5 Best Stocks To Buy For Flat Markets According To Druckenmiller

2. Eli Lilly and Company (NYSE:LLY)

Duquesne Capital’s Stake Value: $156,791,000

Number of Hedge Fund Holders: 75

Eli Lilly and Company (NYSE:LLY) is an American company that discovers, develops, and markets human pharmaceuticals worldwide. On December 12, Eli Lilly and Company (NYSE:LLY) declared a $1.13 per share quarterly dividend, a 15.3% increase from its prior dividend of $0.98. The dividend is distributable on March 10, 2023 to shareholders of record on February 10. 

Securities filings for the third quarter of 2022 revealed that Stanley Druckenmiller’s Duquesne Capital raised its stake in Eli Lilly and Company (NYSE:LLY) by 64%, holding 484,895 shares worth $156.8 million. 

On December 19, JPMorgan analyst Chris Schott raised the firm’s price target on Eli Lilly and Company (NYSE:LLY) to $400 from $380 and maintained an Overweight rating on the shares. The analyst sees “encouraging” core product and pipeline traction.

According to Insider Monkey’s data, 75 hedge funds were bullish on Eli Lilly and Company (NYSE:LLY) at the end of the third quarter of 2022, compared to 70 funds in the last quarter. Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital is the biggest stakeholder of the company, with 2.4 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.”