainty continues to be a challenge.
Freeport-McMoRan Inc. (NYSE:FCX), commonly referred to as Freeport, is a well-known mining company in the United States. Known as the world’s largest producer of molybdenum, it also plays a major role in the production of copper and runs the world’s largest gold mine, the Grasberg mine in Papua, Indonesia.
10. The Allstate Corporation (NYSE:ALL)
Number of Billionaire Investors: 19
Number of Hedge Fund Holders: 59
The Allstate Corporation (NYSE:ALL) ranks among the best non-tech stocks to buy according to billionaires. Adam Klauber, a William Blair analyst, remained optimistic about The Allstate Corporation (NYSE:ALL) shares, issuing a Buy rating on June 2. Klauber claims that the company is in a strong position to surpass its previous growth rates and achieve high-single-digit growth in its top line. This was due to the company’s broad selection of protection products and varied distribution channels, which include life, home, and auto insurance.
In addition, The Allstate Corporation (NYSE:ALL) is taking advantage of a far better auto loss environment and employing technology to reduce costs. Further, the company’s homeowners insurance division is expanding quickly and consistently turning a profit.
The Allstate Corporation (NYSE:ALL) offers a variety of insurance services and products, such as protection, health, and property and casualty insurance. In addition, the company offers consumer protection plans, roadside assistance, and analytics solutions.
9. The Walt Disney Company (NYSE:DIS)
Number of Billionaire Investors: 19
Number of Hedge Fund Holders: 104
The Walt Disney Company (NYSE:DIS) ranks among the best non-tech stocks to buy according to billionaires. MoffettNathanson retained its Buy rating on The Walt Disney Company (NYSE:DIS) while increasing its price target from $130 to $140 on July 14.
According to the firm, the two main questions that will influence Disney’s share price trajectory are whether Parks can sustain its growth potential in the face of obstacles and whether the Direct-to-Consumer (DTC) business could benefit from the Hulu arbitration.
MoffettNathanson used extra sources of data, such as the average daily wait times at Walt Disney World, to bolster its claim that the new Epic Universe competition had no impact on park attendance, pointing out that Epic has to increase capacity and enhance crowd control.
The Walt Disney Company (NYSE:DIS), founded in 1923, is a well-known media and entertainment giant that produces and distributes a wide range of material, including movies, television series, and animated films. In addition, the company is well-known for its world-class theme parks.
8. Walmart Inc (NYSE:WMT)
Number of Billionaire Investors: 20
Number of Hedge Fund Holders: 100
Walmart Inc. (NYSE:WMT) ranks among the best non-tech stocks to buy according to billionaires. On July 17, Bloomberg reported that, by the end of 2025, Walmart Inc. (NYSE:WMT) intends to turn Vizio into a private-label brand that will exclusively be available at Walmart and Sam’s Club stores. Vizio was acquired by the retail behemoth for $2.3 billion last year as part of its plan to grow its advertising division.
This move reflects Walmart’s continuous attempts to improve its standing in the advertising sector and incorporate Vizio into its operations. In addition to creating “shoppable” TV experiences that let viewers purchase products directly while watching shows, the company is already integrating Vizio’s operating system into its private-label TV brand.
The brand is set to become part of Walmart’s portfolio of about 90 store brands after the transition is finished.
Walmart Inc. (NYSE:WMT) ranks as the world’s largest brick-and-mortar retailer, with over 100,000 stores. The company’s sectors include Walmart US, Walmart International, and Sam’s Club, which provide a wide range of products, including clothes, electronics, and home furnishings.
7. Moody’s Corporation (NYSE:MCO)
Number of Billionaire Investors: 20
Number of Hedge Fund Holders: 82
Moody’s Corporation (NYSE:MCO) ranks among the best non-tech stocks to buy according to billionaires. On July 17, ahead of the company’s second-quarter earnings report, Mizuho increased its price target from $491 to $496 while maintaining its Neutral rating on Moody’s Corporation (NYSE:MCO).
The price target revision comes after a decrease in issuance in April and May, subsequently followed by a positive June inflection in rated issuance growth, mainly due to a robust recovery in high-yield and investment-grade bonds.
Given issuance volumes are a key component of Moody’s Corporation (NYSE:MCO)’s business, Mizuho has slightly increased its 2025 and 2026 revenue and earnings per share expectations for the company. Given issuance volumes are a key component of Moody’s business, Mizuho has slightly increased its 2025 and 2026 revenue and earnings per share expectations for the company. Mizuho also predicts steady year-over-year growth for Moody’s Analytics division, driven by the Data & Services segment, which will help to enhance the outlook overall.
Moody’s Corporation (NYSE:MCO) is an integrated risk assessment company that provides credit research, credit models, analytics, and economic data as part of its risk management services.
6. CME Group Inc. (NASDAQ:CME)
Number of Billionaire Investors: 21
Number of Hedge Fund Holders: 73
CME Group Inc. (NASDAQ:CME) ranks among the best non-tech stocks to buy according to billionaires. Jefferies kept its Buy rating on CME Group Inc. (NASDAQ:CME) and increased its price target to $313 from $288 on Monday. Citing improved trading volumes across the majority of asset classes, the company raised its second-quarter 2025 earnings per share projection from $2.77 to $2.90.
While metals, energy, and interest rates were the main drivers of volume upside, Electronic Broking Services (EBS) and BrokerTech revenue forecasts of $73 million marginally surpassed the prior estimate of $70 million,.
Additionally, the firm reported that the average balances for cash collateral and non-cash collateral between March 1 and May 31 came in at $118.0 billion and $151.2 billion, respectively, following the implementation of a collateral fee increase by CME Group Inc. (NASDAQ:CME) on April 1.
The top derivatives marketplace in the world, CME Group Inc. (NASDAQ:CME), offers trading, clearing, and data services for a variety of key asset classes.
5. Capital One Financial Corporation (NYSE:COF)
Number of Billionaire Investors: 22
Number of Hedge Fund Holders: 93
Capital One Financial Corporation (NYSE:COF) ranks among the best non-tech stocks to buy according to billionaires. With an Overweight rating and a $261 price target, Morgan Stanley resumed coverage of Capital One Financial Corporation (NYSE:COF) on July 10. The acquisition of Discover by Capital One, according to the firm, is a “game-changer” that opens up substantial growth through network ownership and other synergies.
According to Morgan Stanley, the financial services company can gain longer-term advantages by expanding its network, adding new products, and strengthening its deposit franchise.
The firm believes there is still room for growth even if Capital One’s stock has increased 21.66% year-to-date. The firm notes that the stock is “still not fully priced for coming synergies & ramp in capital return.”
Given the payments and network possibilities provided by the Discover acquisition, the firm believes Capital One Financial Corporation (NYSE:COF) is entitled to a greater multiple.
Capital One Financial Corporation (NYSE:COF) is an American bank holding corporation that specializes in credit cards, auto loans, banking, and savings accounts.
4. Philip Morris International Inc. (NYSE:PM)
Number of Billionaire Investors: 22
Number of Hedge Fund Holders: 104
Philip Morris International Inc. (NYSE:PM) ranks among the best non-tech stocks to buy according to billionaires. Citi kept its Buy rating on Philip Morris International Inc. (NYSE:PM) and increased its price target from $188 to $200 on July 10. In the second quarter of 2025, the firm predicts that Philip Morris will show exceptional results across all of its businesses, with robust ZYN volumes bolstered by the capacity that got back online in late March.
Citi also forecasts operating income growth of 11% and organic sales growth of 7% for the second quarter, both of which are comfortably within the company’s guidance ranges. Additionally, the firm expects Q2 adjusted earnings per share to be $1.86, higher than the company’s indicated range of $1.80 to $1.85.
Citi expects Philip Morris International Inc. (NYSE:PM) management to stick to its full-year organic revenue and operating income guidance ranges for the time being. However, it believes that recent improvements in foreign exchange will lead to an upgrade to the FY25 adjusted EPS range from $7.36-$7.49 to $7.45-$7.58.
Philip Morris International Inc. (NYSE:PM) is a global tobacco company that provides services to consumers in over 180 countries. With Marlboro as its signature product, the firm stands out among the titans of “Big Tobacco.”
3. UnitedHealth Group Incorporated (NYSE:UNH)
Number of Billionaire Investors: 23
Number of Hedge Fund Holders: 139
UnitedHealth Group Incorporated (NYSE:UNH) ranks among the best non-tech stocks to buy according to billionaires. On July 18, Bernstein referred to UnitedHealth Group Incorporated (NYSE:UNH) as a Top Pick ahead of the company’s upcoming Q2 earnings, stating that the stock’s decline as a result of the continued challenges has led to a “very attractive entry point.”
According to analyst Lance Wilkes, UNH will profit from a “hardening” of the government Managed Care Organization (MCO) pricing market and a slowdown in utilization to normal levels. In light of reserve strengthening, cost challenges in the Individual and Medicaid businesses, and the “clean-up of OptumHealth risk contracts for less engaged physician practices,” Wilkes reduced his 2025 EPS projection by 10%.
Wilkes also predicts that, after accounting for slower growth rates in UnitedHealthcare Medicare Advantage and OptumHealth, the sector and company-specific margins will produce a doubling of EPS from 2025 to 2029 at a CAGR of 19%.
UnitedHealth Group Incorporated (NYSE:UNH) is a renowned US multinational corporation that provides managed healthcare and insurance services. The company operates through four main segments: UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx.
2. Eli Lilly and Company (NYSE:LLY)
Number of Billionaire Investors: 23
Number of Hedge Fund Holders: 119
Eli Lilly & Company (NYSE:LLY) ranks among the best non-tech stocks to buy according to billionaires. Eli Lilly & Company (NYSE:LLY)’s Alzheimer’s therapy Kisunla received approval from the US Food and Drug Administration on July 9 for a label update that included a new recommended titration dose schedule.
When compared to the initial dose plan, the adjusted donanemab-azbt titration schedule substantially lowered the incidence of amyloid-related imaging abnormalities with edema/effusion (ARIA-E). The updated schedule maintained comparable levels of amyloid plaque removal while reducing ARIA-E rates by 41% at 24 weeks and 35% at 52 weeks.
The FDA first authorized Kisunla back in July 2024 based on evidence from the TRAILBLAZER-ALZ 2 Phase 3 clinical trial, which showed the medication reduced cognitive and functional deterioration in people with early-stage Alzheimer’s.
Eli Lilly & Company (NYSE:LLY) is a major global pharmaceutical company that develops, manufactures, and distributes an assortment of medications. Founded in 1876, it has evolved into one of the world’s largest pharmaceutical companies.
1. Vistra Corp. (NYSE:VST)
Number of Billionaire Investors: 25
Number of Hedge Fund Holders: 102
Vistra Corp (NYSE:VST) ranks among the best non-tech stocks to buy according to billionaires. On July 16, Vistra Corp (NYSE:VST) announced that it had modified significant financial contracts through its subsidiaries. The company’s existing Receivables Purchase Agreement was amended on July 11 by Vistra’s indirect, wholly owned subsidiaries, TXU Energy Retail Company LLC, TXU Energy Receivables Company LLC, and Vistra Operations Company LLC.
The amendment prolongs the deal until July 10, 2026, and raises the total commitment of the committed buyers from $1.0 billion to $1.1 billion.
In addition, Vistra Corp (NYSE:VST) recently announced that it has increased its capacity by almost 2,600 megawatts through the acquisition of seven natural gas generation facilities from Lotus Infrastructure Partners for $1.9 billion. It is expected that the acquisition will improve Vistra’s free cash flow in the year following closure.
Vistra Corp (NYSE:VST) is a vertically integrated energy corporation with a wide range of businesses, including fuel manufacturing, wholesale energy sales, logistics, and power generating. The company supplies natural gas and electricity to its commercial, industrial, and residential clients.
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