5 Best Food Stocks to Buy Now

2. Mead Johnson Nutrition CO (NYSE:MJN)

Investors with Long Positions (as of June 30): 44

Aggregate Value of Investors’ Holdings (as of June 30): $1.86 Billion

Six more hedge funds had Mead Johnson Nutrition CO (NYSE:MJN) in their latest 13F filings compared to the previous quarter. At the same time, 10.20% of the company’s outstanding common stock was owned by the hedge funds tracked by Insider Monkey at the end of the June quarter, while the value of their holdings in the stock increased by $743.62 million. Just recently, Credit Suisse has reduced the price target on MJN’s stock to $88 from $102, citing worries about MJN’s position on the Chinese market, substantial discounting programs, and negative effects of currency exchange rates. Even so, the company has seen heavy insider buying activity as of late, which could suggest that the stock (which lost nearly 29% year-to-date) is trading at attractive levels. For instance, director James M. Cornelius added 10,000 shares at $77.1 per unit to his holding that currently comprises 23,837 shares. James Dinan’s York Capital Management owns 2.7 million shares of Mead Johnson Nutrition CO (NYSE:MJN) as of June 30.