5 Best Diabetes Stocks To Buy Now

2. Eli Lilly and Company (NYSE:LLY)

Number of Hedge Fund Holders: 75

Eli Lilly and Company (NYSE:LLY) is an American manufacturer of human pharmaceuticals. The company provides medicines like Humulin U-500, Jardiance, Trajenta, and Trulicity for diabetes. Eli Lilly and Company (NYSE:LLY) is one of the top diabetes stocks to look out for. 

On October 17, Eli Lilly and Company (NYSE:LLY) declared a quarterly dividend of $0.98 per share, in line with previous. The dividend is payable on December 9, to shareholders of record on November 15. Eli Lilly and Company (NYSE:LLY)’s dividend yield on November 27 came in at 1.07%. 

Berenberg analyst Kerry Holford on November 22 raised the price target on Eli Lilly and Company (NYSE:LLY) to $375 from $345 and kept a Buy rating on the shares. Despite forex headwinds, Eli Lilly and Company (NYSE:LLY)’s “underlying performance remains strong,” the analyst told investors. The analyst said early signs from the Mounjaro diabetes launch are encouraging and a label expansion to include an obesity indication is now anticipated before the end of 2023.

According to Insider Monkey’s Q3 database, Eli Lilly and Company (NYSE:LLY) was part of 75 hedge fund portfolios, compared to 70 in the prior quarter. Arrowstreet Capital held a prominent stake in the company, comprising nearly 2.5 million shares worth $802.8 million. 

Here is what ClearBridge Global Growth Strategy has to say about Eli Lilly and Company (NYSE:LLY) in its Q3 2022 investor letter:

“In the U.S., we initiated a position in pharmaceutical maker Eli Lilly (NYSE:LLY) as it brings out new drug candidates for diabetes and Alzheimer’s disease. New drugs impact diabetes but have also demonstrated significant weight loss for patients who are overweight and have other co-morbidity issues as a result. Lilly is one of the two key players in diabetes care and we believe the potential market opportunity is much higher than the consensus forecasts as we are seeing evidence of accelerating adoption.”