5 Best Hair Care Stocks To Buy Now

3. The Estée Lauder Companies Inc. (NYSE:EL)

Number Of Hedge Fund Holders: 46

The Estée Lauder Companies Inc. (NYSE:EL) is an American multinational cosmetics company that operates as a manufacturer and marketer of makeup, skincare, fragrance and hair care products. The company’s products are sold in approximately 150 countries and territories under brand names including Estée Lauder, Aramis, and Clinique, among others.

DA Davidson analyst Linda Weiser lowered her price target on The Estée Lauder Companies Inc. (NYSE:EL) to $318 from $342 but kept a Buy rating on the shares of the company on August 23. The analyst cites the company’s below-consensus FY23 earnings guidance, though the management still expects robust top-line growth to resume in the second half of the year. Although she cut her 2023 EPS view, Weiser states that she is open to being surprised by the company’s upside as China’s economy once again reopens.

Based on Insider Monkey’s database, 46 elite funds held stakes in The Estée Lauder Companies Inc. (NYSE:EL) in the second quarter of 2022. Among the hedge funds being tracked by Insider Monkey, London-based investment firm Fundsmith LLP is a leading shareholder in The Estée Lauder Companies Inc. (NYSE:EL), with 5.95 million shares worth more than $1.51 billion.